SL Green Realty Corp (SLG) 2025 Q1 法說會逐字稿

Thank you everyone for joining us and welcome to SL Green Realty Corp's first quarter 2025 earnings results conference call. This conference call is being recorded.

感謝大家的加入，歡迎參加 SL Green Realty Corp 2025 年第一季財報結果電話會議。本次電話會議正在錄音。

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 predictors of future events as actual results and events may differ from any forward-looking statements that management may make today. All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today.

此時，公司想提醒聽眾，管理階層可能會在電話會議中做出前瞻性陳述。您不應依賴前瞻性陳述作為未來事件的預測，因為實際結果和事件可能與管理層今天所做的任何前瞻性陳述不同。管理階層在本次電話會議上所做的所有前瞻性陳述均基於他們今天的假設和信念。

Additional information regarding the 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.

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，請參閱公司最新的 10-K 表格中的風險因素和 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, 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 first quarter 2025 earnings and in our supplemental information included in our current report on Form 8-K relating to our first quarter 2025 earnings.

此外，在今天的電話會議中，公司可能會討論《證券法》G 條例定義的非公認會計準則財務指標。與所討論的每個非 GAAP 財務指標最直接可比較的 GAAP 財務指標以及每個非 GAAP 財務指標與可比 GAAP 財務指標之間的差異對帳可在公司網站 www.slgreen.com 上找到，方法是選擇有關公司 2025 年第一季度收益的新聞稿，也可以在我們當前 8-K 表格報告中包含的有關我們第 2025 年收益報告的數據。

Before turning the call over to Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp, I ask that those of you participating in the Q&A portion of the call to please limit your questions to two per person.

在將電話轉給 SL Green Realty Corp 董事長兼執行長 Marc Holliday 之前，我要求參加電話問答環節的各位將問題限制為每人兩個。

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

謝謝。現在我將把電話轉給馬克·霍利迪。請繼續，馬克。

Thank you. Good afternoon, everyone, and thank you very much for joining us today. Given all that's transpired in the global markets since our last call, I was especially happy with our first quarter's earnings that we announced yesterday. In particular, and as a result of the hard work of the entire SL Green team, the company's earnings for the quarter exceeded the Street's expectations and our own internal projections by a significant margin.

謝謝。大家下午好，非常感謝大家今天加入我們。考慮到自上次電話會議以來全球市場發生的所有事情，我對我們昨天公佈的第一季收益感到特別高興。特別是，由於整個 SL Green 團隊的辛勤工作，該公司本季的收益大大超出了華爾街的預期和我們自己的內部預測。

Our NOI was on top of our forecasts. Our leasing results were well ahead, and our profits generated by our debt-related businesses were very strong. This should come as no surprise to anyone given my commentary in December at our Investor Conference, which focused on an opportunity rich commercial debt market. I highlighted that new originations, secondary market purchases, distressed opportunities, the new debt fund and our special servicing business was going to take center stage in 2025 and Q1 performance in this area is certainly an affirmation of that belief with much, much more to come.

我們的營業利潤超出了我們的預期。我們的租賃業績遙遙領先，債務相關業務產生的利潤非常強勁。鑑於我在 12 月投資者會議上發表的評論，這對任何人來說都不足為奇，該評論的重點是機會豐富的商業債務市場。我強調，新發起、二級市場購買、不良資產機會、新債務基金和我們的特殊服務業務將在 2025 年佔據中心地位，而該領域第一季的表現無疑證實了這一信念，未來還會有更多表現。

We laid out our thesis in this point in the cycle for making equity-like returns in credit investments, something that has been our stock in trade for over a quarter of a century. No one has made more subordinate investments on Manhattan office buildings over that period of time than we have. Particularly in the early years of a recovery, our realized returns are typically far higher than the average returns we normally experienced, and we expect 2025 and 2026 to be no different.

在這個週期階段，我們提出了在信貸投資中獲得類似股票回報的論點，這已經成為我們二十五年來的業務重點。在這段時間內，沒有人對曼哈頓辦公大樓的從屬投資比我們多。特別是在復甦的初期，我們實現的回報通常遠高於我們通常經歷的平均回報，我們預計 2025 年和 2026 年也不會例外。

The recent volatility in the credit markets benefits this business and our new debt fund and substantial liquidity gives us the ability to selectively identify investments with attractive returns and protect the downside. In just the past nine months, we've closed our nearly $200 million worth of DPE investments, with a more recent one slated for the fund. And we are actively negotiating on a pipeline of over $1.2 billion of new debt investments.

信貸市場近期的波動對這項業務有利，而我們的新債務基金和充足的流動性使我們能夠有選擇地識別具有吸引人回報的投資並保護自身免受不利影響。光是在過去九個月裡，我們就完成了價值近 2 億美元的 DPE 投資，最近還有一筆投資計畫用於該基金。我們正在就超過12億美元的新債務投資進行積極談判。

To categorize our debt-related earnings as either non-recurring one-off, noisy or confusing is, in my opinion, to miss the point. Our debt platform is a meaningful component of who we are. Our expertise and track record in this area is well established. Given the opportunity set in front of us, I do expect that our debt-related businesses will account for increasing profits to our shareholders and I expect we are already at the higher end of our guidance range, a range where we will reassess next quarter with an upward bias if we are successful in closing all of the business now in front of us. And that's not to say we aren't also concentrating on growing our equity portfolio.

在我看來，將我們的債務相關收益歸類為非經常性、一次性、吵雜或混亂的收益是沒有抓到重點。我們的債務平台是我們的重要組成部分。我們在該領域的專業知識和業績記錄十分出色。鑑於我們面前的機會，我確實預計我們的債務相關業務將為我們的股東帶來不斷增長的利潤，而且我預計我們已經處於指導範圍的高端，如果我們成功完成目前擺在我們面前的所有業務，我們將在下個季度重新評估這一範圍並傾向於上行。這並不是說我們沒有專注於擴大我們的股票投資組合。

In the first quarter, we closed on the acquisition of 500 Park. And weeks later, we signed a lease, bringing the building to 100% occupancy. Now, we are designing an improvement program with elevated finishes and amenities to materially move the rents up as tenants renew in row. Also, in the first quarter, we bought out our partner in 100 Park acquiring a 50% position on attractive terms in the building that is now 97% leased. We've owned 100 Park for approximately 25 years, and it continues to be a solid performer for the company.

第一季度，我們完成了對 500 Park 的收購。幾週後，我們簽署了租約，大樓的入住率達到 100%。現在，我們正在設計一項改進計劃，提升裝修和便利設施，以便隨著租戶連續續租而大幅提高租金。此外，在第一季度，我們收購了我們在 100 Park 的合作夥伴，以優惠條件獲得了該建築 50% 的股份，目前該建築的出租率為 97%。我們擁有 100 Park 已有大約 25 年了，它繼續為公司帶來穩健的表現。

Finally, SUMMIT One Vanderbilt was the number one attended experience of its type in the first quarter according to a recently published report. In just over three years, the SUMMIT has become one of the most sought-after experiential attractions in New York City. I know there was a question raised regarding the impact that reduced international tourism might have on SUMMIT's attendance and I would simply note that last week, we set a ticket pre-sale record with over $0.5 million of advanced ticket revenues sold in one day. In closing, I'd just like to say in uncertain times, SL Green shines. Thank you

最後，根據最近發布的報告，SUMMIT One Vanderbilt 是第一季同類體驗中參與人數最多的項目。在短短三年多的時間裡，SUMMIT 已成為紐約市最受歡迎的體驗景點之一。我知道有人提出一個問題，即國際旅遊業的減少可能會對 SUMMIT 的出席人數產生什麼影響，我只想指出，上週我們創下了門票預售記錄，一天內售出的預售票收入超過 50 萬美元。最後，我只想說，在不確定的時期，SL Green 閃耀光芒。謝謝

(Operator Instructions) Alexander Goldfarb, Piper Sandler.

（操作員指示）亞歷山大·戈德法布、派珀·桑德勒。

Hey. Good afternoon down there. So two questions. First, Steve, can you just talk a little bit more about pre-builds? It's a topic that we're hearing further from you guys, from other landlords. Just curious how that has gone in winning tenants? What the economic rent potential is versus raw space and how that's been going versus the market in general?

嘿。大家下午好。所以有兩個問題。首先，史蒂夫，您能否再多談談預先建置的問題？我們從你們和其他房東那裡進一步了解了這個主題。我只是好奇它在贏得租戶方面進展如何？與原始空間相比，其經濟租金潛力如何？與整個市場相比，其經濟租金潛力如何？

Sure. I mean, prebuilds or also known as build-to-suits where we do a custom build for a new tenant coming into the portfolio, have been around for a considerable amount of time. And I would say, broadly speaking, in order to be competitive in the market, if you're transacting with a tenant that's, call it, certainly 10,000 square feet or less, it's almost mandatory that the space be built or the landlord is willing to build the space for a variety of reasons, tenants want to take out the mystery of cost. They want to accelerate the decision -- or the timeline from decision to move in.

當然。我的意思是，預建或也稱為定制建造，即我們為進入投資組合的新租戶進行定制建造，已經存在了相當長一段時間。我想說，從廣義上講，為了在市場上具有競爭力，如果你與一個面積肯定是 10,000 平方英尺或更小的租戶進行交易，那麼幾乎必須建造該空間，或者房東願意出於各種原因建造該空間，租戶希望消除成本之謎。他們希望加快決策速度——或加快從決策到入住的時間。

And for us, having the expertise in-house with design and construction, and we're very well practiced at doing these pre-builds. I think it's a big competitive advantage to do the prebuild in a way that we execute in a very high design manner and do it throughout the portfolio on all price points of product.

對我們來說，我們擁有內部設計和施工方面的專業知識，並且我們在進行這些預建工作方面非常熟練。我認為，以非常高的設計方式進行預先構建，並在整個產品組合中針對所有價格點進行預先構建，這是一個巨大的競爭優勢。

And then the second question is, obviously, everyone is focused on tariffs and the impact on leasing. Everyone is trying to figure out their crystal balls. As you look back in time when the market has gone through selloffs like we are, is there some sort of lag and you're like after three months of a market sell off, you see the impact on leasing activity slowing down after two months. How can we gain comfort? Obviously, you've done well year-to-date, but how do we get comfort of how long the market remains disrupted in the stock market before there's a potential to start seeing discussions in your pipeline slow?

第二個問題是，顯然每個人都關注關稅及其對租賃的影響。每個人都在試圖弄清楚自己的水晶球。當你回顧市場像我們一樣經歷拋售的時候，是否存在某種滯後，就像在三個月的市場拋售之後，你會看到對租賃活動的影響在兩個月後放緩。我們怎樣才能得到安慰？顯然，今年迄今為止你們的表現不錯，但是我們如何確定股市的混亂程度會持續多久，之後你們的討論進度才有可能開始放緩？

Well, that's an impossible answer as to how long it would take to have absolute clarity and prior disruptions it's really what is the cause of the disruption as to -- is a function of how fast we see the impact in the marketplace. But I think what's most telling and give me a second sort of tell the story. If you go back in our pipeline three weeks ago, so preannouncement of tariffs, we had 62 tenants in the pipeline versus today, we have 64 tenants in the pipeline.

嗯，對於需要多長時間才能完全弄清楚先前的中斷，這是一個不可能的答案，而真正的中斷原因是什麼——取決於我們在市場上看到影響的速度。但我認為最有說服力的是讓我以第二種方式講述這個故事。如果你回顧我們三週前公佈的關稅預案，當時我們有 62 個租戶正在籌備中，而今天，我們有 64 個租戶正在籌備中。

Of those 64 tenants, 44% of them have an expansion requirement as part of the deal that they're negotiating of the tenants that we replaced over the past three weeks. 18 tenants were replaced by 20 new tenants. And of those 18 that were replaced, 14 were replaced because leases were signed. So I only lost four tenants, and those were done really because the tenant chose a different building or we elected a different tenant to replace that tenant for a space we're negotiating.

在這 64 位租戶中，有 44% 的租戶有擴張要求，這是他們與我們在過去三週內更換的租戶談判協議的一部分。 18名租戶被20名新租戶取代。在被替換的 18 名員工中，有 14 名是因為簽署了租約而被替換的。所以我只失去了四個租戶，而這實際上是因為租戶選擇了不同的建築，或者我們選出了另一個租戶來取代我們正在談判的空間的租戶。

So point being, we haven't seen a slowdown yet. We haven't seen any commentary from the marketplace, and we haven't seen any pullback from any decisions in our portfolio yet. And that, I think, over those three weeks, gives a very good indicator of where -- why we feel cautiously optimistic, but time will tell.

所以重點是，我們還沒有看到經濟放緩。我們尚未看到來自市場的任何評論，也尚未看到我們投資組合中的任何決策出現任何回調。我認為，這三週很好地表明了我們為什麼感到謹慎樂觀，但時間會證明一切。

Thank you.

謝謝。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Hi, thanks. First question is, I was hoping you could just talk a little bit more about the trends you're seeing in the overall debt financing markets. And if you have a sense for -- I know the CMBS market was very strong heading into the tariff announcements, and I think now it's mostly on whole, but any update on just sort of roadmap of how that could be functioning started functioning better again? Thanks.

你好，謝謝。第一個問題是，我希望您能再多談談您所看到的整體債務融資市場的趨勢。如果你有這種感覺——我知道 CMBS 市場在關稅公告發布前表現非常強勁，而且我認為現在它基本上是整體強勁的，但是有沒有關於它如何再次更好地運作的路線圖的更新？謝謝。

Yes. I think with the credit markets in general, we certainly can expect to see some turbulence as a result of the macro environment across the country, but I expect New York City to mostly be immune from that. There is a flight to quality in moments like this, and New York City has demonstrated an ability to stand out from every other market. At the end of the day, capital needs to be put to work by investors. And our market is experiencing positive momentum as a result of a weaker US dollar, demand for tangible assets, the reopen CMBS market we've seen since the beginning of this year and prospect of rate relief. And all of that's paired with fundamental and sentiment recovery that we've seen that's really at a five-year high.

是的。我認為，就整個信貸市場而言，我們當然可以預見到，由於全國的宏觀環境，會出現一些動盪，但我預計紐約市基本上不會受到這種影響。在這樣的時刻，人們紛紛追求品質，而紐約市已經證明了自己有能力從其他市場中脫穎而出。歸根究底，資本需要由投資者來投入運作。由於美元走弱、有形資產需求增加、今年年初以來商業抵押貸款支持證券市場重新開放以及利率下調的前景，我們的市場正經歷積極的勢頭。所有這些都與基本面和情緒的復甦相結合，我們看到這確實達到了五年來的最高水平。

Looking at the CMBS data, 2025 year-to-date, we've seen $6.9 billion of New York City office CMBS completed. That's versus zero in 2023 and $300 million in 2024 during the same exact period. And in addition to that, we've also already eclipsed the full 2024 levels. So on the balance sheet side, I'd say we saw recently the five Manhattan West deal get done at $1.25 billion. And we're going to be watching closely the transactions at 300 Park, 590 Mad and 1345 Sixth in the coming weeks and use that to gauge how the markets are reacting from some of the macro news.

查看 CMBS 數據，截至 2025 年，我們已經看到紐約市辦公室 CMBS 已完成 69 億美元。相較之下，同一時期，2023 年的投資額為零，2024 年的投資額為 3 億美元。除此之外，我們還已經超過了 2024 年的水準。因此，從資產負債表方面來看，我想說我們最近看到曼哈頓西區的五筆交易以 12.5 億美元完成。我們將在未來幾週密切關注 300 Park、590 Mad 和 1345 Sixth 的交易情況，並以此來判斷市場對一些宏觀新聞的反應。

Yeah, I would just add to that and distinguish, what I think you're going to see in New York and the deals that Harry just mentioned, is going to be more pricing related. I mean, clearly, pricing is gapped out, but that's not the same as what we experienced in '22 and '23, where there was just an absence of deals. There were no buyers.

是的，我只是想補充一點並加以區分，我認為你將在紐約看到的以及哈利剛才提到的交易將更多地與定價有關。我的意思是，顯然，定價存在差距，但這與我們在 2022 年和 2023 年經歷的情況不同，當時根本沒有交易。沒有買家。

There's a lot of buyers. There's a lot of capital out there. And there's a lot of capital I want to put their money into CMBS. The risk premium that may demand that was going to be higher. And you'll see that, I think, in higher rates, the deal just got done this week at rates that probably are higher than what would have been done a month ago. But there's a dramatic difference in market stability when you talk about buyers who want more premium versus lack of buyers.

有很多買家。那裡有很多資本。有很多資本我想把他們的錢投入CMBS。可能要求的風險溢價將會更高。我認為，你會看到，在更高的利率下，本週剛達成的協議的利率可能高於一個月前的水平。但是，當談到想要更多溢價的買家和缺乏買家時，市場穩定性就會出現巨大差異。

And I think as Harry said, in New York, you're going to see deals get done and there'll be some price discovery and hopefully, that price discovery will compress as per Steve's comments, the market evidences itself that there's still great demand out there for office product. But there's no -- I wouldn't relate this to what we saw previously in prior years where there just was no activity.

我認為，正如哈利所說，在紐約，你會看到交易完成，並且會有一些價格發現，希望價格發現能夠像史蒂夫的評論那樣壓縮，市場證明辦公產品仍然有很大的需求。但沒有——我不會將這與我們前幾年所見的沒有任何活動的情況聯繫起來。

All right. That's helpful. Thanks. And then, second question is just, I think, Marc, you said something about upward bias to guidance, and I wasn't sure if that was just predicated on getting more sort of investments done on the debt side. I want to be clear on that. And then, maybe on the other side of that, in terms of your FFO guidance range, right now for the year, Matt, if there's any downside protection, we should think about if we're heading into a weaker economy or anything else, do you still feel good about the guidance range there? Thanks.

好的。這很有幫助。謝謝。然後，第二個問題是，馬克，我認為您談到了對指導的上行傾向，我不確定這是否只是基於在債務方面完成更多投資。我想明確這一點。然後，也許另一方面，就您的 FFO 指導範圍而言，就今年而言，Matt，如果有任何下行保護，我們應該考慮我們是否正走向疲軟的經濟或其他任何事情，您是否仍然對那裡的指導範圍感到滿意？謝謝。

Yes, going in reverse order, certainly comfortable with where we are right now. As we highlighted in December, the balance sheet is very insulated. We termed out all of our debt last year. We're hedged on at all but 3% or 4% of our floating rate debt. So rates can move around and the markets can fluctuate, and we're insulated there. So we're certainly comfortable from the downside.

是的，按相反的順序進行，當然對我們現在所處的位置感到滿意。正如我們在 12 月所強調的那樣，資產負債表的絕緣性非常強。我們去年還清了所有債務。除了 3% 或 4% 的浮動利率債務外，我們對所有債務都進行了對沖。因此利率可能會變動，市場可能會波動，而我們卻不會受到影響。因此，我們對於不利因素當然感到安心。

The upside bias is Marc talked about, investment opportunities, we have some other stuff we're working on that could result in upward revisions. But we typically don't revisit that in the first quarter. We get at least six months of activity behind us and reevaluate. But the prospects are good as we sit here now.

馬克談到了上行偏見、投資機會，我們正在研究一些其他可能導致上調的事情。但我們通常不會在第一季重新討論這個問題。我們至少已經進行了六個月的活動並重新進行評估。但就我們現在的情況來看，前景是好的。

Yeah. And not just debt related, I think that was part of your -- first part of your question. Is that all related to debt? No, we've got like a lot in front of us right now. Equity, debt, fee-oriented, leasing deals, we're working on it. There's a lot of contributors. And my point was simply if we get it all done, and that's our goal is to get it all done, then we'll need to sit and revisit. But we'll -- that will be a topic for three months from now.

是的。這不僅與債務有關，我認為這是你問題的第一部分。這些都跟債務有關嗎？不，我們現在有很多事情要做。股權、債務、費用導向、租賃交易，我們正在努力。有很多貢獻者。我的觀點很簡單，如果我們完成了所有事情，而我們的目標就是完成所有事情，那麼我們就需要坐下來重新審視。但我們會——這將是三個月後的話題。

All right. Thanks, everyone.

好的。謝謝大家。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Thanks. Good afternoon. Marc, I know at the Investor Day and on other calls, you've talked about wanting to try and secure a new high-quality development site in Midtown. I'm just curious given kind of what's going on in the macro and the uncertainty over tariffs and costs, how challenging is that to try and pencil out today. And is that something you'd still be looking at, say, this year or maybe that's something more for next year?

謝謝。午安.馬克，我知道在投資者日和其他電話會議上，您談到想要嘗試在中城獲得一個新的高品質開發地塊。我只是好奇，考慮到宏觀情況以及關稅和成本的不確定性，今天嘗試計算這些因素有多大難度。那麼，今年您還會繼續關注這個嗎，或者說，是明年再關注這個嗎？

I think it's completely de-linked, Steve. These development projects our five to seven-year journeys. And when we take a pen and pencil or computer to underwriting, we are -- this is not a question of two months ago, we were excited about development and two months later, we're not. And next month, we are and next month, we're not based on the stock market or tariffs. There is an enormous scarcity of high-quality office development sites that can be delivered over the next four or five years.

我認為這是完全脫鉤的，史蒂夫。這些發展項目規劃了我們未來五到七年的旅程。當我們拿起筆和筆或電腦去承保時，我們——這不是兩個月前的問題，我們對發展感到興奮，而兩個月後，我們不再興奮了。下個月，我們將不再基於股市或關稅。未來四、五年內可交付的高品質辦公大樓開髮用地極為稀缺。

And a city like New York that is -- the pivotal CBD in this country and is growing and is reaching all sorts of records on employment, on Wall Street profits, on bank earnings. There's a confidence we have in the long-term viability of this market that we would absolutely welcome the prospect of developing a significant new site in core Midtown Manhattan in our market, in SL Green territory. That's for sure. And that hasn't changed, in my opinion or mine in the past three months.

紐約這樣的城市，作為美國重要的中央商務區，不斷發展，在就業、華爾街利潤、銀行獲利等方面都創下新高。我們對這個市場的長期生存能力充滿信心，我們絕對歡迎在我們市場的曼哈頓中城核心區，即 SL Green 地區開發一個重要的新地點。這是肯定的。在我看來，或者在過去的三個月裡，這一點並沒有改變。

My pricing, it goes back to what I said earlier, on the bond question, my pricing change one way or the other, maybe -- do I think rents have changed for that product? Absolutely not. In this building alone at One Vanderbilt, we have a constant flow of inquiries for expansion because we have great tenants here and elsewhere through the portfolio and notwithstanding what you're seeing in the market. There's still companies that are growing and taking advantage of this market and need more space. This isn't anecdotal, these are tenants who are ringing our doorbells and saying, we need to grow.

我的定價，回到我之前所說的，關於債券問題，我的定價可能會以某種方式改變——我認為該產品的租金已經改變了嗎？絕對不是。光是在范德比爾特一號這棟大樓裡，我們就不斷收到擴建諮詢，因為我們在這裡以及透過投資組合在其他地方擁有優秀的租戶，不管你在市場上看到什麼。仍有一些公司不斷發展並利用這個市場，並且需要更多的空間。這並不是軼事，這些租戶按了我們的門鈴，說我們需要擴張。

And this isn't like modest growth. Some of these requirements are significant. And the issue I have right now is not tariffs, the issue I have right now is delivering 1.5 million square feet to 2 million square feet of brand-new Class A, One Vanderbilt like styled office space to the most sophisticated base of tenants in the country that want to grow. And I'm as committed to that today as I was in December.

這並不是溫和的成長。其中一些要求非常重要。我現在面臨的問題不是關稅，而是向全國最高端、想要擴張的租戶群體提供 150 萬平方英尺到 200 萬平方英尺的全新 A 級、范德比爾特一號風格的辦公空間。我今天仍舊像去年 12 月一樣致力於此。

Great. Thanks. I guess, secondly, and I don't know how much you can comment on this. But just where are we kind of in the whole downstate casino license plan? And is that something that you still expect, I guess, the state to kind of get concluded by the end of this year or might that process get delayed?

偉大的。謝謝。我想，其次，我不知道您對此有多少評論。但是，在整個下州賭場執照計畫中，我們究竟處於什麼位置呢？您仍期望該州能在今年年底前完成這項工作，或者這個過程可能會被推遲？

This is Brett. How are you doing? The process has been full speed ahead since, call it, December of last year when the state for the first time in four years reached out to all the bidders and said, we'd like you to start the environmental review process. That was new. We took it very seriously, a great sign, and we commenced immediately.

這是布雷特。你好嗎？自去年 12 月以來，這一進程一直在全速推進，當時該州四年來首次與所有投標者聯繫，並表示，我們希望你們啟動環境審查程序。那是新的。我們非常重視這一點，這是一個好兆頭，我們立即就開始了。

We're an as-of-right project. There's two or three other as-of-right projects that are out there also starting their environmental process. We expect that given the amount of expenditure, the requests of the state to engage professionals for that review that June 27 will be the on-track day to submit the license for the state's review. We're looking at from there end of September local approval process and hopefully, a year-end award of that license. The state has acted much differently this year than it has in all four prior years, and we're very ready for it. We're excited. We're eager. We've been ready for the past three or three years and can't wait to launch out there publicly and get going.

我們是一個合法的項目。還有兩三個其他合法項目也正在啟動其環境進程。我們預計，考慮到支出金額以及州政府聘請專業人員進行審查的要求，6 月 27 日將是提交許可證供州政府審查的正式日期。我們正在研究從 9 月底開始的當地審批流程，並希望在年底頒發該許可證。今年該州的行動與前四年相比有很大不同，我們已經做好了充分的準備。我們很興奮。我們很熱切。我們已經準備好了三到三年，迫不及待地想要公開發布並開始行動。

Jana Galan, Bank of America Securities.

Jana Galan，美國銀行證券。

Hi, good afternoon. Thanks for taking my question. Going back to the active leasing pipeline. Your press release noted 1.1 million square feet. Would you say they're kind of following the typical leasing deal timeline or is there evidence that corporate decision-making is pausing or is it just kind of the tightness in the market, there's more urgency and corporates are tuning out the macro uncertainty?

嗨，下午好。感謝您回答我的問題。回到活躍的租賃管道。您的新聞稿提到了110萬平方英尺。您是否認為他們正在遵循典型的租賃交易時間表，或者是否有證據表明企業決策正在暫停，或者只是市場緊張，更緊迫，企業正在排除宏觀不確定性？

It's really a function of the types of tenants that we're negotiating with at a point in time. And I think there's certainly no sense of tenants feeling pressured to make accelerated decision and maybe there's -- they slow down a little bit because we're working on a bunch of big deals. But I don't think this is a material change in people's sentiment or how they're conducting themselves or how their third-party consultants are conducting themselves. So I don't think there's really a lot of color commentary as to what we're seeing right now versus how it's been over the past several months.

這實際上取決於我們當時正在與之談判的租戶類型。我認為租戶肯定不會感到有壓力而加速做出決定，也許他們會稍微放慢速度，因為我們正在處理一堆大交易。但我不認為這會導致人們的情緒、行為方式或第三方顧問的行為方式發生實質變化。因此，我認為，對於我們現在看到的情況與過去幾個月的情況相比，並沒有太多的偏見。

Okay. And then, on the fee rent and TIs came down in 1Q. Can you talk a little bit more about how you kind of see that through the course of the year and what tenants are accepting?

好的。然後，費用、租金和 TI 在第一季下降了。您能否再多談談您如何看待這一年的情況以及租戶的接受程度？

Yeah, that's just really a function of the basket of individual transactions for the quarter. I think broadly speaking, concessions have been stable for really all through last year coming into this year. We haven't seen a material change. If anything, I would say there's a good chance that in certain submarkets like on Park Avenue and Sixth Avenue where you see real pockets of strength in the Midtown market that you'll see some tightening of concessions.

是的，這實際上只是本季單一交易籃子的一個函數。我認為從總體上看，從去年到今年，優惠一直保持穩定。我們還沒有看到實質的變化。如果有什麼不同的話，我想說，在某些子市場，例如公園大道和第六大道，你會看到中城市場存在真正的實力，你會看到一些優惠的收緊。

I don't know it's enough to really move the needle but certainly the face rents are going up. And I think we've seen the rents go up on Park Avenue. And I think the entire community is expecting Sixth Avenue rents to go up because there's been a tremendous amount of leasing and there's a number of large deals pending on Sixth Avenue. And that's going to drive face rents as we look into the rest of the year.

我不知道這是否足以真正起到推動作用，但地租肯定會上漲。我認為我們已經看到公園大道的租金上漲了。我認為整個社區都預計第六大道的租金會上漲，因為第六大道上有大量租賃，而且還有不少大交易待定。展望今年剩餘時間，這將推動面租金上漲。

So the natural extension after that is after rents go up, then they'll start to get pressure on trying to push concessions down. But I think it will be submarket by submarket, not broadly across all of the Manhattan market.

因此，之後的自然延伸是，租金上漲後，他們就會開始面臨壓力，試圖降低優惠。但我認為這將針對各個子市場，而不是整個曼哈頓市場。

John Kim, BMO Capital Markets.

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

Thank you. I wanted to ask about a couple of your objectives for the year, which includes 2 million square feet of leasing and 93.2% year-end leased occupancy. So in the first quarter, you're ahead of the pace, but occupancy did go down. And I'm wondering, just given all the uncertainty in the markets today, if you still feel comfortable with those targets?

謝謝。我想問您今年的幾個目標，其中包括 200 萬平方英尺的租賃面積和 93.2% 的年底租賃入住率。因此，在第一季度，你們領先於步伐，但入住率確實下降了。我想知道，考慮到當今市場的所有不確定性，您是否仍然對這些目標感到滿意？

We're comfortable. Our living budget at the moment is in excess of 2 million feet, and that's as of like an hour ago. So that will go up and down. I feel pretty good about 2 million. We had a good start first quarter. We're already, I think, over 100,000 feet leased year to date -- well, April to-date, quarter-to-date. And Steve has already talked about the pipeline.

我們很舒服。我們目前的生活預算超過 200 萬英尺，這還是在一小時前。所以它會上下波動。我覺得200萬左右已經很不錯了。我們第一季開局不錯。我認為，今年迄今為止（即 4 月迄今為止、本季迄今）我們的租賃面積已經超過​​ 10 萬英尺。史蒂夫已經談到了管道。

So look, we're going to monitor it closely, as we always do, the pipeline to evaluate trends and sentiment and whatever. But on the one hand, you've got geopolitical, on the other hand, you have tenants with real need for space. And that's not abating that we see yet. We did so much in the first quarter. We would hope to be at around 1 million feet for the second quarter. And we think by year-end, we could eclipse that 2 million feet and a lot of that's just driven by a return to office. You had years of people in a hybrid work model.

所以，我們將會像往常一樣密切監視它，以評估趨勢和情緒等等。但一方面，你有地緣政治因素，另一方面，你有真正需要空間的租戶。而且我們看到這種現象還沒有減弱。我們在第一季做了很多事。我們希望第二季能達到 100 萬英尺左右。我們認為，到今年年底，我們的銷售額可能會超過 200 萬英尺，而這很大程度上是由重返辦公室所推動的。你們讓人們多年來一直處於混合工作模式。

And now, this is a competitive environment. People are back people are focused, people need space. And it's like we're just seeing that all over the market. And if ever there's a moment we don't, we'll be the first to tell you guys and our shareholders. But at the moment, we're feeling good about both the occupancy level and the volume.

現在，這是一個競爭環境。人們回來了，人們集中了注意力，人們需要空間。就像我們在整個市場上看到的一樣。如果我們有任何不滿意的地方，我們會第一個告訴你們和我們的股東。但目前，我們對入住率和客流量都感到滿意。

Okay. Switching gears to 500 Park. I realized it wasn't a huge lease, but you guided to 100% occupancy. And I'm wondering what that implies for the mark-to-market of that asset. And if there's any update on the 6.8% cap rate that you acquired it at?

好的。換擋至 500 Park。我意識到這不是一個很大的租賃，但你指導的入住率是 100%。我想知道這對該資產的市價意味著什麼。您以 6.8% 的資本化率收購該資產時，有什麼更新嗎？

Well, so on mark-to-market, I think we have to look at it in two ways. The lease we signed relative to both the in place and the current market. But more interesting to me is where those rents will be after we finish a $20 million-plus improvement program that we have commenced. We've selected our architect. We're going to be doing work in the Plaza, we're in the amenity, lobby, some other improvements, bringing sort of elevated hospitality to the building. And in that regard, we're projecting rents up off of today rents by at least $15 a foot on average for what I'll call the repositioning program. But if the question is specifically where was that lease relative to market --

嗯，那麼關於以市價計價，我認為我們必須從兩個角度來看待它。我們簽署的租約與現有市場和當前市場有關。但對我來說更有趣的是，在我們完成已啟動的 2000 多萬美元的改善計劃後，這些租金將會是多少。我們已經選好了建築師。我們將在廣場上進行工作，包括設施、大廳和其他一些改進，為大樓帶來更高層次的接待體驗。在這方面，我們預計租金將在目前的水平上平均上漲至少 15 美元/英尺，我稱之為重新定位計劃。但如果問題是租賃相對於市場的具體情況--

So that way, I don't think had a mark-to-market calculation because it was filling vacant space at the time of acquisition. But I can tell you that the rent that we signed on that lease was $10 a foot higher than the prior sponsor was asking for the space the day before we acquired the building.

因此，我認為沒有以市價計算，因為它在收購時填補了空置空間。但我可以告訴你，我們簽署的租約租金比我們收購該建築前一天前贊助商對該空間的要價高出每英尺 10 美元。

And where does the yield go to compared to the 6.8% that you bought it at?

與您購買時的 6.8% 相比，收益率如何？

We sit today at about a 7.2%. That's 6.8% you referenced from our investor conference is now 7.2%.

今天的比率約為 7.2%。您在我們的投資者會議上提到的 6.8% 現在是 7.2%。

Got it. Thank you.

知道了。謝謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Yes, two quick ones for me. Just starting on the disposition targets of $1 billion, just how you're thinking about sort of that? What are you seeing in the markets? Thanks.

是的，對我來說有兩個簡單的問題。剛開始設定 10 億美元的處置目標，您對此有何看法？您在市場上看到了什麼？謝謝。

Yeah, look, the plan is on track, and we feel confident based on the meetings and negotiations we're having. I think it's important for everyone here to realize that our team has navigated through the past five years of COVID negative office bias and high interest rates. And through that period, we completed -- it's approximately $9 billion of gross sales at share at a blended cap rate of 4.3% and $1,400 a foot, just demonstrating that our portfolio is liquid and investable and even the toughest of markets that you can imagine.

是的，看，計劃正在按計劃進行，而且根據我們正在進行的會議和談判，我們感到很有信心。我認為在座的每個人都應該意識到，我們的團隊已經度過了過去五年 COVID 負面辦公室偏見和高利率的時期。在此期間，我們完成了約 90 億美元的銷售額，混合資本化率為 4.3%，每英尺 1,400 美元，這表明我們的投資組合具有流動性和可投資性，甚至可以應對您能想像到的最艱難的市場。

So yeah, sure, there are challenges in front of us as a result of some macro conditions, but it's far less than what we've experienced in the past five years. And so we're on track for the plan this year.

是的，由於一些宏觀條件，我們面臨挑戰，但與過去五年相比，挑戰要小得多。因此，我們今年的計劃一切順利。

Great. And then, my second question, just going back to that 1.1 million square feet of pipeline. Just a little color on how much of that is non-financial, right? And then, the second piece of it, how much of that is outside of Park Avenue and Grand Central, which have been pretty strong?

偉大的。然後，我的第二個問題，回到那條 110 萬平方英尺的管道。只是稍微說明一下其中有多少是非金融的，對嗎？那麼，第二點，有多少是在公園大道和中央車站之外，這兩個地方一直都很強？

Well, let's see, the easy one is the first part of your question, there's 0.25 million square feet of TAMI tenants in that pipeline, which I think is pretty notable because that's probably as much square footage as we've seen from that industry over the past couple of years within our portfolio. And certainly, TAMI, broadly speaking, in the market, has doubled the number of active tenant searches year-over-year. And then, as far as Grand Central, the majority of our portfolio sits within the Grand Central area. So it's safe to say that the majority of the pipeline is within the Grand Central market, which has proven to be one or two most active submarkets over the past year.

好吧，讓我們看看，簡單的問題是您問題的第一部分，該管道中有 0.25 百萬平方英尺的 TAMI 租戶，我認為這非常值得注意，因為這可能與我們過去幾年在我們的投資組合中看到的該行業的面積一樣多。當然，從廣義上講，TAMI 在市場上的活躍租戶搜尋數量比去年同期增長了一倍。然後，就中央車站而言，我們的大部分投資組合都位於中央車站區域。因此可以肯定地說，大部分項目都位於中央大市場，事實證明，中央大市場是過去一年中最活躍的子市場之一或兩個。

Thanks so much.

非常感謝。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. Thanks. Just a follow-up on the last question. Can you give a little bit more color on the profile of the kind of most active TAMI tenants. And whether that activity is driven by relocations from other markets or kind of organic growth from tech and media companies that already have a presence in the New York market?

偉大的。謝謝。這只是對最後一個問題的後續回答。您能否更詳細地介紹一下最活躍的 TAMI 租戶的概況？這種活動是否是由其他市場的遷移所推動的，還是由已經在紐約市場佔有一席之地的科技和媒體公司的有機成長所推動的？

All of them are relocations. And as best I recall, all of them are driven by growth. In that growth, some of those tenants are AI-related businesses. Then, I don't know what other color I can give you on it. But yeah, I mean, it's growth, it's relocation. They're household names and we're seeing an AI name attached to a lot of these tenants.

全部都是搬遷。據我所記得，所有這些都是由成長驅動的。在這種成長中，有些租戶是與人工智慧相關的企業。那麼，我不知道我還能給你什麼其他顏色。但是是的，我的意思是，這是成長，這是搬遷。他們是家喻戶曉的名字，我們看到很多租戶都與人工智慧有關。

Got it. That's helpful. And then, maybe a different angle on tariffs and uncertainty. I guess, can you talk about the profile of potential capital partners that are showing interest in JV deals or even the debt fund at this point? And in particular, whether there's been any notable change in demand from foreign investors given the recent macro uncertainty and trade disagreements?

知道了。這很有幫助。然後，也許可以從不同的角度看待關稅和不確定性。我想，您能否談談目前對合資交易甚至債務基金感興趣的潛在資本合作夥伴的概況？特別是，鑑於近期宏觀不確定性和貿易分歧，外國投資者的需求是否發生了顯著變化？

We haven't seen it yet. I would note countering what you just mentioned is the weaker US dollar. One thing that we experienced in '23 and '24 was US dollar moving against us for those two years. With the dollar getting weaker, it makes it much easier to have some of the conversations we're having. On the fundraising side for the fund, our group of investors are institutional both domestic and international representing almost every region across the world.

我們還沒看到它。我想指出，與您剛才提到的相反的是美元走弱。我們在 2023 年和 2024 年經歷的一件事就是美元在那兩年對我們不利。隨著美元走弱，我們進行一些對話變得更加容易。在基金的募款方面，我們的投資人群體是國內外的機構，幾乎遍布全球每個地區。

I guess the main point to make there, I think, if I understand your question is, we have not seen a drop off in foreign investor demand for the debt fund or for product. Now, with respect to the dispositions, the proof will be when we close them. And we just started the year, so we're in the process of doing that and hope to knock those off in the second half of the year, contract first half, closed second half, which is our usual rhythm to that. But as we sit here, we look at the short list for the many different sales and JVs we're working on, I would still say a lot of the usual -- not only say suspects, our usual relationships are still steadfastly on that list. So more to come on that on the next call, but we've not seen any drop-off of interest there.

如果我理解你的問題的話，我想這裡要說的重點是，我們並沒有看到外國投資者對債務基金或產品的需求下降。現在，關於這些處置，當我們結束它們時就會提供證據。我們才剛開始新的一年，所以我們正在做這件事，希望在下半年完成這些事情，上半年完成合同，下半年完成收尾工作，這是我們通常的節奏。但是，當我們坐在這裡，看著我們正在進行的許多不同銷售和合資企業的候選名單時，我仍然會說很多常見的——不僅是嫌疑人，我們通常的關係仍然堅定地列在那個名單上。下次通話中我們會討論更多，但我們並未看到人們的興趣有任何下降。

Very helpful.

非常有幫助。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, everyone. On the Investor Day, there was a lot of emphasis around office to resi conversion and the opportunities and how (technical difficulty) Talk a little bit about (technical difficulty)

大家好。在投資者日，重點關注辦公室到住宅的轉換、機會和（技術難題）如何進行。（技術難度）

We're not hearing you, Tayo.

我們聽不到你說話，Tayo。

You've got to ask it again because you're breaking up.

你必須再問一次，因為你們要分手了。

Can you hear me?

你聽得到我嗎？

Now, yes. Now, we can.

是的。現在，我們可以了。

Okay. -- about that. So we're saying on the Investor Day, there was quite a lot of emphasis on the office to resi opportunity in New York and how Indian regulation was changing. Could you just give us an update in regards to that? And how you're thinking about opportunities in your portfolio to do some of the potential more office to resi conversions?

好的。 ——關於那件事。因此，我們在投資者日上表示，非常重視紐約的辦公室到住宅機會以及印度法規的變化。您能否向我們提供有關該問題的最新消息？您如何考慮在您的投資組合中尋找機會將更多的辦公室轉換為住宅？

Yeah. So I would say that as we sit here, 3.5, 4 months from our Investor Conference, I would say the volume of announced or planned deals is anywhere between consistent or ahead of where we were and what we showed back in December. There's a lot of conversion candidates, particularly downtown, where the prices of the bricks and mortar and land enable conversion on an economic basis. We're seeing it on Third Avenue, our own project, 750 Third, as well as the old Pfizer headquarters as well as

是的。因此我想說，現在距離我們的投資者會議還有 3.5 到 4 個月的時間，我想說，已宣布或計劃的交易數量與我們去年 12 月公佈的水平持平或有所超出。有很多地方可以進行改建，特別是在市中心，那裡的磚瓦和土地價格在經濟基礎上可以實現改建。我們在第三大道、我們自己的專案 750 Third 以及舊輝瑞總部都看到了它，

675 Third and 767 Third, which are both recent trades for office to resi.

675 Third 和 767 Third，都是最近為辦公室而進行的交易。

So I mean there's four deals in that third avenue market. And you can imagine how quickly a market for office can tighten when you take four very viable office buildings and take it off the market, which all four of those are essentially off the market now for office tenancy and that has a very firming effect, if you will.

所以我的意思是第三大道市場有四筆交易。你可以想像，當你把四棟非常可行的辦公大樓從市場上撤下時，辦公大樓市場會多麼迅速地收緊，這四棟樓現在基本上都不再是辦公樓租賃市場了，如果你願意的話，這會產生非常緊縮的效果。

There's going to be a lot in Midtown South as well due to the zoning changes that were accomplished there as part of City of Yes. And I think it's a significant and one of those understated or not well-understood trends that will look back on two or three years when this market really firms up and you see occupancy levels drop to -- well, vacancy levels dropped to single digits. A big part of that -- half of that is going to be net absorption and growing demand, half it's going to be resi conversion.

由於作為「Yes 之城」的一部分，中城南區的區域劃分發生了變化，因此這裡也將有很多新事物。我認為這是一個重要的趨勢，也是那些被低估或不太理解的趨勢之一，兩三年後，當這個市場真正穩定下來時，你會看到入住率下降到——嗯，空置率下降到個位數。其中很大一部分——一半將是淨吸收量和不斷增長的需求，另一半將是住宅轉換。

So I think it's taken root. There's projects underway like ours. There's going to be thousands and thousands of units delivered. And I think ultimately, in excess of 25 million square feet of offices going resi. It will take time to complete and deliver but it's fairly instantaneous in terms of its exit out of the inventory of available space to lease.

所以我認為它已經紮根了。有一些像我們這樣的項目正在進行中。將會有成千上萬台設備交付。我認為最終將有超過 2500 萬平方英尺的辦公室被重新安置。它的完成和交付需要時間，但就其從可供租賃的空間庫存中退出而言，它是相當即時的。

Thank you.

謝謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi, guys. Thanks for taking my question. Are you guys seeing any larger requirements for the remainder of One Madison. And you touched a little bit on the supply picture, but can you talk about the demand for Midtown South?

嗨，大家好。感謝您回答我的問題。你們是否看到對 One Madison 剩餘部分有任何更大的要求。您稍微談到了供應情況，但是您能談談中城南區的需求嗎？

Yeah, we've seen a marked change in tour activity and some early proposals that are on the table right now. I was sharing with Marc in a week or two ago that the number of qualified large prospects that have either toured or are in a diligence process focused on One Madison just over the past 30 days is probably more than what we saw all of last year. And I don't want to get too far out over our SKUs but it certainly feels very promising at this moment compared to any time over the past 18 months.

是的，我們看到旅遊活動發生了顯著變化，目前已經提出了一些早期提案。一兩週前，我曾與馬克分享過，在過去 30 天中，參觀過 One Madison 或正在進行盡職調查的合格大型潛在客戶的數量可能比我們去年全年看到的還要多。我不想對我們的 SKU 進行過多的討論，但與過去 18 個月的任何時候相比，目前的情況確實非常有希望。

Thanks. And then, just on the Summit kind of what percent of visits are international visitors. And then kind of can you talk a little bit about what the booking window looks like for that?

謝謝。那麼，峰會上有多少比例的訪客是國際遊客？那麼，您能否稍微談談預訂窗口的情況呢？

Question is, what percent is international? Look, I don't want to mislead. I don't have those stats at my hand right now. I think traditionally, it's about two-thirds tourism and one-third domestic. That's a very high domestic attendance level for -- when I say domestic, I'm talking tri-state area, like local. It's like a one-third local, it's like two-third tourism. Within that tourism break, I mean the preponderance is domestic. But when I go up there, it feels to me like almost 35%, 40% is foreign tourists. So I don't have good stats on it.

問題是，國際百分比是多少？瞧，我不想誤導。我現在手上還沒有這些數據。我認為傳統上大約三分之二是旅遊，三分之一是國內旅遊。對於國內觀眾來說，這是一個非常高的出席率——當我說國內時，我指的是三州地區，例如當地。就像三分之一是本地的，三分之二是旅遊業的。在旅遊假期中，我的意思是大部分都是國內旅遊。但當我去那裡時，我感覺幾乎 35% 到 40% 都是外國遊客。所以我對此沒有很好的統計數據。

Does anyone else have here?

這裡還有其他人嗎？

And a lot of repeats.

而且有很多重複。

Yeah, a lot of repeats for sure. It's an unusual in so much as people go back and back. It's only been over 3.5 years. We've had people come back five, six, seven times because it's not an uptick. It's an experience. It's an attraction. It's a destination and it's thrilling. So for those that know it, you know what I'm talking about. For those that don't, you should get there right away. In 2024, it was about closer to 50% foreign visitor. I'm just getting that stat sent to me right now. So a little higher than I said. But a good balance and we see no drop off in any demand or change in composition through the first quarter.

是的，確實有很多重複。這是很不尋常的，因為人們會一次又一次地回來。至今僅過了3.5年多。由於沒有出現上漲，我們已經有顧客來過五、六、七次了。這是一種體驗。這是一個景點。這是一個令人興奮的目的地。所以對於那些了解這一點的人來說，你們知道我在說什麼。對於那些還沒有的人，你應該立即去那裡。到2024年，外國遊客比例將接近50%。我現在剛收到該統計數據。所以比我說的高一點。但保持良好的平衡，我們在第一季沒有看到任何需求下降或結構變化。

Thanks.

謝謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Thanks for taking the question. Maybe just building up on the Summit question in New York. I guess just can you talk a little bit about the opportunity in Paris, where you are, a potential timeline for execution?

感謝您回答這個問題。也許只是圍繞著紐約峰會的問題展開討論。我想您能否稍微談談巴黎的機會、您所在的地方以及可能的執行時間表？

A lot more to come on Paris between now and end of year, hopefully with some imagery that we'll be able to share with you as well, which I think everyone will find extremely exciting. But Rob Schiffer and I just came back from Paris about two weeks ago where we spent a lot of time with the developers there and the site and the construction. And our team, we have a big team that's already been assembled in Paris of engineers, designers, expediters, etc, working on -- taking things from conceptual to design development. We expect to have possession of the floors for Summit Paris sometime in Q1 of '26, and we expect to be open to public sometime at the end of Q1 '27.

從現在到年底，我們會發布更多關於巴黎的消息，希望我們也能與你們分享一些圖像，我想每個人都會感到非常興奮。但羅布希弗和我大約兩週前剛從巴黎回來，我們在那裡與那裡的開發商、工地和建築工地一起度過了很多時間。我們的團隊，我們已經在巴黎組建了一支龐大的團隊，由工程師、設計師、催辦員等組成，致力於從概念到設計開發。我們預計將於 2026 年第一季某個時候擁有 Summit Paris 的樓層，並預計將於 2027 年第一季末某個時候向公眾開放。

So to me, that's right around the corner because there's so much to do. We're going to be putting a team and the staff together out there that will be managed and run by this amazing team we put together here in New York with obviously local senior people on the ground in Summit. We've started some of that hiring already. I can only tease you with the fact that the early artistry coming out of Kenzo Shop is staggeringly beautiful. And it's going to be in the spirit of what we have upstairs, but very different, very unique. I think, a nod towards Parisian abstraction and I am really excited to be able to cut that ribbon in '27.

所以對我來說，這就在眼前，因為有很多事情要做。我們將在那裡組建一個團隊和員工，由我們在紐約組建的這個出色的團隊以及 Summit 當地的資深人士來管理和營運。我們已經開始了部分招募。我只能逗你開心，Kenzo Shop 早期推出的藝術品美得令人驚嘆。它將秉承我們樓上的精神，但又非常不同，非常獨特。我認為，這是對巴黎抽象主義的認可，我很高興能夠在 1927 年剪綵。

Great. And then just on the FAD, FAD guidance at the Investor Day kind of relative to 1Q. Can you just remind us sort of as we go through the year, I'm assuming there's more leasing you did that's converted to cash later in the year. Is there like a ramp-up as we go through the year or anything kind of one-time that we should model in for the rest of the year?

偉大的。然後僅就 FAD 而言，投資者日的 FAD 指引與第一季相關。您能否提醒我們，隨著我們度過這一年，我假設您所做的更多租賃將在今年稍後轉換為現金。隨著我們度過這一年，是否會出現一種上升趨勢，或者我們應該為今年剩餘的時間建模的某種一次性趨勢？

Yeah, two components of FAD. Over the course of the year, as we highlighted in a recent presentation, physical occupancy or commenced occupancy, what every want to call it economic occupancy is increasing every quarter throughout the course of the year such that we end up going from around 88%, 89% at the end of last year to over 92% at the end of this year. So that will help the revenue side.

是的，FAD 有兩個組成部分。正如我們在最近的一次演示中所強調的那樣，在這一年中，實際入住率或開始入住率，也就是大家所稱的經濟入住率，在一年中每個季度都在增加，最終從去年年底的 88%、89% 左右上升到今年年底的 92% 以上。這將有助於增加收入。

On the cost side, obviously, as the space is built, the build-out costs go down. That said, typically, our capital spend accelerates into the end of the year. It's the lightest in the first quarter and heaviest in the fourth as the projects get completed towards the end of the year. So the FAD number for the first quarter was a solid one, better than our expectations. But for the full year, we're still seeing roughly in line with what we guided to in December.

從成本方面來看，顯然，隨著空間的建成，建造成本會下降。也就是說，通常我們的資本支出會在年底加速成長。第一季的工程量最少，而第四季的工程量最大，因為工程將在年底前完工。因此，第一季的 FAD 數字是穩健的，比我們的預期好。但就全年而言，我們仍看到與 12 月預測大致相符的情況。

Peter Abramowitz, Jeffries.

彼得·阿布拉莫維茨，杰弗里斯。

Thank you. Yes, Just wanted to ask quickly about 11 Madison. You have the expiration in September. Just wondering if there are any kind of comparable deals you could point to, to give us an idea of maybe you would expect in the refi market? And any comments on if you're considering doing something in CMBS market rather than a bank deal?

謝謝。是的，我只是想快速詢問一下有關 11 Madison 的情況。您的合約將於九月到期。只是想知道您是否可以指出任何類型的類似交易，以便讓我們了解您可能在再融資市場中所期望的交易？如果您考慮在 CMBS 市場開展業務而不是與銀行進行交易，您有何評論？

Yeah, sure. I would sort of say this is an active negotiation and deal that we're working on now. So I'd prefer not to comment on it with more to come later this year. Obviously, we got our $5 billion plan done last year. We have a lot of reps now as to how to work with existing lenders and the market as to obtaining efficient financing for these assets. And I would say just stand by and we'll update you into the next call.

是的，當然。我想說，這是我們目前正在進行的一次積極的談判和交易。因此我不想對此發表更多評論，今年晚些時候再做評論。顯然，我們去年完成了 50 億美元的計畫。我們現在有很多代表，關於如何與現有貸方和市場合作，為這些資產獲得有效的融資。我想說的是，請稍候，我們會在下次通話中向您通報最新情況。

All right. That's all for me. Thanks.

好的。對我來說就這些了。謝謝。

Thank you. This concludes our question-and-answer section. I'd like to turn it back to Marc Holliday for closing remarks.

謝謝。我們的問答部分到此結束。我想請馬克·霍利迪 (Marc Holliday) 做最後發言。

Okay. Great. Well, I appreciate all the questions. And like I said, I want to just leave you with the notion that we're working very hard on all these different opportunities in front of us, but also very cognizant of the state of the markets right now, and we're going to stay very nimble and be very reactive to both opportunities making sure we keep the buildings as leased as possible and get the occupancies up, and Matt will continue to steward the balance sheet. So I think we're in great shape at this moment in time, as really as good as I could have asked, and we look forward to speaking to you again in three months.

好的。偉大的。嗯，我很感謝大家的提問。正如我所說的，我只想告訴你們，我們正在努力抓住面前的所有不同機會，同時也非常清楚當前的市場狀況，我們將保持靈活，對這兩個機會做出積極反應，確保盡可能多地出租建築物，提高入住率，而馬特將繼續管理資產負債表。所以我認為我們現在的狀態很好，正如我所要求的那樣好，我們期待三個月後再次與您交談。

This concludes today's conference call. Thank you for participating, and 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了。