SL Green Realty Corp (SLG) 2025 Q3 法說會逐字稿

Thank you, everybody, for joining us, and welcome to SL Green Realty Corp.'s third-quarter 2025 earnings results conference call. This conference call is being recorded. At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events may differ from any forward-looking statements that management may make today.

感謝各位的參與，歡迎參加 SL Green Realty Corp. 2025 年第三季財報業績電話會議。本次電話會議正在錄音。在此，公司想提醒各位聽眾，在電話會議期間，管理階層可能會發表前瞻性聲明。您不應依賴前瞻性陳述來預測未來事件，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 the risks, uncertainties and other factors that could cause such differences to appear are set forth in the Risk Factors and MD&A section of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.

管理階層在本次電話會議上所作的所有前瞻性陳述均基於他們截至今日的假設和信念。有關可能導致此類差異出現的風險、不確定性和其他因素的更多信息，請參閱公司最新 10-K 表格以及公司隨後向美國證券交易委員會提交的其他報告中的“風險因素和管理層討論與分析”部分。

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 measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of differences between each non-GAAP financial measures and the comparable GAAP financial measures can be found on both the company's website at www.slgreen.com. By selecting the press release regarding the company's third quarter 2025 earnings and in our supplemental information included in our current report on Form 8-K relating to our third 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。與所討論的各項非GAAP財務指標最直接可比較的GAAP財務指標，以及各項非GAAP財務指標與可比較GAAP財務指標之間的差異調節表，均可在公司網站www.slgreen.com上找到。具體而言，您可以在該公司2025年第三季收益新聞稿以及我們目前8-K表格報告中關於2025年第三季收益的補充資訊中找到相關資訊。

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.

在將電話轉交給 SL Green Realty Corp. 董事長兼執行長 Marc Holliday 之前，我請求參與問答環節的各位，每人提問不超過兩個問題。

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

謝謝。現在我將把電話交給馬克霍利迪。請繼續，馬克。

Thank you for joining us this afternoon to recap what was undoubtedly a very busy and a very productive quarter. As the Wall Street Journal reported just this week, the New York office market is roaring back, and you can see it across every aspect of our business. We have now signed more than 1.9 million square feet of leases to date just this year, and we are trading paper on leases that will take us well over 2 million square feet with 2.5 months of the year still to go. These are extraordinary numbers coming on the heels of such a big leasing year in 2026. It was over 3 million square feet of leasing and one of our highest leasing years ever.

感謝各位今天下午抽出時間與我們一起回顧這個無疑非常忙碌且成果豐碩的季度。正如《華爾街日報》本週報導的那樣，紐約辦公大樓市場正在強勁復甦，這一點在我們業務的方方面面都能看到。今年迄今為止，我們已經簽署了超過 190 萬平方英尺的租賃合同，而且我們正在進行租賃交易，預計租賃面積將超過 200 萬平方英尺，而今年還有 2.5 個月的時間。鑑於 2026 年租賃市場如此火爆，這些數字顯得格外驚人。租賃面積超過300萬平方英尺，是我們有史以來租賃業績最好的年份之一。

So back-to-back years extraordinary results. And as a result, we've increased our occupancy significantly quarter-over-quarter, climbing above 92% as of the end of September, and we're on track to hit our goal of 93.2% by the end of this year. . I'm especially proud of the incredible momentum at 1 Madison where three huge leases this quarter have brought occupancy over 91% on that development project, and we're on track to reach 93% leased by end of year, at which point we expect to have just a single available floor left to lease, putting us in a position to execute a significant upside refinancing in 2026. And the market outlook for the remainder of the year is good with the strong pace of leasing we saw in Midtown Manhattan during Q3, expected to continue on into Q4 and beyond.

連續兩年取得了非凡的成績。因此，我們的入住率較上季大幅提高，截至 9 月底已超過 92%，我們預計在今年年底達到 93.2% 的目標。。我尤其為 1 Madison 的強勁發展勢頭感到自豪，本季度三份巨額租賃合約使該項目的入住率超過 91%，我們預計在年底前達到 93% 的出租率，屆時我們預計只剩下一層可供出租，這將使我們能夠在 2026 年進行一次意義重大的再融資。今年剩餘時間的市場前景良好，第三季曼哈頓中城的租賃速度強勁，預計這一勢頭將持續到第四季及以後。

Accelerating office to residential conversions combined with limited new construction is creating a scarcity dynamic in the high-end space market, which is expected to drive market vacancy rates lower and net effective rents higher. With tenant demand and rents continuing to rise, particularly in the Park Avenue corridor. Last night, we announced the acquisition of Park Avenue Tower for $730 million. This is a very targeted market play, acquiring a well-leased asset with rents considerably under market and where we see significant near-term upside from rapidly increasing rents.

辦公大樓改建為住宅的加速發展，加上新建案有限，導致高端空間市場出現稀缺態勢，預計將降低市場空置率，並推高淨有效租金。由於租戶需求和租金持續上漲，尤其是在公園大道沿線地區。昨晚，我們宣布以 7.3 億美元收購公園大道大廈。這是一項目標非常明確的市場操作，收購了一處租賃狀況良好的資產，其租金遠低於市場水平，我們認為租金快速成長將帶來顯著的短期收益。

We add Park Avenue Tower to our growing collection of premier Park Avenue assets, One Vanderbilt, 500 Park, 450 Park, 280 Park, 245 Park, 125 Park, 100 Park. Not to mention all those just off a park. No one can come close to this concentration of premier properties along our Park Avenue Spine nor our track record of profitable acquisitions over the past five years. We saw the heightened demand for well-located Park Avenue and Grand Central assets long before the competition and now it's truly paying off.

我們將 Park Avenue Tower 添加到我們不斷增長的 Park Avenue 頂級資產組合中，該組合包括 One Vanderbilt、500 Park、450 Park、280 Park、245 Park、125 Park 和 100 Park。更別提那些就在公園附近的房子了。沒有人能像我們一樣，在公園大道沿線擁有如此集中的優質物業，也沒有人能像我們一樣，在過去五年中取得如此豐厚的收購回報。早在競爭對手之前，我們就看到了對位於公園大道和中央車站附近黃金地段的資產日益增長的需求，現在這種預見性終於得到了回報。

Earlier in the quarter, we delivered on our goal of identifying a major new development site, acquiring 346 Madison Avenue and 11 East 44. Across the street from One Vanderbilt, this is the perfect place to build the next great building on the heels of what we accomplished at OVA and OMA. At a time, there is very little new quality office inventory being delivered in Midtown over the next five years. So this is the exact right time we want to be launching on this office development project. We think we can get this done by 2030, delivering right behind two projects we expect will be completed and fully leased well before our delivery date, Extell's 570 Fifth Ave, and BXP's 343 Madison Ave both of which are in advanced negotiations with tenants covering much of the space they have available in those buildings, and that basically leaves little to no competition for what we'll be delivering on our new project in 2030.

本季度早些時候，我們實現了確定一個主要新開發地塊的目標，收購了麥迪遜大道 346 號和東 44 街 11 號。在范德比爾特一號大樓對面，這裡是繼我們在 OVA 和 OMA 取得的成就之後，建造下一座偉大建築的完美地點。未來五年內，中城區幾乎沒有新的優質辦公大樓投入使用。所以現在正是我們啟動這個辦公大樓開發案的最佳時機。我們認為我們可以在 2030 年完成這項工作，緊隨兩個我們預計會在我們的交付日期之前完工並全部出租的項目之後，這兩個項目分別是 Extell 的 570 Fifth Ave 和 BXP 的 343 Madison Ave，這兩個項目目前都已與租戶進行了深入談判，租戶幾乎已經租下了這些大樓幾乎沒有可用的空間，這兩個項目基本上是我們的租戶空間，這幾乎已經租下了這些大樓幾乎沒有可用的空間，這兩個項目基本上是我們的企業。

We're looking at a smaller floor plate building than One Vanderbilt gear to boutique financial tenants paying on average over $200 per square foot, we'll have more on this project in December when hopefully, we see many of you at our annual investor conference. I should note that we were very busy in the third quarter also in our debt business and particularly with our SLG opportunistic debt fund, where closings now stand at $1 billion, with additional closings expected in November before we finally closed the fund to new investment.

我們正在考慮建造一棟比 One Vanderbilt 樓層面積更小的建築，主要針對精品金融租戶，平均每平方英尺租金超過 200 美元。我們將在 12 月公佈更多關於該項目的信息，希望屆時能在我們的年度投資者大會上見到大家。我應該指出，第三季我們在債務業務方面也非常忙碌，特別是我們的SLG機會型債務基金，目前已完成募集10億美元，預計11月份還會有更多募集完成，之後我們將最終停止接受新的投資。

I'm also pleased to report that we've commenced deployments out of the fund, which amount to about $220 million as we speak, which is anticipated to rise to over $400 million by the end of this year. We are also beginning to plan for additional fundraising strategies for 2026 that we'll discuss in more detail at our December investor conference. And finally, we successfully completed a $1.4 billion refinancing at 11 Madison with our joint venture partner, PGIM, at a rate of approximately 5.6%, which we were very happy with that outcome and it's reflective of a deep pool of buyers for sizable quality Manhattan office SASB financings.

我很高興地報告，我們已經開始從該基金中撥出資金，目前金額約為 2.2 億美元，預計到今年年底將增至 4 億美元以上。我們也開始規劃 2026 年的其他募款策略，我們將在 12 月的投資者大會上進行更詳細的討論。最後，我們與合資夥伴 PGIM 成功完成了 11 Madison 的 14 億美元再融資，利率約為 5.6%，我們對這一結果非常滿意，這反映出曼哈頓優質辦公大樓 SASB 融資領域有大量的買家。

I'd be remiss if I didn't mention the disappointment we felt in not advancing in the state process for a gaming license. You know we put our heart and soul into Caesars Palace Times Square, and it was an enormous loss for New York City and for the large coalition of community stakeholders that stood to gain so much from this project. Despite the outcome, we cannot be prouder of the enormous effort that the entire company put behind this proposal -- from the start of the project, it reflected SL Green at our best, Bold, community-minded and rooted in New York.

如果我不提及我們在州博彩許可證申請過程中未能取得進展所感受到的失望，那就太失職了。你知道我們為凱撒宮時代廣場傾注了全部心血，它的落成對紐約市以及眾多原本會從這個項目中獲益匪淺的社區利益相關者來說都是一個巨大的損失。儘管結果不盡人意，但我們為整個公司為這項提案付出的巨大努力感到無比自豪——從項目一開始，它就體現了 SL Green 的最佳狀態：大膽創新、具有社區意識，並且紮根於紐約。

It would have improved Times Square, created thousands of good jobs and served as an economic engine for every business in the area for generations to come. We truly did leave it all on the field and I have no regrets whatsoever about our proposal but many regrets about the outcome of a process that puts so much power in the hands of so few. There should be at least one casino in Manhattan. I think that's obvious and Times Square was the exact right location, but the process was designed to make that impossible, at least for the time being.

它本可以改善時代廣場的面貌，創造數千個優質就業崗位，並成為該地區未來幾代人的經濟引擎。我們確實已經竭盡全力，我對我們的提案沒有任何遺憾，但我對這個過程的結果感到非常遺憾，因為這個過程將如此大的權力集中在瞭如此少的人手中。曼哈頓至少應該有一家賭場。我認為這很明顯，時代廣場正是理想的地點，但整個流程的設計就是為了讓這件事至少在目前看來不可能實現。

The positive outcome is that we know we have an extremely valuable asset of 1515 Broadway, whether its future is as office or as an entertainment and hospitality use. We have plenty of time to sort that out since the building is fully leased through 2031, and you'll be hearing more about that in the near future. Before I open the line for questions, I just want to say that this is an incredibly exciting time in the city at the doorstep of the AI industrial revolution and especially exciting time in our company housing, the companies that are the new frontier of demand, both in tech and financial services, you can see that we are executing our business plan for the year with ruthless efficiency, taking advantage of dislocations in the market and reaping the rewards of an ideally located portfolio of properties expertly assembled over the years.

積極的結果是，我們知道我們擁有百老匯大街 1515 號這處極其寶貴的資產，無論它未來是作為辦公場所還是作為娛樂和酒店用途。我們有充足的時間來解決這個問題，因為該建築的租約已全部租出，租期至 2031 年，不久的將來你們就會聽到更多相關消息。在開放提問環節之前，我想說，對於這座位於人工智慧產業革命前沿的城市來說，這是一個令人無比令人興奮的時刻，對於我們公司所在的住房領域來說，更是如此。這些公司代表著科技和金融服務領域的新需求前沿。您可以看到，我們正在以極高的效率執行今年的商業計劃，利用市場錯位，並從多年來精心打造的地理位置優越的房產組合中獲益。

I know you've heard this from us before, but it's increasingly undeniable. Demand for amenitized core Midtown assets is literally off the charts and the lack of supply is driving up rents for the foreseeable future.

我知道你們以前已經聽我們說過這句話了，但這越來越不容否認。市中心核心地段配套設施齊全的物業需求量極大，供應短缺導致租金在可預見的未來持續上漲。

With that, I'd like to open it up for questions.

接下來，我想接受大家的提問。

(Operator Instructions) Steve Sakwa, Evercore ISI.

（操作說明）Steve Sakwa，Evercore ISI。

Maybe just starting on the leasing front, Mark, or Steve. Just maybe can you comment on the activity from big tech. I guess there's been some just discussions about them maybe picking up their activity levels, and you guys definitely signed some tech firms down at OMA in the quarter, but just maybe what are you seeing from the large tech firms in the city today.

馬克或史蒂夫，或許可以先從租賃業務著手。您能否就大型科技公司的動態發表一下看法？我想大家可能已經討論過他們可能會提高活動水平，你們在本季度的 OMA 展會上也確實簽下了一些科技公司，但是，你們現在從這座城市的大型科技公司那裡看到了什麼？

I think -- and you've heard me say this for the past couple of earnings calls, I think tech is back in a big way, driven largely by AI. We've seen some big AI requirements. As a matter of fact, one of the 92,000 square foot leases we signed was with an AI firm. So we're feeling we're feeling that, that demand is here to stay and the driving absorption and the driving rents and particularly in the Midtown South market.

我認為——你們也聽我在過去幾次財報電話會議上說過——我認為科技業正在強勢回歸，這主要得益於人工智慧的推動。我們看到了一些大型人工智慧需求。事實上，我們簽署的 92,000 平方英尺的租賃合約中，有一份是與一家人工智慧公司簽訂的。因此，我們感覺到這種需求將會持續存在，並推動市場消化和租金上漲，尤其是在中城南區市場。

Okay. Maybe a follow-up, just on the transaction, Marc. Obviously, you guys announced Park Avenue Tower, but I think it was pretty well known that a number of public companies and private took a look at another public office company, which wasn't successful by any REIT. And I'm just curious, when you sort of look at the 2 deals in the underwriting, I guess, how did you sort of think about the large public M&A deal versus kind of the one-off deal where you were successful?

好的。或許還需要跟進一下這筆交易，馬克。顯然，你們宣布了公園大道大樓項目，但我認為眾所周知，許多上市公司和私人企業都曾考察過另一家上市辦公大樓公司，但沒有任何一家房地產投資信託基金成功收購。我很好奇，當你審視承銷中的兩筆交易時，你是如何看待大型公開併購交易和你成功完成的那筆一次性交易的？

Well, I mean, everything we're looking at is always a relative analysis of where we're going to deploy our capital. So clearly, we were -- we had in our sights at the time, looking at 623 Fifth, Paramount REIT, the 346 development site. And just the beginnings of Park Avenue Tower that was kind of like on the late stages of our decision matrix there and 590 Madison. So I mean there was a lot on the market in a very short period of time.

嗯，我的意思是，我們所關注的一切都是對我們將把資金部署到哪裡進行相對分析。所以很明顯，我們當時的目標是 623 Fifth、Paramount REIT 和 346 開發地塊。還有 Park Avenue Tower 的雛形，它當時已經處於我們決策矩陣的後期階段，以及 590 Madison 專案。我的意思是，在很短的時間內，市場上出現了大量的此類產品。

I think what's interesting to note is it all cleared. So whether your perception, Steve, is that something went cheap or something went full or whatever, we looked at every one of those deals hard. And we made our decision of where to plant our flag, and that was three and that was Park Avenue Tower and I'm extremely happy with the outcome, both of what we got and what we passed on. So any deal you can always reach and try and win it if you have the resources to, but I'd like to think after 28 years of this group being at the leadership of this company, we exert a lot of discipline, and we target the deals we like and where we think there's relative value, and we constrain ourselves in deals where we do. So I don't know if that answers your question, but that's how I look at those deals.

我覺得值得注意的是，一切都已塵埃落定。所以，史蒂夫，不管你認為哪些交易價格低廉，哪些交易價格高昂，或其他什麼，我們都認真審查了每一筆交易。我們最終決定了我們的旗幟插在哪裡，那就是公園大道大廈，我對結果非常滿意，無論是我們得到的還是我們放棄的。所以，只要你有資源，你總能達成任何交易並嘗試拿下它。但我認為，經過這群人 28 年的領導，我們公司已經形成了很強的自律性，我們會瞄準我們喜歡的交易以及我們認為有相對價值的交易，並且在我們認為有價值的情況下，我們會限制自己。所以我不知道這是否回答了你的問題，但這就是我對這些交易的看法。

Yes. I mean, I can follow up offline.

是的。我的意思是，我可以線下跟進。

What was the question, Steve, if I didn't hit it? What was the question?

史蒂夫，如果我沒答對，那問題是什麼？問的是什麼問題？

Well, I guess I'm just trying to maybe dig a little deeper on just maybe the opportunity set and like, I guess, I would have maybe thought that a public company could do better merging with another public company and squeeze more synergies than a private equity firm might combine that same platform and --

嗯，我想我只是想更深入地挖掘一下可能的機會，例如，我原本以為上市公司與其他上市公司合併，比私募股權公司合併同一平台，能更好地發揮協同效應。--

Steve, when you say a public company, the public company was a compilation of six assets. So you got to evaluate the six assets and put a value on them. And and then figure out what all the frictional cost of transfer are versus a stand-alone single asset. So we did all that. And I think the issue is not so much whether you think one went cheap and one went expensive.

史蒂夫，你說的上市公司，其實是六項資產的組合。所以你需要評估這六項資產並給它們估值。然後計算出與獨立單一資產相比，轉移的所有摩擦成本是多少。所以我們都做了這些。我認為問題的關鍵不在於你認為一個定價低廉，一個定價昂貴。

I think the issue is, like I said, billions and billions of dollars clear, that's probably close to $10 billion of product there. in -- that all cleared the pipe in at probably relatively good market terms. So I think that's the big story, Steve, is that not why did I don't know why did a public company trades one and a private company trade to an individual asset trade to a REIT.

我認為問題在於，就像我說的，數十億美元的資金已經到位，那可能接近100億美元的產品——所有這些都以相對良好的市場條件清空了管道。所以我覺得這才是重點，史蒂夫，重點不是為什麼我不知道為什麼一家上市公司交易的是單一資產，而一家私人公司交易的是房地產投資信託基金（REIT）。

From our perspective, it's where we saw the most value period. I don't care if we're buying -- I don't get if I'm buying debt or assets or a public company or whatever it is, we want to buy relatively good risk-adjusted returns. Our going in cap rate on Park Avenue is about 6%. Our levered returns are well into the mid-teens. And it's a rock solid rent roll.

從我們的角度來看，這是我們看到價值最大的地方。我不在乎我們買的是什麼——我不在乎我們買的是債務、資產、上市公司還是其他什麼，我們只想買到風險調整後收益相對較好的東西。我們在公園大道專案的初始資本化率約為 6%。我們的槓桿殖利率已經達到十幾個百分點。而且租金收入非常穩定。

It's under market. We're going to lease the hell out of the portfolio and perform some upgrades. And I think people will be -- make the building as part of the SL Green family of Park Avenue buildings and make it very desirable and enviable.

價格低於市價。我們將把這些房產全部出租出去，並進行一些升級改造。而且我認為人們會——將這座建築打造成公園大道 SL Green 建築群的一部分，使其成為非常令人嚮往和羨慕的建築。

Blackstone did a very good job putting -- investing in the project over the years, but time flies and some of those improvements are already a bit dated, and you have to revisit and do it again, which we will do. But fortunately, there's -- the building is in pretty good shape, and I think we made a really good buy on that project. That's it.

黑石集團多年來對該項目進行了非常出色的投資，但時間飛逝，其中一些改進措施已經有些過時了，你必須重新審視並再次進行，而我們也會這樣做。但幸運的是，這棟建築狀況相當不錯，我認為我們在這個項目上買得很划算。就是這樣。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I had a question on -- a two-part question on cash lease spreads. Basically, just what drove it to be slightly negative this quarter. And also, we noticed this quarter that less than half of the leases signed are part of your mark-to-market calculation. And can you just remind us on the methodology and why you include in replacement leases a time frame rather than just the prior rents on that space.

我有一個關於現金租賃價差的問題——一個包含兩個部分的問題。基本上，這就是本季度略微虧損的原因。此外，我們注意到本季簽署的租賃合約中，只有不到一半被納入了你們的市值計價計算。您能否再提醒我們具體的計算方法，以及為什麼在更換租賃合約中要包含時間範圍，而不僅僅是之前的租金？

John, it's Matt. So I'll kind of go in reverse order and then Steve can talk about the quarter itself. Yes, mark-to-market, the way we do it. So let's talk about how we do it is benchmarked based on, first, it's space that was occupied within the last 12 months. So if a tenant expired in August of last year, and we re-tenant the space this year.

約翰，我是馬特。所以我打算倒序講，然後讓史蒂夫來談談本季本身。是的，我們採用的是市值計價法。所以讓我們來談談我們是如何進行基準測試的，首先是根據過去 12 個月內佔用的空間。如果租戶的租約在去年八月到期，而我們今年重新出租了該空間。

It's not in mark-to-market even though August of last year feels like yesterday. And the comparison is fully escalated rents, meaning if it's at least done 10 years ago, it's the base rent plus the expense escalations that happened over that term as against the day one cash rent of the new lease.

雖然感覺去年八月就像昨天一樣，但它並沒有按市值計價。而且，比較的是完全遞增的租金，也就是說，如果至少在 10 年前完成，那麼比較的是基本租金加上該期限內發生的費用遞增，與新租約第一天的現金租金進行比較。

Now I've heard that maybe that's too conservative to punishing a way to do the math, but that is the way we do it. And it's only on -- for every quarter, fraction of the space. You made the point that it's only 300,000 feet, which is about 1% of our entire portfolio in any quarter. Clearly, that can be then swayed by any one lease in any one building in that given quarter. And with that, I'll turn it over to you just to talk about the third quarter itself.

現在我聽說這種計算方法可能過於保守，懲罰力道不夠，但我們就是這麼做的。而且它只在每四分之一的空間開啟。您指出，這只有 30 萬英尺，約占我們任何一個季度全部投資組合的 1%。顯然，該區域內任何一棟建築的任何一份租賃合約都可能影響到這種情況。接下來，我將把時間交給你，讓你來談談第三季本身。

Yes. It's not a calculation because it's not indicative of the market. And just to drill a point into it is we signed 54 leases in the third quarter, and our mark-to-market was driven by the anomaly of two single leases. If not for those 2 leases, we would have shown a positive mark-to-market. So it shows you how little relevance the mark-to-market calculation is as an indicator of the overall health of the marketplace.

是的。這並非計算結果，因為它不能反映市場狀況。需要進一步說明的是，我們在第三季簽署了 54 份租賃合同，而我們的市值調整是由兩份單獨的租賃合約這一異常情況造成的。如果不是因為那兩份租賃合同，我們的市值估值就會為正。由此可見，市值計價法作為衡量市場整體健康狀況的指標，其相關性微乎其微。

My second question is for Mark on 1515 Broadway. Just based on your commentary, is the provision of obtaining a casino at this property completely dead. One of the remaining proposals has come to life. And when do you think you'll make a decision as far as potentially converting this into a different use.

我的第二個問題是問住在百老匯大街1515號的馬克。僅根據您的評論，在這個物業開設賭場的計劃是否已經徹底破滅了？剩餘的提案中，有一項已經成為現實。你覺得什麼時候會決定是否要將它改作他用？

Yes. No, I don't think, by any means, it's to use your term is completely dead. I think the whole process and the outcome is still unknown. How many bidders will there be? How many licenses will be awarded -- and whether, if any are held back, there'll be another shot for casinos in Manhattan or otherwise to come into play.

是的。不，我絕不認為，用你的話來說，它已經完全消亡了。我認為整個過程和結果仍然未知。會有多少競標者？將頒發多少張牌照？如果有任何牌照被保留，曼哈頓或其他地方的賭場是否還有機會再次開業？

So I think this is still a process playing out. But we are evaluating all options from our current situation with our existing tenant which has just gotten financially much stronger through its buyout from Skydance and the subsequent strength in both business announcements and stock price movement as well as what we uncovered through this multiyear process of repositioning unearthing pockets of opportunity, we think are very interesting as it relates to immersive destination entertainment uses, combined with hotel and hospitality offerings in the tower, the building converts perfectly and obviously, keeping alive a hope for the future of a possible casino if a license remains available.

所以我認為這仍然是一個正在進行的過程。但我們正在評估所有方案，從我們目前的狀況來看，我們現有的租戶剛剛透過從 Skydance 收購而變得更加強大，其財務狀況也因此更加穩健。此外，我們在多年的重新定位過程中也發現了一些機會，我們認為這些機會非常有趣，因為它們與沉浸式目的地娛樂用途相關，再加上塔樓內的酒店和餐飲服務，該建築可以完美地進行改造。顯然，如果許可證仍然可用，我們仍然對未來開設賭場抱有希望。

So we're going to evaluate all options. The beautiful thing is right now we've got so much flexibility because our debt per square foot is, I think, like $3.75 a foot or thereabouts. So we have complete financial flexibility. The buildings net leased through, I think, the middle of 2031 and the cash flow is significant from the property. And that's a good scenario for us to sort of look at all options, commence multiple negotiations and try and end up in the best place.

所以我們將評估所有方案。最棒的是，我們現在擁有很大的靈活性，因為我們每平方英尺的債務，我想，大概是每平方英尺 3.75 美元左右。因此，我們擁有完全的財務彈性。我認為，這些建築物的淨租賃期限到 2031 年年中，而且該物業的現金流量非常可觀。這對我們來說是一個很好的局面，我們可以考慮所有選項，展開多方談判，爭取最佳結果。

I think the debt yield on the debt currently is like 13% is probably the highest in our portfolio.

我認為目前該債券的收益率約為 13%，可能是我們投資組合中最高的。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Great. My first question is when you think about 346 and even like the north of $200 rents you're getting it at OVA just talk about like depth to market at that rental price point versus kind of where the rest of like out of Park Avenue is and Park Avenue Tower down in the low 100s?

偉大的。我的第一個問題是，當你考慮 346 號樓，甚至像 OVA 那樣租金超過 200 美元的樓盤時，請談談在這個租金價位上的市場深度，以及公園大道其他地方，比如公園大道大廈，租金在 10 萬美元出頭的情況？

Well, I don't Steve can chime in with rents, but I don't want to go through rent by rent by rent. But I would not say Park Avenue as low 100s. Park Avenue has decidedly I would say, mid-100s or even higher on average. So Steve can sort of address Park Avenue rents generally. But new building rents in or around Park Avenue is kind of rare inventory.

嗯，我不知道史蒂夫能否就租金問題發表意見，但我不想逐一討論租金問題。但我不會說公園大道的價格會跌到100美元以下。我認為，公園大道上的平均房價肯定在100多美元甚至更高。所以史蒂夫可以大致談談公園大道上的租金問題。但是，公園大道及其周邊地區的新樓出租房源非常稀少。

And I do think today, one, those deals are going to have to underwrite 2, 2.25 a foot or higher on average relative to new costs. I think we bought 346 Madison well enough that we have some room and cushion there to go forward with the site that we've acquired and the ability to max out the zoning pursuant to Midtown East rezoning and also through Landmark zoning.

而且我認為，如今這些交易，相對於新成本而言，平均每英尺的成本必須達到 2 美元、2.25 美元甚至更高。我認為我們以相當優惠的價格買下了麥迪遜大道 346 號，這樣我們就有足夠的空間和緩衝來推進我們收購的地塊，並能夠根據 Midtown East 的重新分區和地標分區最大限度地利用分區規劃。

So we feel -- I feel very good about our basis on 346. It's not a big building. We talk about depth of demand, there's like 25 million plus or minus tenants in the market looking for a space kind of like this. the building at 346 will be about 800,000 square feet. So it's -- I think things are decidedly tilted in the supply and demand metric in favor of having the space being able to deliver the space and meeting the market at those rents.

所以我們感覺——我對我們在346號公路上的基礎感覺非常好。這不是一棟大型建築。我們談到需求深度，市場上大約有2500萬左右的租戶在尋找類似的空間。 346號樓的建築面積約80萬平方英尺。所以——我認為，從供需關係來看，情況明顯地向能夠提供空間並以這些租金滿足市場需求的場所傾斜。

But if you want to compare -- it's a little apples and oranges if we want to compare those rents with, let's call it, Park Avenue rents and buildings built in the '50s, '60s, and '70s. Steve, you can answer that.

但如果你想進行比較——如果我們想把這些租金與，比如說，公園大道上的租金以及 50 年代、60 年代和 70 年代建造的建築物進行比較，那就有點像蘋果和橘子了。史蒂夫，你可以回答這個問題。

Well, just a couple points. If you look at the buildings within our own portfolio, whether they're 40-, 50-year-old buildings like at 245 Park, at 280 Park Avenue. We're seeing massive rent appreciation in those buildings. We're doing deals today 20% higher rents than we were doing at the beginning of this year. So that's 10 months of rent appreciation.

嗯，就幾點說明。如果你看看我們自己的投資組合中的建築，無論是像 245 Park 或 280 Park Avenue 這樣 40 年、50 年歷史的建築。我們看到這些樓宇的租金大幅上漲。我們現在達成的交易租金比今年年初高出 20%。這樣算下來，租金就漲了10個月。

The other point, I guess, what you're trying to inquire is like what's the level of tenant demand, as Mark said, is actually 27 million square feet of tenant activity in the marketplace, but most notable about that, there's 72 tenants that are being tracked right now, that requirements of more than 100,000 square feet. So there's not nearly enough supply to support the tenant demand that's out there as we sit here at this moment in time.

我想，您想了解的另一點是租戶需求水平，正如馬克所說，市場上的租戶活動實際上有 2700 萬平方英尺，但最值得注意的是，目前正在追蹤的租戶有 72 家，它們的需求超過 10 萬平方英尺。因此，就目前而言，供應量遠遠不足以滿足租戶的需求。

Okay. Got it. And then.

好的。知道了。進而。

You said are over 50,000.

你說超過50000人。

There's 72 requirements of over 100,000 square feet.

有 72 項要求，面積均超過 10 萬平方英尺。

Right. And how many square feet is at and on the total at -- but the point is we need like 5 of those 10, not 72.

正確的。總共有多少平方英尺？ ——但重點是我們需要這 10 平方英尺中的 5 平方英尺，而不是 72 平方英尺。

Got it. And then just second one for me on Park Avenue Tower. Can you just talk about just how you plan to finance it? And just you talked about the debt fund a little bit, but just what's the appetite for equity to partner up with you all at this point?

知道了。然後，我在公園大道大廈買了第二套房子。能具體說說你打算如何籌募資金嗎？您剛才稍微談到了債務基金，那麼目前大家對股權投資與你們合作的興趣有多大呢？

Well, just working through the capital stack -- on the credit side, I'll tell you that in the past 12 hours, I've been inundated with lenders reaching out both bond buyers, balance sheet lenders, banks, all trying to get their hands on financing this. Pricing is getting very tight, just again, in the past 12 hours based on inbounds we've received. And I would expect to see us finance this through either, again, bank execution or through and we'll make that decision in the next couple of weeks. And then on the -- in terms of size of debt, roughly around $475 million against the purchase price. -- which is roughly around 65% of the purchase price.

嗯，現在來梳理一下資本結構——就信貸方面而言，我告訴你，在過去的 12 個小時裡，我接到了大量貸款機構的電話，包括債券購買者、資產負債表貸款機構和銀行，他們都想參與到這個項目的融資中來。根據我們過去 12 小時內收到的訊息，價格競爭非常激烈。我預計我們將透過銀行貸款或其他方式來籌集資金，我們將在接下來的幾週內做出決定。至於債務規模，約 4.75 億美元，約佔收購價格的 65%。

And then on the equity side, plan is to close this through the balance sheet. We've already gotten inbounds just like on the debt side from equity investors looking to discuss this project. And I'll also note, we've gotten similar inbounds from equity investors on 346 Madison as well. We'll evaluate those options and make sure that we're not leaving any money on the table by bringing in partners too soon into these projects.

然後，在權益方面，計劃是透過資產負債表來完成這筆交易。就像債務方面一樣，我們已經收到了來自股權投資者的諮詢，他們希望討論這個項目。另外，我還想指出，我們也收到了來自股權投資者對 346 Madison 的類似投資意願。我們會評估這些方案，確保不會因為過早引入合作夥伴而錯失任何收益。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Just going back to Park Avenue Tower. Can you just talk a little bit more about where the occupancy of the asset is? What's -- and then also in-place rents first market, just a feel for sort of how big that gap is.

直接返回公園大道大廈。能否再詳細介紹一下該資產的佔用情況？然後還要先了解現有租金市場的狀況，感受一下這個差距有多大。

Yes, sure. So in-place occupancy today is 95%. And there was a lease that actually signed a day of contract signing that brought it to 95% -- and there's a pending lease out there right now with a hedge fund tenant that will bring it to just over 96%. And in terms of in-place rents, their in-place rents today are about $125 a foot blended. I'll let Steve speak to market and the amount of appreciation we see in those rents, but I think a critical component of this is, this is a cash flowing asset, building needs very limited capital.

當然可以。因此，目前的入住率為 95%。而且，在合約簽署當天就簽了一份租賃合同，使入住率達到了 95%——目前還有一份與對沖基金租戶簽訂的租賃合約正在洽談中，這將使入住率略高於 96%。就現有租金而言，他們目前的現有租金綜合約為每平方英尺 125 美元。我會讓史蒂夫來談談市場以及我們看到的租金上漲幅度，但我認為關鍵在於，這是一項現金流資產，建造這棟建築所需的資金非常有限。

Mark talked about some refreshing that we'll do to really brand it through the Segren platform. But Blackstone did a great job with this asset, and this is really investment focused on appreciation that we're going to see in the Park Avenue corridor over the coming years, and I'll let Steve speak to that.

馬克談到了一些我們將要進行的革新，以便透過 Segren 平台真正打造品牌形象。但黑石集團對這項資產的處理非常出色，這才是真正以增值為導向的投資，我們將在未來幾年看到公園大道沿線出現這樣的投資，接下來就讓史蒂夫來談談吧。

A lot of the building in certainly the bottom third of the properties put the bed for the next five or six years at least. So where there's opportunity, which is the mid rise to the tower of the building, those rents are easily in the mid $150 to well over $200 a square foot depending on the floor that you're on. And that's as we sit today and if we continue to see the kind of appreciation in rents, the way we've experienced throughout this year, then it's easy to see where those rents are headed in the not-too-distant future.

很多建築，尤其是地勢最低的三分之一的房產，至少在未來五、六年內都將處於不利地位。因此，在有發展機會的地方，也就是建築物的中層到塔樓，租金很容易達到每平方英尺 150 美元到 200 美元以上，具體取決於你所在的樓層。這就是我們目前所看到的，如果我們繼續看到租金像今年以來那樣上漲，那麼很容易看出租金在不久的將來會朝著哪個方向發展。

Okay. That's helpful. Second question, I guess, is for Matt. Just in terms of FFO, which I know it's a quarterly issue where there's maybe some noise in the numbers and you talked about last quarter, I think that you could have a larger-than-expected debt extinguishment gain. It happened in the quarter, yet the guidance I think you change.

好的。那很有幫助。第二個問題，我想，應該問馬特。就 FFO 而言，我知道這是一個季度性問題，其中可能存在一些波動，而且您上個季度也談到了這一點，我認為您可能會獲得比預期更大的債務清償收益。這件事發生在季度末，但我認為你們會改變業績指引。

So just maybe you could just sort of walk through some of the pieces of that and thinking about versus original guidance, kind of where you're standing on FFO? And any items we should be thinking about for the fourth quarter?

所以，或許您可以大致梳理一下其中的一些細節，並思考一下與最初的指導意見相比，您目前對 FFO 的立場是什麼？那麼，第四季我們應該考慮哪些項目呢？

Sure. Sure. Yes. I mean, you start off with the right theme every quarter. has its puts and takes, a champion of eliminating quarterly reporting as a result.

當然。當然。是的。我的意思是，每季都以正確的主題開頭。這樣做有利有弊，因此有人主張取消季度報告。

But as to FFO, we did have an incremental gain above and beyond our $20 million DPO gain over $15.52. That, of course, was offset by the transaction costs of about $0.17 that charge that we took in the third quarter. . And then the other side of that in the third quarter and into the fourth, we do have a feature up at Summit called Ascent that is down for maintenance. It was down for the entirety of the third quarter that hit the numbers that hit same-store results as a result of percentage rent that it pays.

但就FFO而言，除了每股15.52美元的DPO收益（2000萬美元）之外，我們還獲得了額外的收益。當然，這被我們在第三季提列的約0.17美元的交易成本費用所抵銷了。。另一方面，在第三季和第四季，我們在 Summit 上有一個名為 Ascent 的功能，目前正在進行維護。第三季整體下滑，導致同店銷售額下降，這是由於其支付的租金百分比所致。

We expect that to come on in the fourth quarter, but it is still going to be down for a year to the fourth quarter. And as a result of some sales that we have delayed or deferred, we are carrying more line balance for longer in the year than we originally anticipated. So interest expense is up and fee income is a little behind where we expected.

我們預計這種情況會在第四季有所改善，但到第四季之前，情況仍會持續惡化一年。由於一些銷售被推遲或延期，我們今年的庫存餘額比我們最初預期的要多，持續時間也更長。因此，利息支出增加，手續費收入略低於預期。

Interest expense, probably $0.20 over the course of the third and fourth quarters as against what we expected the vast majority of that being as a result of carrying a higher line balance.

第三季和第四季的利息支出可能為 0.20 美元，低於我們的預期，其中絕大部分是由於較高的貸款餘額造成的。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Just following up on the leasing market. Given the tightness that's emerged in some of your key submarkets, are you seeing any moderation on the concession side, whether that's lower TIs or free rent?

只是想了解一下租賃市場的情況。鑑於你們一些主要次市場出現的供應緊張狀況，你們是否看到優惠政策方面有所緩和，例如降低裝修補貼或免租期？

Yes. We're starting to see that some early tightening in concessions, certainly, on the top end of the market, where you're seeing sort of that disproportionate base rent increase -- you're also seeing some tightening of the concessions. So I would say we're seeing examples where the TI is down $5 to $10 a square foot, where the free rent has been brought in if you said the high watermark was 18 months a month of free rent. Now it's down at 14 to 15, 16 months of free rent. And that's kind of new news over the past, I would say, three months or so, where it's more common than it is an anomaly.

是的。我們開始看到一些早期的優惠政策收緊，尤其是在高端市場，那裡出現了不成比例的基本租金上漲——你也看到一些優惠政策正在收緊。所以我認為，我們看到的例子是，每平方英尺的裝修費用下降了 5 到 10 美元，免租期已經到來，如果你說免租期的最高點是 18 個月，那麼免租期就相當於免租了。現在降到了14到15個月，也就是16個月免租金。而且在過去三個月左右的時間裡，這種情況變得越來越普遍，不再是異常現象，這算是一種新現象。

And it's probably -- the top 1/3 of the market is where it's most pronounced.

而且，這種現像在市場前三分之一的份額中最為明顯。

Great. That's helpful. And then second question, can you comment on the King & Spalding lease that's expiring this month at 11856? Are there any subtenants there that you're working with to go direct? Or any commentary on potential tenant interest in backfilling that lease, and maybe also where you think the market rents are relative to what King & Spalding is paying?

偉大的。那很有幫助。第二個問題，您能否就本月即將到期的 King & Spalding 位於 11856 號的租賃合約發表一些評論？你們是否正在與當地的轉租租戶合作，讓他們直接進駐？或者您對潛在租戶是否有意願接手該租約有何評論？您認為市場租金相對於 King & Spalding 支付的租金水平如何？

Yeah. Well, they subleased a little bit of their space, and we're in discussions with some of those subtenants, but we're also in -- with leases out on a couple of the floors with replacement tenants, it's new tenants to the portfolio. Rents have been rising in that part of the building. It's a better part of the building. So I would say rents are -- we've seen probably a 10% to 15% rise in our taking rents in that building over the past six months.

是的。他們轉租了一小部分空間，我們正在與其中一些轉租租戶進行洽談，但我們也已經與幾層樓的租戶簽訂了租賃合同，這些租戶是新加入我們投資組合的。建築物那部分的租金一直在上漲。這是大樓裡比較好的一部分。所以我想說的是，在過去六個月裡，我們那棟大樓的租金可能上漲了 10% 到 15%。

Having said that, the mark-to-market on it will be down, King is falling rolled off of a heavy rents, but that's reflective of the fact that it's escalated over a lot of years, not does not indicate the good news of how we've seen the rents over the past 12 months, rising that building.

話雖如此，該物業的市值將會下降，King 的租金已經大幅上漲，但這反映出其租金多年來一直在攀升，並不代表過去 12 個月租金上漲的利好消息。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Marc. So two questions here. First, Marc, just going back to your comments on the casino. You guys have done a lot of public-private. One Vanderbilt, of course, you were with the MTA in the city.

馬克。這裡有兩個問題。首先，馬克，讓我們回到你之前對賭場的評論。你們做了很多公私合作專案。當然，如果你是范德比爾特人，你當時就在紐約市的 MTA 工作。

Would you say the casino experience is a one-off? Or is your view that the way the city is doing public-private partnerships has changed and therefore, may make you a little bit more cautious next time there's something similar that comes along.

您認為賭場體驗是一次性的嗎？或者，您是否認為該市進行公私合作的方式已經發生了變化，因此，下次遇到類似情況時，您可能會更加謹慎？

Well, look, I still have a lot of faith in our ability to work with certainly this current administration and City Council to get things done, it's usually a win-win situation. I think this is more of an anomaly where it needed a leader. You needed someone to stand up for what's right. And to sort of do the right thing and sort of not given to the pressure of the vocal minority. I think many in our elected government do, both at the city and state level.

嗯，你看，我仍然對我們與本屆政府和市議會合作完成各項事務的能力充滿信心，這通常是一個雙贏的局面。我認為這更像是一個需要領導者的特例。你需要有人站出來維護正義。而且，我想做正確的事，而不是屈服於少數激進分子的壓力。我認為我們許多民選政府官員，無論是市級還是州級官員，都會這麼想。

I think in general, we have very good leaders, very good legislators at the state level. very good counsel people who are thoughtful in Manhattan, which is the universe we deal with, in particular.

我認為總體而言，我們在州一級擁有非常優秀的領導者和立法者，尤其是在我們所處的曼哈頓——一個充滿智慧和遠見的領域——也擁有非常優秀的顧問。

I would not call this extrapolatable or it doesn't diminish our desire to want to do the things we do in terms of breathing new life into older buildings, rehabilitating landmarks, developing new properties, providing market rate and affordable housing supporting all the charities and philanthropies we do, most notably food first, for the food needy. I mean we are in New York and New York has been good to us, and we want to return the favor. I think this was more of a one-off example, of some misguided few on that CAC community that just didn't get it. And as a result, it will remain in a sort of a time bubble for the time being until we take another run at the goal line maybe with others trying to come up with something transformational for Times Square, which should be something that is an iconic asset for the city, not just for tourists that want to go through and take pictures. But for people who -- including locals and people from the city and around the boroughs who want to shop there, dine there, stay there, go to Broadway and go to other forms of entertainment there.

我不會稱之為可推斷，也不會削弱我們想要做我們正在做的事情的願望，例如為舊建築注入新的活力、修復地標建築、開發新房產、提供市場價格和經濟適用房，以及支持我們所做的所有慈善和公益事業，尤其是為食物匱乏者提供食物優先服務。我的意思是，我們身在紐約，紐約對我們很好，我們也想回報這份恩情。我認為這更像是一個特例，是 CAC 社區中少數被誤導的人沒有理解的一個例子。因此，在一段時間內，它將一直處於某種時間泡沫之中，直到我們再次向終點線發起衝擊，或許會與其他人一起嘗試為時代廣場提出一些變革性的東西，使其成為這座城市的標誌性資產，而不僅僅是供遊客參觀拍照的地方。但對於那些想要在那裡購物、用餐、住宿、去百老匯以及體驗其他娛樂活動的人來說，包括當地居民和來自市區及週邊地區的人們。

I think there's more work to be done.

我認為還有更多工作要做。

Okay. And second question is, Steve, obviously, we talked -- you gave a good discussion of lease spreads as it's presented. But just curious, as you're mapping out your rents given that there's dwindling availability, no supply for the next five years or so, are you seeing faster escalations, meaning in prior cycles where you had a starting rent and the finishing rent, are you seeing that pace accelerate now where there's much more growth over the course of the lease or has there been no change despite the market tightening in the pace of growth between the starting rent and the final rent of the term?

好的。第二個問題是，史蒂夫，顯然，我們談過了——你對租賃價差進行了很好的討論。但我很好奇，鑑於房源日益減少，未來五年左右可能沒有新房源，您在製定租金計畫時，是否發現租金上漲速度加快了？也就是說，在先前的周期中，租金會有一個起始租金和一個最終租金，而現在租金在整個租賃期內上漲的幅度是否更大？或者儘管市場趨緊，起始租金和最終租金之間的成長速度是否沒有變化？

Well, remember, the how the rent grows over the term of the lease is really a function of a pass-through and escalations of operating and tax increases. So that's not really a base rent increase -- that's just what gives priority for the landlord to stay neutral to his numbers on day one. We do get a base rent increase midterm typically, and that can be anywhere from to $20 a foot, depending on what the face run is. But I don't think that's -- those increases are necessarily driven by an improving market. Where we're seeing, I think consistent with where we've seen other market recoveries over the years past, these things tend to move very quickly so that when the market recovers and starts to go up, it's it doesn't go up in small little 2%, 3% a year.

請記住，租金在租賃期內的成長實際上是成本轉嫁以及營運和稅收成長的遞增的結果。所以這並不是真正的基本租金上漲——這只是讓房東在第一天保持租金不變的優先條件。通常情況下，我們會在中期獲得一次基本租金上漲，漲幅可能在每平方英尺 20 美元到 20 美元之間，具體取決於房屋的正面價格。但我認為並非如此——這些成長未必是由市場好轉所推動的。我認為，我們現在看到的，與過去幾年我們看到的其他市場復甦的情況一致，這些事情往往進展得非常快，所以當市場復甦並開始上漲時，它不會以每年 2%、3% 的小幅增長。

It goes up in big moves of 7%, 8%, 10% a year. And that's what we're seeing in the market right now.

它每年以 7%、8%、10% 的幅度大幅上漲。這就是我們目前在市場上看到的現象。

Started off on Park Avenue, started to spread over to sixth Avenue Rock Center and now you're seeing the overflow come on to Fifth and Madison. And even if you can believe it, Third Avenue is now seeing rent appreciation. So I think we're in the early days of significant rent increases because of the lack of supply and strong tenant demand. And we see no reason why that's going to abate over the foreseeable future.

最初是從公園大道開始的，然後蔓延到第六大道洛克中心，現在你可以看到溢出的流量已經蔓延到第五大道和麥迪遜大道了。即使你難以置信，第三大道現在的租金也正在上漲。所以我認為，由於供應不足和租戶需求強勁，我們正處於租金大幅上漲的初期階段。我們認為，在可預見的未來，這種情況不會有所緩解。

Ronald Kamden, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Just my first one was just going back, I think you mentioned the Ascent as sort of a headwind to same-store. But now I see same-store down 1.6% year-to-date. I think at the Investor Day, I think you were looking for 1% to 2%. Just wondering, was that all the ascent to Delta? Or what else is going into that number?

我第一次只是想回去，我想你提到過 Ascent 對同店銷售來說是一種阻力。但現在我看到同店銷售額今年迄今下降了1.6%。我認為在投資者日上，你們的目標收益率是 1% 到 2%。我只是好奇，這就是到達三角洲的全部行程嗎？或者，這個數字還包含哪些因素？

And how do we think about as you're rolling into 2026, how factors to consider?

那麼，在展望 2026 年之際，我們該考慮哪些因素呢？

Yes. Just our guidance for same-store cash NOI was 0.5% up to 1.5% down. So we're only 0.1% below the bottom end of our range. remember, guidance and goals are different, right? We stretch our goals to try and get above the guidance range.

是的。我們對同店現金淨營業收入的預期是成長0.5%至下降1.5%。所以我們現在只比目標區間的下限低0.1%。記住，目標和指導目標不一樣，對吧？我們努力提升目標，力求超越指導範圍。

We actually would be squarely within the guidance range if it wasn't for Ascent being off-line and again, they pay percentage rent. And then uniquely, we had a tenant of fairly significant size, convert TI to free rent, which is an option in their lease rarely taken advantage of. They did and that impacts -- it's no incremental dollars out of our pocket, but it's a change in the treatment of those dollars, and it hits cash NOI. Otherwise, we'd be squarely within our guidance range.

如果不是 Ascent 業務暫停運營，而且他們還要支付一定比例的租金，我們實際上完全可以達到預期目標。此外，我們還遇到一位相當大的租戶，他將裝修費用轉為免租，這是他們租賃合約中很少被利用的選項。他們確實這麼做了，這會產生影響——雖然我們不會因此多花一美元，但這改變了這些錢的處理方式，並且會影響現金淨營業收入。否則，我們就完全在指導範圍內了。

Got it. So what was baked into the goals that maybe is not materializing?

知道了。那麼，這些目標中究竟有哪些未能實現的因素呢？

Nothing baked into the goals. The goals are hey, let to outperform our guidance. .

目標中沒有任何預設條件。目標是超越我們的預期。。

Okay. My second question, if I may, just on the sort of the development. Obviously, you bought the land and so forth. Any sort of incremental color on just the amount of capital needs and again, funding because I know you also have -- are managing sort of the balance sheet leverage as well.

好的。如果可以的話，我的第二個問題是關於這種發展趨勢的。顯然，你買下了土地等等。能否提供一些關於資本需求量和融資方面的補充信息，因為我知道你們也在管理資產負債表槓桿率。

Ryan, can you get that question one more time.

瑞恩，你能再問一次這個問題嗎？

Sorry about that. On the asset that you bought that you're planning to do a development on just thoughts on cost and funding and potential impact on the balance sheet?

抱歉。您購買的資產計劃進行開發，請問您目前考慮的是成本、資金以及對資產負債表的潛在影響？

So you're talking about 346 Madison. We'll do a deeper dive on 346 once we get out to the investor conference, talking about plans and cost of returns and the like. As a general matter, as you've seen us do on Vanderbilt and One Madison, likely capitalization would involve construction financing and a JV partner. So as we sit today, that's our funding strategy. We'll give you more detail when we get out to December.

所以你指的是麥迪遜大道346號。等我們參加投資者大會的時候，我們會對 346 進行更深入的探討，討論其計劃、回報成本等等。一般來說，正如您在范德比爾特和麥迪遜一號計畫中看到的那樣，可能的資本籌集方式包括建設融資和合資夥伴。所以，就目前而言，這就是我們的融資策略。等到12月的時候，我們會提供更多細節。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

Just given the leasing activity to date kind of at the 1.9 million square foot and you've done or announced an incremental 390,000 square foot center last leasing update. Do you have a sense of kind of where you could get to by the end of the year?

鑑於迄今為止的租賃活動已達到 190 萬平方英尺，而且您在上一次租賃更新中已完成或宣布新增 39 萬平方英尺的中心。你大概知道到年底你能達到什麼目標嗎？

We're not -- we don't give quarterly guidance on leasing. I mean, we have 1 million square foot pipeline. So I would sort of be guided by that. You know what that translates into. I don't want to get caught in what's going to close by December 31, what's going to close Jan 5.

我們不提供季度租賃業績指引。我的意思是，我們有100萬平方英尺的管道。所以我會以此為指導。你知道這意味著什麼。我不想被那些在 12 月 31 日關閉的店鋪，以及那些在 1 月 5 日關閉的店鋪牽絆。

We're going to vastly exceed million feet. I mean that's clear. I mean will we exceed 2.5 million, 2.5 million feet that's to be seen. I mean, we generally run at a clip any, let's call it, average 500,000 feet a quarter. if you miss by a week or two, it could be a little less if you accelerate by a week or two, it could be in the 6s plus.

我們將遠遠超過百萬英尺的高度。我的意思是，這很清楚。我的意思是，我們能否超過250萬英尺？這還有待觀察。我的意思是，我們通常以一個速度運行，比如說平均每季50萬英尺。如果你晚了一兩週，可能會少一些；如果你提早一兩週，可能會達到6秒以上。

But if we're at $1.5 million now, then I would think for the quarter, we should be on something close to $0.5 million run rate. And I'd be sort of guided, but we can't give any detailed guidance for the next 2.5 months. But we're going to be 20%, plus or minus ahead of our original projections.

但如果我們現在的收入是 150 萬美元，那麼我認為本季我們的年化收入應該接近 50 萬美元。我會得到一些指導，但未來兩個半月我們無法提供任何詳細的指導。但我們將比原先的預測高出 20% 左右。

Okay. That's helpful. And then you mentioned two rents per 20% buyer in some spaces than they were at the beginning of the year. Do you have a sense of how much of the portfolio is kind of at below market rents or an overall portfolio mark-to-market?

好的。那很有幫助。然後您提到，某些地區的租金是年初的兩倍，而買家數量增加了 20%。您知道投資組合中有多少物業的租金低於市價嗎？或者說，整體投資組合的市值是多少？

No. I mean, not at our fingertips. We'd have to go through and do a real granular calculation building by building and space by space. But that's not something that we do. Generally speaking, I can tell you there's where we have a lot of leasing activity or where we've done a lot of leasing activity, whether it be Park Avenue, Sixth Avenue or even some of the Third Avenue and Graybar Building examples, that's just where we happen to have a lot of activity.

不。我的意思是，這並非我們觸手可及。我們需要逐棟大樓、逐個空間進行非常細緻的計算。但我們不會那樣做。總的來說，我可以告訴你，我們有很多租賃活動的地方，或者說我們曾經有很多租賃活動的地方，無論是公園大道、第六大道，甚至是第三大道和格雷巴大廈的例子，這些地方碰巧有很多租賃活動。

We've seen rents generally up somewhere between 10% to 20%, depending on the building that we're talking about over the last 10 months.

在過去 10 個月裡，我們看到租金普遍上漲了 10% 到 20%，具體漲幅取決於我們談論的是哪棟大樓。

Michael Lewis, Truist Securities.

Michael Lewis，Truist Securities。

Great. On 1515 Broadway, has Paramount already determined it will move out in 2031? Or is it possible that just becomes a renewal? I don't know if that makes sense for them or for you?

偉大的。派拉蒙影業是否已經決定在 2031 年搬離位於百老匯 1515 號的辦公大樓？或者，這有可能只是一種更新嗎？我不知道這對他們或你來說是否有意義？

I don't think there's any determination that I'm aware of that's been made. We had dialogue and negotiations in connection with the casino, but that's completely different and apart from the steady-state situation now. And I have no reason to believe one way or the other. They're going to stay or go at the end of 2031. They're happy with the building.

據我所知，目前還沒有做出任何決定。我們曾就賭場事宜進行對話和談判，但這與目前的穩定狀態完全不同，也無關緊要。我沒有任何理由相信哪一方。到 2031 年底，他們要么留下，要么離開。他們對這棟建築很滿意。

And I mean like 2031, I think in the realm of planning for these guys is E.ON, the way they just bought the company, so I think they're going to have to go through and figure out what are they doing maybe with Werner, maybe not with Warner rumor to be in dialogue with them. How big in New York City footprint will they maintain and how big will be on the West Coast. But -- on the one hand, I don't think anything set in stone there, certainly that I'm aware of at this moment. I think having just acquired the company less than two months ago, I can't imagine there's anything definitive on their end yet.

我的意思是，例如 2031 年，我認為這些傢伙的規劃重點是 E.ON，因為他們剛剛收購了這家公司，所以我認為他們必須弄清楚他們要做什麼，也許會和沃納合作，也許不會，有傳言說華納正在和他們進行對話。他們在紐約市的業務規模會有多大？在西海岸的業務規模又會有多大？但一方面，我認為目前還沒有定論，至少就我所知是這樣。我認為，他們收購這家公司還不到兩個月，所以他們那邊應該還沒有做出任何最終決定。

With that said, this is a big valuable block of space and whether we keep it long term as office use, or we now know it converts, I mean, seamlessly into solid hotel use -- we've got the plans to revamp those signs into state-of-the-art signage where we can increase substantially the revenues we're getting from those older signs that serve their purpose, but are past useful life. And Viacom doesn't pay a big rent. Viacom, I call them from the old days. Skydance Paramount doesn't pay a big rent. I don't have it in front of me.

也就是說，這是一塊非常寶貴的空間，無論我們是長期將其用作辦公用途，還是現在我們知道它可以無縫地改造成一家不錯的酒店——我們已經計劃將這些標誌改造成最先進的標誌，這樣我們就可以大幅提高從那些仍然有用但已經過了使用壽命的舊標誌中獲得的收入。而且維亞康姆支付的租金也不高。我以前一直叫他們維亞康姆。天空之舞派拉蒙公司支付的租金並不高。我手邊沒有。

I don't know, but the escalated rent in place, I think, is in the 70s at most, like low 70s. So you've got a big block of space. They're not paying a big rent. Like I said, they like the building. It's well located, but it also has flexibility of use. And we have low debt on the property.

我不知道，但我認為，目前漲的租金最多也就70多美元，大概70美元出頭吧。所以你有一大塊空間。他們的租金並不高。正如我所說，他們喜歡這棟建築。它地理位置優越，而且用途靈活。而且我們這處房產的債務也很低。

So I think it's a perfect storm for us to keep forging forward with our plans and try and do something really transformational with the building, which could include doing a early renewal deal with with Skydance if they choose to.

所以我認為這對我們來說是一個絕佳的機會，可以繼續推進我們的計劃，並嘗試對這座建築進行一些真正的變革，這可能包括如果 Skydance 願意的話，與他們達成提前續約協議。

Okay. Great. And then my last question, you obviously have continued to have very strong leasing volume. There's been a lot of talk on this call about very high rents and optimism for where rents are going. I wanted to ask about OpEx overhead CapEx because I look at the 3Q results, your NOI margin, I see 54%, your G&A 10% of total revenue, give or take, and then obviously CapEx.

好的。偉大的。最後一個問題，你們的租賃量顯然一直非常強勁。這次電話會議上，大家一直在討論租金過高以及對租金未來走勢的樂觀態度。我想問營運支出和資本支出，因為我看了第三季的業績，你們的淨營業收入利潤率為 54%，一般及行政費用佔總收入的 10% 左右，然後顯然還有資本支出。

If we backed out the debt extinguishment gain, it looks like your FAD would be well below your dividend, and I understand quarter-to-quarter and count this and don't count that. I'm just -- I guess the question is, is there any concern not with leasing volume and rents, but with office real estate profitability? Does that make sense?

如果扣除債務清償收益，你的 FAD 看起來會遠低於你的股息，而且我知道按季度計算，有些東西算進去，有些東西不算進去。我只是——我想問的是，人們是否擔心的不是租賃量和租金，而是辦公房地產的獲利能力？這樣說得通嗎？

Well, I mean what you're saying, I understand the question, the way we position ourselves is how we combat that issue by focusing in on the buildings that have the highest net effective rents. And I've said this before, I'll say again, the TIs, the physical cost of construction are relatively fixed. So if you're doing business at the high end of the market with $150 rents or $125 to -- on upwards to $250 or higher. That's where there is a lot of margin in the business, first generation and even more so in second generation. And we just need to let all of that bleed through into the numbers.

嗯，我的意思是，你的意思我明白了，這個問題我們採取的策略就是專注於那些淨有效租金最高的建築物，以此來解決這個問題。我以前說過，現在再說一遍，TI 的實體建設成本是相對固定的。所以，如果你在高端市場做生意，租金從 150 美元到 125 美元不等，甚至高達 250 美元或更高。這就是生意中利潤空間很大的地方，第一代如此，第二代更是如此。我們只需要讓所有這些因素都反映到數字中去。

I think what you're focusing in on is due in part to the way we do the business, which is as soon as something gets to stabilization, we tend to seller JV. And as a result, you put all the working on the front end, and we realize and monetize what you would be looking at as, call it, FAD. We monetize it in profit, and we have significant profits that we bring in when we JV an asset. I mean look at what we just did with our sale of 5% to more at a $4.7 billion valuation on a project where our basis was under $3 billion. So we lose that coverage, but we get that, in that case, $80 million-something.

我認為你關注的重點部分是由於我們的經營方式，即一旦某個項目趨於穩定，我們就傾向於出售合資企業。因此，你們把所有的工作都放在了前期，而我們則實現了你們眼中的「FAD」（即所謂的FAD）並從中獲利。我們透過合資的方式將其轉化為利潤，當我們合資擁有資產時，我們會獲得可觀的利潤。我的意思是，看看我們剛剛做了什麼，我們以 47 億美元的估值將 5% 的股份出售給了更多的人，而我們最初的投資額還不到 30 億美元。所以我們就失去了那部分保險，但那樣的話，我們就能得到 8,000 多萬美元。

And we have that for reinvestment and into new projects and capital.

我們可以將這筆資金用於再投資、新專案和資本投入。

So it's a little bit of a different game plan, but I think the business we're doing is very profitable. We do cover our dividend, but we cover it in a holistic way with roofed and through our harvesting, which you know we've been -- we do year in, year out for 28 years.

所以這算是一種略有不同的策略，但我認為我們正在做的這項業務非常有利可圖。我們確實支付了股息，但我們是透過整體方式支付的，包括屋頂維護和收割，你知道我們一直在這樣做——我們已經連續28年這樣做了。

Vikram Mahotra, Mizuho.

Vikram Mahotra，瑞穗銀行。

Just I guess two clarifications. One on the recent transaction, Park Tower. You mentioned sort of the cap rate. I just want to clarify, does that include believe you mentioned that took the occupancy up. And could you just sort of clarify the value creation you kind of highlighted what's the capital you need to put in and the time line to sort of get a decent terms of building to that 200 rent level?

我想澄清兩點。最近的一筆交易是 Park Tower。你提到了資本化率。我只是想確認一下，這是否包括您提到的提高入住率的部分？您能否具體說明一下您剛才提到的價值創造，需要投入多少資金，以及要達到 200 租金水平，需要多長時間才能獲得合理的建設條件？

Well, I think with both leases, the cap rate is actually like 6.2%, I rounded to 6%. I think if you're looking for a precise number, the number I saw with both the lease just done and the lease pending was 6.2%. So I don't know if -- does that answer the question? Or is that -- what was the second part of that question?

嗯，我覺得這兩份租賃合約的資本化率實際上大約是 6.2%，我四捨五入到 6% 了。如果你想要一個精確的數字，我看到的剛完成的租賃和正在辦理的租賃的比例都是 6.2%。所以我不知道──這樣回答是否能解答這個問題？或者說——那個問題的第二部分是什麼來著？

Yes. Just the -- you mentioned the value creation, the 125 rents, you hope to get it up to 200 this. I'm just trying to get a sense of the value creation from where you bought it today, I guess, for cap rate wise,

是的。就像——你提到了價值創造，125 的租金，你希望這次能漲到 200。我只是想了解一下，從你今天買入的價格來看，就資本化率而言，它的價值創造了多少。

What I said in the first part of this call was -- this is really a market play, more than -- this is not a redevelopment project, like a 245 Park or like a 750 Third. We have capital allocated for what I'll call, refreshing or updating the amenities probably expanding the amenities as well, bringing in some newer and I would say, better, higher elevated food and beverage, which I think we've gotten quite good at. And and also doing something with the entry experience at the Plaza, which right now, I think, is okay, but I think we can improve it. So these are not big capital in the context of a $730 million loan investment, I think the capital devoted to those uses in total, including infrastructure is like less than $50 million, might even be less than like like in the high 20s or something. I don't have it in front of but in that range of, let's call it, $25 million to $40 million, and that's over time.

我在這次電話會議的第一部分中說過——這實際上是一個市場運作，而不是——這不是一個重建項目，就像 245 Park 或 750 Third 那樣。我們已經撥出資金用於我所謂的翻新或升級設施，可能還會擴建設施，引進一些更新、更好、更高檔次的餐飲，我認為我們在這方面已經做得相當不錯了。此外，我們還要改進廣場的入口體驗，目前我覺得還不錯，但可以做得更好。所以，就 7.3 億美元的貸款投資而言，這些資金並不算多。我認為，用於這些用途的總資金（包括基礎設施）可能不到 5,000 萬美元，甚至可能不到 2,000 萬美元左右。我沒有確切的數字，但估計在 2500 萬美元到 4000 萬美元之間，而且這是隨著時間的推移而增加的。

That's over -- that plan would be a five-, six-year plan. So -- it's not a big capital intensive. All the capital will be leasing oriented capital TIs and commissions. We'll try and minimize that because there's not a lot of lease up. So we're going to try to -- you make your money, how we say, on second-generation deals, retaining tenants, renewals, et cetera, play the Park Avenue scarcity market, where I think rents could be up 20% to 25% over the next four to five years.

那個計劃已經結束了——那將是一個為期五到六年的計劃。所以——它不是資本密集型產業。所有資金將用於租賃，包括租賃投資和佣金。我們會盡量減少這種情況，因為目前可供出租的房屋不多。所以我們要嘗試——我們說，透過第二代交易、留住租戶、續約等等來賺錢，在公園大道稀缺的市場中獲利，我認為未來四到五年內，那裡的租金可能會上漲 20% 到 25%。

I think that's completely within reach, given the dynamics between sort of ever-expanding space needs right now by New York's larger, growing tenants and just no real space delivery in and around Park Avenue, at least not for the foreseeable future.

我認為這是完全可以實現的，因為目前紐約的大型租戶對空間的需求不斷增長，而公園大道及其周邊地區卻幾乎沒有新的空間供應，至少在可預見的未來不會有。

So it's really a market positioning and rental play. It's a cash flowing deal right out of the blocks. So it's different than a lot of what we do. We're going to get good financial leverage because there's going to be good competition for this debt, and we'll hit our underwriting on our spreads. And maybe down the road, we'll consider a JV and then you throw in an extra 30 basis points of yield for fee and promote income.

所以這其實是一項市場定位和租賃策略。這是一筆從一開始就能帶來源源不絕現金流的交易。所以這和我們做的很多事情都不一樣。我們將獲得良好的財務槓桿，因為這筆債務將面臨激烈的競爭，而且我們將實現我們的承銷利差目標。或許未來我們會考慮成立合資企業，屆時您可以額外支付 30 個基點的收益率作為費用和推廣收入。

But that's -- I think we have some work to do on the front end over the next 12, 18 months and then revisit that situation down the road, which is how we typically do.

但我認為，在接下來的 12 到 18 個月裡，我們需要在前期做一些工作，然後再擇日重新審視這種情況，這也是我們通常的做法。

Okay. I mean, just maybe building upon that, you mentioned Park Avenue rents could be up 20% over the next few years.

好的。我的意思是，或許可以以此為基礎，你提到未來幾年公園大道的租金可能會上漲 20%。

I'd say 25% over four to five years. I just want to be clear, 20% to 25% over the next four to five years. I think that for this slice of the market, I think that's completely within reason.

我估計四到五年內成長25%。我只想明確一點，未來四到五年內將成長 20% 到 25%。我認為對於這部分市場而言，這完全合情合理。

Okay. I guess just like in the past, like you mentioned you've done a lot of other deals more -- those more specific basis play or you bought the debt, and you've eventually converted. So it's been much more value or I guess, basis oriented. This one is different. I get it.

好的。我想就像過去一樣，就像你提到的那樣，你做了很多其他的交易——那些更具體的基準交易，或者你購買了債務，最終你進行了轉換。所以它更注重價值，或者說，更注重基礎。這個不一樣。我得到它。

But the opportunity set going forward, given what you just said about rent growth, is your acquisition pipeline? Is it more just tower type deal? Do you think -- or is it more kind of your historical you buy it at a much, much lower basis and it's more of an NAV play than just a rental play or a marketplace.

但考慮到您剛才提到的租金成長情況，未來的機會在於您的收購管道嗎？是不是更偏向塔式結構？你認為——或者更確切地說，根據你的歷史經驗，你以低得多的價格買入，這更像是一種淨資產價值投資，而不僅僅是租賃投資或市場交易。

I would say our pipeline is opportunistic and doesn't have any one. We -- it could be a deal like this, which is rental rate driven. It could be 346, which is development driven. It could be opportunistic debt like 522 Fifth it could be a complete wholesale redevelopment play like 245 Park. I mean, it's -- the only thing symmetrical about the business we do is that it's all in Midtown Manhattan.

我認為我們的管道是機會主義的，沒有任何固定的管道。我們——這可能是一筆類似這樣的交易，由租金價格決定。可能是 346，這是由發展驅動的。可能是像 522 Fifth 那樣的機會主義債務，也可能是像 245 Park 那樣的徹底的大規模重建項目。我的意思是，我們所從事的這項業務唯一對稱的地方就是它的所有業務都在曼哈頓中城。

So that's a good bet.

所以這應該是個不錯的選擇。

But beyond that, if you're trying to characterize the nature of the opportunity set I think it's all over the place where we're looking for risk-adjusted returns generally on a debt-neutral leverage basis in the mid-teens. -- for Midtown Manhattan high-quality assets, that's a very good return historically and today.

但除此之外，如果你試圖描述投資機會的性質，我認為它涵蓋範圍很廣，我們總體上是在債務中性槓桿的基礎上尋求風險調整後的收益率，目標收益率在15%左右。 ——對於曼哈頓中城的高品質資產而言，無論從歷史角度還是現在來看，這都是非常不錯的收益率。

Okay. And then sorry, just last clarification. You mentioned, again, the rent growth, the strengthening of the broader markets spilling over into a lot of submarkets. So I'm just wondering, as you look into '26, you said you don't have a mark-to-market. But I guess historically, you have had some sense whether it's 5%, 10%.

好的。最後，不好意思，再補充一點。您再次提到了租金成長，以及整體市場的走強帶動了許多次市場的發展。所以我想知道，當你研究 2026 年的業績時，你說你沒有進行市值計價。但我想從歷史角度來看，無論是 5% 還是 10%，你都會有一些感​​覺。

But given the strength you're seeing into next year spilling across markets, I mean would you venture a high-level guess, like where do you see rents going -- market rents going next year and where is your portfolio today?

但鑑於您看到的明年市場強勁勢頭，我的意思是，您能否大膽預測一下，例如您認為明年的市場租金會如何變化，以及您目前的投資組合情況如何？

Here's what I would suggest. I'm going to save you a front row seat at December investor conference. We will have Front row. We will have all the information. What you're asking for is completely reasonable, but it requires a substantial amount of work which we do in preparation for our three-hour full portfolio granular asset-by-asset review, it's just -- it's not like an earnings call thing for us.

我的建議是這樣的。我會為你預留12月投資者大會的前排座位。我們將坐在前排。我們將掌握所有資訊。您的要求完全合理，但這需要大量的準備工作，我們會在三個小時的全面投資組合逐項資產審查中完成這些工作，只是——這對我們來說不像財報電話會議那樣。

and I'm not -- I'm very optimistic about what those numbers will show because the rents are generally for most of the buildings in the portfolio, on a rapidly rising trend, and we're starting to see the concessions come in.

而且我並不——我對這些數字將顯示的結果非常樂觀，因為投資組合中大多數建築物的租金總體上呈快速上漲趨勢，而且我們開始看到優惠政策出台。

So it's -- there's a story to tell there, we will tell the story. I think what Steve said earlier, and I'll have to reiterate, we just can't do that right now. And I don't want to ballpark it or back of the envelope it, we're going to have -- like you've been to these before. You know the drill. We're going to have complete illumination in December of what we think '26 looks like, where the opportunities are, how we're going to drive our earnings, et cetera.

所以——這裡面有個故事要說，我們會把這個故事講出來。我認為史蒂夫之前說的沒錯，我還要重申一遍，我們現在真的做不到這一點。我不想粗略估計或粗略估算，我們將要——就像你以前參加過這些活動一樣。你懂的。我們將在 12 月全面闡明我們對 2026 年的展望，包括機會在哪裡，我們將如何推動獲利等等。

But at this exact moment in time, we just don't have that number in front of us.

但就在此刻，我們手上還沒有這個數字。

(Operator Instructions)

（操作說明）

Take one or two more, operator. Just given it's -- we're on 3 o'clock now. So I think we'll take time for one or two more.

操作員，再拿一兩個。就目前而言——現在已經是三點鐘了。所以我想我們再抽空做一兩件事吧。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Just two follow-ups on recent questions. Maybe just I hear you on the Investor Day. One, I was wondering if you could confirm it's going to be on December 1 because I have gotten some questions. But just on the -- when you look at the 2026 lease expirations, it does look like those rents are relatively low versus the rest of the portfolio. So I guess I was just wondering if, at this point, you guys have a sense of what those spaces are.

關於最近提出的問題，我還有兩點後續跟進。或許只有在投資人日那天我才能聽到你的聲音。第一，我想確認一下活動日期是否為12月1日，因為我收到了一些相關問題。但就 2026 年租約到期而言，這些租金與投資組合中的其他租金相比確實相對較低。所以我想知道，到了現在，你們是否已經對這些空間有了一定的了解。

And like does that create an easier comp? Or does it reflect the quality of those '26 expirations?

這樣是不是比較容易比較？或者，這是否反映了那些 2026 年到期產品的品質？

Do you have those (inaudible) boy, it's tough. Again, on the heels of -- I don't -- we don't have all of those '26 expirations in front of us.

你有那些（聽不清楚）嗎？孩子，這很難。再說一遍，緊接著——我沒有——我們面前並沒有所有那些 26 年到期的合約。

(inaudible) lease by lease and evaluating.

（聽不清楚）逐份租賃並進行評估。

I mean, the one thing I'll say, as you look into next year, it's not a particularly large lease rollover year next year. Our largest lease that's a known vacate next year is only 120,000 square feet. And after that, there's a handful of leases that accounted in the 50,000 square foot range. So we have leasing to do in renewals to take care of, but our mark-to-market, I don't think will be as driven by 1 particular lease expiring next year upsize.

我的意思是，展望明年，我要說的一點是，明年並不是租賃合約續約規模特別大的一年。我們最大的、已知明年將空置的租賃面積只有 12 萬平方英尺。之後，還有幾份租賃合約的面積在 50,000 平方英尺左右。所以，我們還有一些租賃續約需要處理，但我認為，我們的市值調整不會受到明年某個特定租賃合約到期後進行房屋升級的影響。

Another way to look at it, we've only got one large block of space, I think that exists in the portfolio. We've got like 30 million square feet. I think the largest block of contiguous vacant is 250,000 at BMW, right? That's it.

換個角度來看，我認為我們的投資組合中只有一大塊空間。我們擁有大約3000萬平方英尺的面積。我認為最大的連片空地是寶馬工廠那塊 25 萬平方公尺的地塊，對吧？就是這樣。

And that's really forward-looking.

這真的很有前瞻性。

That forward, it's not even existing vacant. So we really -- I mean, just putting -- we're approaching 93% leased on 30 million square feet. And what you have are little pockets of vacancy across many different buildings -- and that's the dynamic our shareholders want because that's where we can really start in the coming years with nearly fully leased buildings and no big blocks in the near term to worry about to try and rightsize the concessions and push the rents to the natural level of where they should be to meet the demand. And hopefully, that will result in good mark-to-market and everything that comes from that next year. And I think we're going through our '26 budgets right now as we speak.

往前走，它甚至不是空的。所以，我們真的——我的意思是，簡單來說——我們在 3000 萬平方英尺的面積上已經出租了近 93%。現在的情況是，許多不同的建築物中都存在一些零星的空置——而這正是我們的股東所希望看到的局面，因為這樣我們才能在未來幾年真正開始實現幾乎全部出租的建築物，而且近期內無需擔心出現大面積的空置，也就無需費力地調整優惠政策，將租金推至應有的自然水平以滿足需求。希望這能帶來良好的市值，以及明年由此帶來的一切。我認為我們現在正在審查 2026 年的預算。

We do it lease by lease, asset by asset, we roll it up -- we generally have that done a couple of weeks ahead of the conference. And then we'll come with full transparency on everything. But we're optimistic that there'll be earnings momentum. And as characterized by leasing momentum going into the year just because as we get closer to fully leased, that's where we want to be.

我們逐一租賃、逐一資產地進行，然後再匯總起來——我們通常會在會議前幾週完成這項工作。然後我們會做到一切公開透明。但我們樂觀地認為獲利動能將會增強。而從年初的租賃動能來看，正是因為我們越來越接近完全出租，而這正是我們所希望達到的目標。

Okay. And then the other one, just on the back of the question related to kind of like cost of the business. It looked like the operating expenses line was relatively high this quarter. I was just wondering if you could confirm, is that the line where the expense related to the gaming bid was included.

好的。還有一個問題，是關於企業成本之類的問題的。本季營運費用似乎相對較高。我只是想確認一下，與遊戲競標相關的費用是否包含在內。

No, that's not the line where the expense rate the gaming bid was. That's its own line called transaction costs. Operating expense is affected by 2 things: one, moving position over from the DPE book into real estate as we executed a control shift, which changes the accounting for that. Let's call it $1 million of the expense. The rest is actually utilities.

不，那不是博彩投標費用率所在的那一行。那是一項單獨的費用，稱為交易成本。營運費用受兩件事影響：一是將資產從 DPE 帳簿轉移到房地產，因為我們執行了控制權轉移，這改變了該項的會計處理。我們姑且稱之為100萬美元的開支。其餘其實都是公用設施費用。

Third quarter tends to be the highest utility cost of the year and utility costs, we fixed price on the supply portion but the variable portion of our utility costs are higher, and that's what drove the operating expense increase in the quarter.

第三季度通常是一年中公用事業成本最高的季度，雖然我們對供應部分實行了固定價格，但公用事業成本的可變部分較高，這就是本季營運費用增加的原因。

(Operator Instructions)

（操作說明）

Operator, this is going to be, unfortunately, the last question because we're over time right now.

接線員，很遺憾，這將是最後一個問題了，因為我們現在已經超時了。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

I'll keep it quick. Just a couple of quick ones on one Vanderbill. Did Maury have an option to purchase the additional 5% stake? What drove the transaction now? And why was the valuation the same as late 2024?

我會長話短說。簡單介紹范德比爾特大學。莫里是否有權購買額外的 5% 股份？是什麼促成了這筆交易？為什麼估值與 2024 年底的估值相同？

Yes. They did not have an option. This is a deal Mark and I made with Mary in January of this year. We always tell you guys that transactions with some of our partners take some time. But we cut this deal early January probably 45 days after we closed the first transaction.

是的。他們別無選擇。這是我和馬克今年一月與瑪莉達成的協議。我們一直告訴大家，與某些合作夥伴的交易需要一些時間。但我們在1月初就達成了這筆交易，大概是完成第一筆交易45天後。

We always intended to sell down an additional 5% stake. I think we were public about that in our investor conference. Right after that, we went out to Japan made this deal and closed last quarter.

我們一直計劃再減持 5% 的股份。我認為我們在投資者大會上公開談到了這一點。緊接著，我們就去了日本，達成了這筆交易，並在上個季度完成了交易。

And are you looking to maintain the current 55% stake?

您是否打算維持目前 55% 的股份？

Yes. That's the final piece of our dispositions in our One Vanderbilt stake.

是的。這是我們投資 One Vanderbilt 的最後一部分。

All right. So we'll -- in wrapping up, Matt's got some info that he will conclude with.

好的。最後，馬特還有一些資訊要補充說明。

Yeah. I just want to remind everybody who's still on the call, apologies at running a little long. Our investor conference this year will change in schedule. It would have typically been on Monday, December 8, but due to the changing of the date of the NAREIT conference starting that same day, we're moving our investor conference to the Friday before, Friday, December 5, 10 AM, here at One Vanderbilt that is invite only.

是的。我只想提醒一下還在通話中的各位，很抱歉通話時間有點長。今年的投資者大會日程將有所調整。原本應該在 12 月 8 日星期一舉行，但由於 NAREIT 會議的日期在同一天更改，我們將投資者會議改期至前一個星期五，即 12 月 5 日星期五上午 10 點在 One Vanderbilt 舉行，僅限受邀人士參加。

So -- but it is webcast. So for those being invited, keep an eye on your inbox, and then there'll be an announcement or webcast link for those who want to listen in. And with that, thanks, everybody, for joining the call today, and we will see you on December 5.

所以——但它是網路直播的。所以，受邀者請留意您的郵箱，屆時將會有公告或網絡直播鏈接，供想要收聽的人使用。那麼，感謝各位今天參加電話會議，我們12月5日再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。