美國沃那多房產 (VNO) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Vornado Realty Trust First Quarter 2025 Earnings Call. My name is Nick, and I will be your operator for today's call. This call is being recorded for replay purposes.

早安，歡迎參加 Vornado Realty Trust 2025 年第一季財報電話會議。我叫尼克，今天電話的接線生將由我來接聽。本次通話將會錄音以供重播。

(Operator Instructions) I will now turn the call over to Mr. Steven Borenstein, Executive Vice President and Corporation Counsel. Please go ahead.

（操作員指示）現在我將把電話轉給執行副總裁兼公司法律顧問 Steven Borenstein 先生。請繼續。

Welcome to Vornado Realty Trust's First Quarter Earnings Call. Yesterday afternoon, we issued our first quarter earnings release and filed our quarterly report on Form 10-Q with the Securities and Exchange Commission. These documents as well as our supplemental financial information packages are available on our website, www.vno.com, under the Investor Relations section. In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-Q and financial supplement.

歡迎參加 Vornado Realty Trust 第一季財報電話會議。昨天下午，我們發布了第一季財報，並向美國證券交易委員會提交了 10-Q 表季報告。這些文件以及我們的補充財務資訊包可在我們的網站 www.vno.com 的投資者關係部分找到。在這些文件中以及今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 指標的對帳包含在我們的收益報告、10-Q 表和財務補充報告中。

Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors. Please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024, for more information regarding these risks and uncertainties. The call may include time-sensitive information that may be accurate only as of today's date. The company does not undertake a duty to update any forward-looking statements. On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer; and Michael Franco, President and Chief Financial Officer.

請注意，本次電話會議中所作的陳述可能被視為前瞻性陳述，由於各種風險、不確定性和其他因素，實際結果可能與這些陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括截至 2024 年 12 月 31 日的 10-K 表年度報告。通話中可能包含一些時間敏感的訊息，這些訊息可能只在今天才準確。本公司不承擔更新任何前瞻性陳述的義務。今天參加管理層電話會議並發表開場評論的有董事長兼首席執行官史蒂文·羅斯 (Steven Roth) 和總裁兼首席財務官邁克爾·佛朗哥 (Michael Franco)。

Our senior team is also present and available for questions. I will now turn the call over to Steven Roth.

我們的高級團隊也在場並且可以解答問題。現在我將電話轉給史蒂文·羅斯。

Thank you, Steve, and good morning, everyone. Well, the macro environment in which we operate is certainly different today than when we last spoke three months ago. On their calls, a couple of office CEOs didn't think all this would affect their businesses too much, but it will affect our customers, clients and tenants. So of course, this will affect all of us somewhat. I know nothing more than you all do.

謝謝你，史蒂夫，大家早安。嗯，我們今天運營的宏觀環境與我們三個月前上次談話時相比肯定有所不同。在電話會議中，幾位辦公室執行長認為這一切不會對他們的業務造成太大影響，但會影響我們的客戶、客戶和租戶。所以當然，這會對我們所有人產生一定的影響。我所知道的並不比你們多。

But the way I see it, the objectives of the tariffs are to introduce symmetry and fairness, but even more so to generate a new revenue stream for the federal government, which at, say, a 10% tariff is large enough to make a big dent in getting our federal budget deficit under control. And not withstanding the tactics, reducing government load has to be a good thing and will also reduce the deficit.

但在我看來，關稅的目的是引入對稱性和公平性，但更重要的是為聯邦政府創造新的收入來源，比如說，10%的關稅足以對控制我們的聯邦預算赤字產生重大影響。無論採取何種策略，減少政府負擔肯定是件好事，而且還能減少赤字。

I am agnostic. Whatever the outcome, I believe the best bet is that this global kerfuffle will be resolved, settled and over much more quickly than you think. The basic dynamics that I outlined in my recent annual shareholders' letter that make us so enthusiastic about the future of our business still hold. Our stock performance is at the head of the office class, having increased 49% in 2024 after having increased 36% in 2023. And while year-end is down 12%, we are down less than the other CBD office companies.

我是不可知論者。無論結果如何，我相信最好的結果是，這場全球騷亂將比你想像的更快地得到解決、平息和結束。我在最近的年度股東信中概述的基本動力讓我們對公司的未來充滿熱情，這些動力仍然有效。我們的股票表現在辦公大樓類中處於領先地位，繼 2023 年上漲 36% 之後，2024 年又上漲了 49%。雖然年底下降了 12%，但與其他 CBD 辦公公司相比，我們的降幅較小。

Manhattan continues to be the best real estate market in the country, especially so for office, but also for apartments and retail. In the 180 million square foot Class A better building market in which we compete, demand continues to be robust. Available space is evaporating quickly and with the cost of a new build, i.e., replacement cost at, say, $2,500 per square foot and interest rates at 6% to 7%, no new supply is on the horizon.

曼哈頓仍然是美國最好的房地產市場，尤其是辦公大樓，公寓和零售店也是如此。在我們所參與競爭的 1.8 億平方英尺 A 級優質建築市場中，需求持續強勁。可用空間正在迅速蒸發，而新建築的成本（即重置成本，例如每平方英尺 2,500 美元）和 6% 至 7% 的利率，意味著不會出現新的供應。

All this is the very definition of a landlord's market. We've seen this all play out in past cycles, and the story has always been the same. The supply and demand dynamics will push rents higher and existing better buildings will increase in value quite substantially, all good, very good. Here at Vornado, our teams have been very busy building liquidity and doing leases and deals. In January, we completed the UNIQLO sale at 666 Fifth Avenue at a record-breaking $20,000 per square foot.

這一切都是房東市場的真實定義。我們已經在過去的周期中看到過這一切，而且故事總是一樣的。供需動態將推高租金，現有的更好的建築物的價值將大幅增加，這一切都很好，非常好。在 Vornado，我們的團隊一直忙於建立流動性以及進行租賃和交易。今年 1 月，我們完成了位於第五大道 666 號的優衣庫促銷，價格創下了每平方英尺 20,000 美元的紀錄。

We used the $342 million of net proceeds from the sale to partially redeem our retail JV preferred equity on the asset. So $342 million cash to Vornado. We used this cash to pay at maturity our 3.5% $450 million unsecured bonds.

我們利用出售所得的 3.42 億美元淨收益部分贖回了該資產的零售合資優先股。因此向 Vornado 提供了 3.42 億美元現金。我們用這筆現金支付了到期的 3.5% 4.5 億美元無擔保債券。

Next, last month, we completed a $450 million financing of 1535 Broadway and used the $407 million of net proceeds to partially redeem our retail JV preferred equity on the asset. So $407 million cash to Vornado, which increased our cash balances. This financing was done in a very choppy market with skill and relationships by our capital markets team. So all thanks to them. Next, on April 22, we received a favorable ruling on the PENN 1 ground lease rent reset arbitration.

接下來，上個月，我們完成了 1535 Broadway 的 4.5 億美元融資，並使用 4.07 億美元的淨收益部分贖回了該資產的零售合資優先股。因此向 Vornado 提供了 4.07 億美元現金，這增加了我們的現金餘額。此次融資是我們的資本市場團隊憑藉其技能和關係在非常動盪的市場中完成的。所以這一切都要感謝他們。接下來，4 月 22 日，我們收到了 PENN 1 土地租賃租金重置仲裁的有利裁決。

The panel determined that the annual ground rent payable for the 25-year period beginning June 17, 2023, will be $15 million. There is pending litigation and the panel's decision provides that if the fee owner prevails in a final judgment, the annual rent for the 25-year term will be $20.2 million retroactive to June 17, 2023.

專家小組確定，從 2023 年 6 月 17 日開始的 25 年期間，每年應支付的地租為 1,500 萬美元。目前尚有未決訴訟，專家小組的裁決規定，如果收費所有者在最終判決中勝訴，則 25 年期限內的年租金將為 2020 萬美元，追溯至 2023 年 6 月 17 日。

For GAAP, we have been accruing $26.2 million per annum of ground rent. And therefore, as a result of the panel's determination, we reversed $17.2 million of previously over-accrued rent expense in the first quarter. Of note, commencing in the first quarter of 2025, we are now paying $15 million annual rents, and so our GAAP earnings will increase by $11 million annually. By the way, this PENN 1 ground lease as fully extended goes to 2098. Next, in March, we finalized a major 337,000 square foot lease at PENN 2 with Universal Music Group, the world's leading music company, think Taylor Swift and her friends. This important deal brings an exciting tenant to the PENN District and takes the building to approximately 50% leased. More leasing at PENN 2 will follow.

根據 GAAP，我們每年累積的地租為 2,620 萬美元。因此，根據專家小組的裁定，我們在第一季撤銷了先前多計的 1,720 萬美元租金費用。值得注意的是，從 2025 年第一季開始，我們每年支付 1,500 萬美元的租金，因此我們的 GAAP 收益將每年增加 1,100 萬美元。順便說一句，PENN 1 土地租賃合約的全部期限將延長至 2098 年。接下來，在三月份，我們與世界領先的音樂公司環球音樂集團（例如泰勒絲和她的朋友）敲定了 PENN 2 的 337,000 平方英尺的大型租約。這項重要的交易為賓州區帶來了一位令人興奮的租戶，並使建築物的出租率達到約 50%。賓州大學 2 號校區的更多租賃業務即將啟動。

Next, yesterday, we finally announced the completion of an important deal with NYU at 770 Broadway, completing a master lease for 1.1 million square feet on an as is triple net basis for a 70-year lease term. Under the terms of the lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid rent payment of $935 million and will also make annual lease payments of $1.3 million during the lease term. NYU has an option to purchase the lease premises in 2055 and at the end of the lease term in 2095. NYU will assume the existing office leases and related tenant income at the property. We used a portion of the prepaid rent payment to repay the $700 million mortgage loan, which previously encumbered the property and $200 million to increase our cash balances.

接下來，昨天，我們終於宣布與紐約大學百老匯 770 號達成一項重要交易，以「現狀」三重淨租賃方式完成 110 萬平方英尺的主租賃，租賃期限為 70 年。根據租賃條款，即《國內稅收法典》第 467 條規定的租賃協議，紐約大學預付了 9.35 億美元的租金，並且還將在租賃期內每年支付 130 萬美元的租賃費。紐約大學可以選擇在 2055 年購買租賃房屋，並在 2095 年租賃期結束時購買。紐約大學將承擔該物業現有的辦公室租賃和相關租戶收入。我們用部分預付租金償還了先前抵押該房產的 7 億美元抵押貸款，並用其中 2 億美元增加了我們的現金餘額。

Although this transaction is a lease under GAAP, which can be a little wacky, it is treated as a sale. As such, we will recognize a GAAP financial statement gain of approximately $800 million in the second quarter. We will retain the Wegmans retail condo, which will produce $4.7 million in income this year. The NYU lease absorbs 500,000 square feet currently vacant at the asset. Overall, the transaction is accretive by $25 million annually.

儘管根據 GAAP，這筆交易是租賃，這可能有點古怪，但它被視為銷售。因此，我們將在第二季確認約 8 億美元的 GAAP 財務報表收益。我們將保留 Wegmans 零售公寓，今年它將產生 470 萬美元的收入。紐約大學的租賃佔用了該資產目前空置的 50 萬平方英尺面積。總體而言，該交易每年可增值 2,500 萬美元。

If we pro forma leasing the vacancy at market rents with related capital spend, downtime and free rent, it would have been a pro forma push, as you might expect. We are delighted to expand our relationship with NYU and congratulate NYU Board Chair, Evan Chesler and President, Linda Mills and their teams. We are excited about their ambitions for this project.

如果我們以市場租金的形式出租空屋，並計算相關的資本支出、停工期和免租金，那麼正如您所預料的那樣，這將是一次形式上的推動。我們很高興擴大與紐約大學的關係，並祝賀紐約大學董事會主席埃文·切斯勒和校長琳達·米爾斯及其團隊。我們對他們對這個項目的雄心壯志感到興奮。

As I have said before, this is all very good for NYU and is very good for New York. NYU's press release issued yesterday is available at www.nyu.edu. All told so far this year as a result of the above activity, we reduced our debt by $915 million, increased our cash by $500 million and our retail JV preferred equity, which is an asset on our balance sheet, which began the year at $1.828 billion is now down to $1.079 billion. Our cash balances are now $1.4 billion and together with our undrawn credit lines of $1.6 billion, we have immediate liquidity of $3 billion. The above transactions will increase GAAP earnings by approximately $36 million, $25 million from the NYU transaction and $11 million from the PENN 1 ground rent reset results.

正如我之前所說，這對紐約大學來說非常好，對紐約來說也非常好。紐約大學昨天發布的新聞稿可在 www.nyu.edu 上查閱。今年迄今為止，由於上述舉措，我們的債務減少了 9.15 億美元，現金增加了 5 億美元，而我們零售合資企業的優先股（這是我們資產負債表上的一項資產）年初為 18.28 億美元，現已降至 10.79 億美元。我們的現金餘額現在為 14 億美元，加上未提取的 16 億美元信用額度，我們擁有 30 億美元的即時流動資金。上述交易將使 GAAP 收益增加約 3,600 萬美元，其中 2,500 萬美元來自 NYU 交易，1,100 萬美元來自 PENN 1 地租重置結果。

Tom, that would be Tom Cinelli, who all of you know, in a more complete analysis, including debt repayments and the loss of preferred income, calculates $30 million of accretion I'm happy to defer the talk. In a moment, Michael will review the quarter and the financials, but here are a few headlines of a very good first quarter. Comparable FFO of $0.63 increased by $0.08 versus last year's first quarter and is $0.09 higher than analyst consensus. Our overall GAAP same-store NOI was up 3.5%. We leased 1,039,000 square feet overall, of which 709,000 square feet was New York office at $95 starting rents with mark-to-markets of 6.5% cash and 9.5% GAAP and an average lease term of 14.7 years. In addition to the 337,000 square foot lease with Universal Music at PENN 2, we leased 163,000 square feet at PENN 1.

湯姆，那就是湯姆·西內利，你們都知道，透過更全面的分析，包括債務償還和優先收入的損失，計算出 3000 萬美元的增值，我很樂意推遲談話。稍後，邁克爾將回顧本季和財務狀況，但以下是第一季非常好的一些頭條新聞。可比 FFO 為 0.63 美元，較去年第一季增加 0.08 美元，比分析師的共識高出 0.09 美元。我們的整體 GAAP 同店淨營業利潤成長了 3.5%。我們總共租了 1,039,000 平方英尺，其中 709,000 平方英尺為紐約辦公室，起始租金為 95 美元，以市價計價為 6.5% 現金和 9.5% GAAP，平均租賃期限為 14.7 年。除了與環球音樂在 PENN 2 租賃的 337,000 平方英尺空間外，我們還在 PENN 1 租賃了 163,000 平方英尺的空間。

We completed leases totaling 222,000 square feet at our 555 California office tower in San Francisco at $120 starting rents. 555 continues to be the preferred financial services headquarters in San Francisco. And even in this historically soft market, 555 continues to outperform. It is proving that it is the best building in San Francisco. We are big fans of the new San Francisco Mayor Dan Lurie. Our New York leasing pipeline is a robust 2 million square feet.

我們在舊金山 555 California 辦公大樓完成了總計 222,000 平方英尺的租賃，起始租金為 120 美元。 555 繼續成為舊金山首選的金融服務總部。即使在這個歷史上疲軟的市場中，555 仍然表現出色。事實證明它是舊金山最好的建築。我們是新任舊金山市長丹·盧裡的忠實粉絲。我們在紐約的租賃儲備面積高達 200 萬平方英尺。

As I said in my annual shareholders' letter released on April 8, the lease-up of PENN 2 and the lease-up of our retail vacancies alone will generate incremental NOI of $125 million and $50 million, respectively, over the next several years. Tom, here is Tom again, specifies that while NOI for PENN 2 is budgeted to increase by $125 million, FFO is budgeted to increase by $95 million, the difference being capitalized interest.

正如我在 4 月 8 日發布的年度股東信中所說，僅 PENN 2 的租賃和我們零售空置店舖的租賃就將在未來幾年分別產生 1.25 億美元和 5000 萬美元的增量淨利潤。湯姆，又是湯姆，他具體指出，雖然 PENN 2 的 NOI 預算增加 1.25 億美元，但 FFO 預算增加 9,500 萬美元，差額為資本化利息。

Either way, these are big numbers and with PENN 2 built and ready, this $125 million per year is as close to a short thing as there is. The PENN District, our 3 block long city within a city continues to amaze and receive outstanding reviews.

不管怎樣，這些都是很大的數字，而且隨著 PENN 2 的建成和準備，每年 1.25 億美元的資金已經非常緊張了。賓州區，我們這座長達 3 個街區的城中之城，不斷給人驚喜，並獲得了極高的評價。

We sit on top of Penn Station adjacent to our good neighbors to the West, Manhattan and Hudson Yards. The three of us combined are what I call the new booming West side of Manhattan. One of our analysts calls the PENN District, one of the largest mixed-use projects in the country, be that as it may, the PENN District will be a growth engine for our company for years to come. As I said in my annual letter, we raised market rents in the PENN District from $50 to $100. Our neighbors to the West are achieving rents of over $150, and I predict that we will do the same in the PENN District in due time.

我們坐落在賓州車站的頂層，毗鄰西邊的好鄰居曼哈頓和哈德遜城市廣場。我們三人合在一起，就是我所說的曼哈頓西區的新繁榮。我們的一位分析師稱賓州區是美國最大的混合用途項目之一，無論如何，賓州區將成為我們公司未來幾年的成長引擎。正如我在年度信函中所說，我們將賓州區的市場租金從 50 美元提高到了 100 美元。我們西邊的鄰居的租金已經超過 150 美元，我預計賓州區在適當的時候也會達到同樣的水平。

You can all do the math as to what an incremental $50 on 4.3 million square feet will do to our earnings and values. 350 Park Avenue with Citadel as our anchor tenant and Ken Griffin as our 60% partner, has begun the development process to create a grand 1.8 million square foot headquarters tower on the best site on Park Avenue. The new building will stand out as being truly the best-in-class. And we have several other assets for sale in the market. We recently filed our very comprehensive sustainability report, which can be found in the sustainability page of our website.

大家可以算一下，430 萬平方英尺土地上增加 50 美元會對我們的收益和價值產生什麼影響。350 Park Avenue 以 Citadel 為主要租戶，Ken Griffin 為 60% 的合夥人，已開始開發流程，將在 Park Avenue 的最佳位置打造一座 180 萬平方英尺的宏偉總部大樓。這座新建築將成為同類建築中的最佳代表。我們在市場上還有其他幾項資產待售。我們最近提交了一份非常全面的永續發展報告，可以在我們網站的永續發展頁面上找到。

Vornado was the first in the nation to achieve 100% LEED certification across our entire portfolio of in-service buildings. The many awards we have achieved can also be found on the sustainability page of our website. Kudos to Lauren Moss and her team. Finally, one other observation I would make is that the majority of our secured loans reflect current market rates, while others are still living off their low-rate loans. As I have said before, there is really no protection against loans that mature into a rising rate market.

Vornado 是全國第一家所有在用建築均獲得 100% LEED 認證的公司。我們所獲得的眾多獎項也可在我們網站的永續發展頁面上找到。向勞倫·莫斯和她的團隊致敬。最後，我要說的另一個觀察是，我們的大多數擔保貸款都反映了當前的市場利率，而其他貸款仍然依靠低利率貸款。正如我之前所說，對於利率上升的市場而言，實際上沒有任何保護措施可以抵禦貸款的到期。

Now to Michael.

現在輪到麥可了。

Thank you, Steve, and good morning, everyone. First quarter comparable FFO was $0.63 per share compared to $0.55 per share for last year's first quarter, an increase of $0.08. The increase is primarily due to the impact of the positive ground rent reset determination at PENN 1, higher signage NOI and higher NOI from rent commencements, partially offset by the impact from known move-outs and lower interest and investment income. We have provided a quarter-over-quarter bridge on Page two of our earnings release and on Page five of our financial supplement. On our last earnings call, we said that we expected 2025 comparable FFO to be slightly lower than 2024 comparable FFO of $2.26 per share.

謝謝你，史蒂夫，大家早安。第一季可比營運現金流 (FFO) 為每股 0.63 美元，較去年同期的每股 0.55 美元增加 0.08 美元。成長主要由於 PENN 1 地租調整後的正值、標牌淨營運收入 (NOI) 以及租金開始後的淨營運收入增加，但已知搬離量以及利息和投資收益減少的影響部分抵銷。我們在收益報告的第二頁和財務補充報告的第五頁提供了季度間對比情況。在我們上次的收益電話會議上，我們表示，預計 2025 年可比 FFO 將略低於 2024 年每股 2.26 美元的可比 FFO。

As a result of the lower-than-originally estimated PENN 1 ground rent, we now expect 2025 comparable FFO to be essentially flat compared to last year. Looking beyond that, we expect the lease-up of PENN 1 and PENN 2 to occur with full positive impact in 2027, resulting in significant earnings growth by 2027.

由於 PENN 1 地租低於最初估計，我們現在預計 2025 年可比 FFO 將與去年基本持平。展望未來，我們預計 PENN 1 和 PENN 2 的租賃將在 2027 年產生全面正面影響，從而實現 2027 年獲利的大幅成長。

Turning to occupancy. As expected, our New York office occupancy decreased this quarter to 84.4% from 88.8% last quarter, which, as previously mentioned, is primarily the result of PENN 2 being placed fully into service. However, with the full building master lease at 770 Broadway now completed, our current office occupancy has increased to 87.4%, and we anticipate it will tick up over the next year or so into the low 90s.

談到入住率。正如預期的那樣，本季度我們紐約辦公室的入住率從上一季的 88.8% 下降至 84.4%，如前所述，這主要是由於 PENN 2 全面投入使用。然而，隨著百老匯 770 號大樓主租賃合約的全面完成，我們目前的辦公室入住率已上升至 87.4%，我們預計在未來一年左右，入住率將上升至 90% 出頭。

The New York office leasing market maintained strong momentum during the first quarter with the strongest quarterly volume since fourth quarter 2019. Availability in the best of the Class A market continues to shrink and with only 500,000 square feet of new construction set to deliver during the next several years and 13 million square feet of office to residential conversions in process or announced.

紐約辦公大樓租賃市場在第一季保持強勁勢頭，季度租賃量創下2019年第四季以來的最高水準。甲級辦公室市場的最佳可用空間持續萎縮，未來幾年內僅有 50 萬平方英尺的新建築將交付，而 1,300 萬平方英尺的辦公大樓改建為住宅項目正在進行或已宣布。

We expect the market to continue to tighten, which sets the table for strong rental rate growth. While we are, of course, mindful of companies potentially becoming more cautious in their decision-making given the current market volatility, we do not believe it will impact most tenants' ultimate decisions to lease space, and we remain very constructive on the market and the deal pipeline across our portfolio. The recent major commitments by NYU at 770 Broadway, Deloitte at Hudson Yards and Amazon at 522 Fifth Avenue are perfect examples. During the first quarter, our leasing activity once again led the marketplace. We completed 31 transactions totaling 709,000 square feet at average starting rents of $95 per square foot and 6.5% positive mark-to-market.

我們預計市場將繼續收緊，這為強勁的租金成長奠定了基礎。當然，雖然我們注意到，鑑於當前的市場波動，公司在決策時可能會變得更加謹慎，但我們認為這不會影響大多數租戶租賃空間的最終決定，而且我們仍然對市場和我們投資組合中的交易管道持非常樂觀的態度。紐約大學在百老匯 770 號、德勤在哈德遜城市廣場以及亞馬遜在第五大道 522 號的近期重大承諾就是很好的例子。第一季度，我們的租賃活動再次引領市場。我們完成了 31 筆交易，總面積達 709,000 平方英尺，平均起始租金為每平方英尺 95 美元，市價為 6.5%。

Our activity was highlighted by the largest new lease done in the market in the quarter, Universal Music Group's 337,000 square foot lease at our new PENN 2, anchoring the base of the building on floors 4 through 7. We are delighted with this transaction and look forward to Universal creating a world-class office and studio production headquarters at PENN 2. The transaction strongly reflects the overall quality of the project's new modern, high-quality workspace and continued attraction to our robust work-life amenity program across the PENN District campus. Leasing at PENN 1 continues at a healthy pace as we leased 163,000 square feet here during the quarter, including a 61,000 square foot lease renewal with Cisco, along with a 36,000 square foot relocation with United Healthcare and a new lease with Dish Networks for 27,000 square feet.

我們的活動亮點是本季度市場上最大的新租賃合同，環球音樂集團在我們新的 PENN 2 租賃了 337,000 平方英尺的空間，將建築底部固定在 4 至 7 層。我們對這筆交易感到非常高興，並期待環球影業在 PENN 2 打造世界一流的辦公室和工作室製作總部。這項交易有力地體現了該計畫全新現代化、高品質工作空間的整體品質，以及賓州大學區校園內強大的工作生活便利設施計畫的持續吸引力。PENN 1 的租賃繼續保持健康的速度，我們在本季度租賃了 163,000 平方英尺的空間，包括與思科續租 61,000 平方英尺的空間，與聯合健康保險搬遷 36,000 平方英尺的空間，以及與 Dish Networks 簽訂 27,000 平方英尺的新租約。

Our deal pipeline at PENN 1 and PENN 2 is very strong with a variety of new transactions already in lease documentation or deep in letter of intent stages. Excluding the just completed master lease with NYU at 770 Broadway, our New York pipeline consists of 2 million square feet of leases in negotiation in various stages of proposal. In San Francisco at 555 California Street, we completed two large headquarter renewal and expansion deals with Dodge & Cox and Goldman Sachs, both at positive cash mark-to-markets. 555 continues to strongly outperform the market as we have leased 657,000 square feet since 2022. 555 is the city's flagship office tower with world-class tenants and is brilliantly leased in a market which has been one of the more challenging in the country coming out of the pandemic. The market, though, is finally showing signs of improvement. The new mayor is off to a great start, and we are confident that he will help restore the city's health and vibrancy.

我們在 PENN 1 和 PENN 2 的交易管道非常強大，各種新交易已進入租賃文件階段或意向書階段。不計剛與紐約大學在百老匯 770 號簽訂的主租約，我們在紐約的租約包括 200 萬平方英尺的租約，目前正處於提案的不同階段的談判中。在舊金山加利福尼亞街 555 號，我們與道奇考克斯和高盛完成了兩項大型總部更新和擴建交易，這兩項交易均以正現金按市價計價。 555 持續強勁跑贏市場，自 2022 年以來我們已租賃了 657,000 平方英尺的空間。 555 是這座城市的旗艦辦公大樓，擁有世界一流的租戶，在疫情後美國最具挑戰性的市場之一中，租賃情況非常出色。不過，市場終於顯示出好轉的跡象。新市長上任伊始就取得了良好的成績，我們相信他將幫助這座城市恢復健康和活力。

Lastly, turning to the capital markets. During the first quarter, the CMBS market was wide open for large high-quality assets such as ours, with spreads continuing to tighten. Since the President announced his new tariff policy on April 2, there's been significant volatility in the financing markets with spreads widening out and new issuances being delayed. Despite this volatility, we're able to complete our 1535 Broadway financing. We expect the market to settle near term with high-quality issuers and assets continuing to have access to it. We are hard at work on refinancing or extending our upcoming maturities with many in process.

最後，談談資本市場。第一季度，CMBS市場對我們這樣的大型優質資產敞開大門，利差持續收窄。自總統 4 月 2 日宣布新的關稅政策以來，融資市場出現了大幅波動，利差擴大，新發行債券被推遲。儘管有這種波動，我們仍然能夠完成 1535 百老匯的融資。我們預計市場將在短期內穩定下來，優質發行人和資產將繼續進入市場。我們正在努力進行再融資或延長即將到期的債務，其中許多正在進行中。

With that, I'll turn it over to the operator for Q&A.

說完這些，我將把問題交給操作員進行問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) And your first question today will come from Steve Sakwa with Evercore ISI. Please go ahead.

謝謝。我們現在開始問答環節。（操作員指示）今天的第一個問題來自 Evercore ISI 的 Steve Sakwa。請繼續。

Thanks. Good morning, Michael, I was wondering if you could just maybe break down that 2 million square foot, I guess, lease negotiation between PENN 1, PENN 2 and then the balance of the portfolio. I guess I wanted to just maybe circle back to Steve's comment last quarter about PENN 2 being 80% leased. I'm just trying to understand the volume of activity that you've got, particularly at PENN 2.

謝謝。早上好，邁克爾，我想知道您是否可以分解 PENN 1、PENN 2 和投資組合餘額之間的 200 萬平方英尺租賃談判。我想我只是想回顧一下史蒂夫上個季度關於 PENN 2 的租賃率為 80% 的評論。我只是想了解你們的活動量，特別是在 PENN 2。

Steve, why don't you start off and then I'll shift in.

史蒂夫，你先開始，然後我再接手。

Steve, it's Glen Weiss. So the 2 million pipeline, about 50% is PENN 1, PENN 2 to start off. There's a lot of great activity at PENN 2. We finished, obviously Universal. We've got more to come, and PENN 1 continues to flood with new tenants.

史蒂夫，我是格倫‧韋斯。因此，200 萬條管道中約有 50% 是 PENN 1，PENN 2 是起點。PENN 2 有很多精彩的活動。我們完成了，顯然是環球影城。我們還會有更多的事情要做，PENN 1 將繼續吸引大量新租戶。

And at the same time as all this is going on, we continue to press rents upwards by the week. So PENN is really in fifth gear. It's a big part of the pipeline, not all the pipeline. The portfolio overall is performing very well right now. So we're feeling very, very good about where we are along all of our portfolio.

同時，我們繼續每週提高租金。因此，PENN 確實處於第五檔。這是管道的重要組成部分，而不是全部管道。目前投資組合的整體表現非常好。因此，我們對我們所有投資組合的現狀感到非常非常滿意。

And just, I guess, confidence level around kind of getting to that 80% mark by the end of the year a PENN 2?

我想，到今年年底，PENN 2 的信心水準能達到 80% 左右嗎？

I mean, Steve, look, what I would say is, as we sit here today, we still feel good about it, right? Whether it happens by the end of the year, first quarter or whatnot, I think as Steve said in his opening remarks, we're going to lease the building, right, right? We're generally going to hit the numbers that we laid out. There's a significant uptick and whether it happens a quarter earlier, a quarter later, from our perspective, it's not going to have a meaningful impact. So we're going to get there.

我的意思是，史蒂夫，你看，我想說的是，今天我們坐在這裡，我們仍然對此感覺很好，對吧？無論它是在年底、第一季還是其他時間發生，我認為正如史蒂夫在開場白中所說的那樣，我們將租賃這棟建築，對吧？我們通常會達到我們設定的數字。這是一個顯著的上升趨勢，無論它發生在一個季度前還是一個季度後，從我們的角度來看，都不會產生重大影響。所以我們會到達那裡。

The rents that we're going to achieve, as we published last quarter, are higher. Glen started prebuild program at PENN 2. The rents we're achieving there are spectacular. We may do a little bit more of it. And so I wouldn't get focused on whether it happens exactly by year. But yes, as we sit here today, our confidence level is the same as it was last quarter.

正如我們上個季度發布的那樣，我們將實現的租金更高。格倫 (Glen) 在 PENN 2 啟動了預建計劃。我們在那裡獲得的租金非常可觀。我們可能會做更多一點。所以我不會關注它是否按年準確發生。但是，是的，當我們今天坐在這裡時，我們的信心水平與上個季度相同。

We love our spot here -- if you think about it, Steve, there's a dwindling supply of quality blocks in the market and certainly nothing like what we did at PENN 2. So we think even with more patients, the rents will keep rising, the quality of tenants will keep getting better. So we're feeling better and better as we go here overall.

我們喜歡這裡的位置——史蒂夫，如果你想想的話，市場上優質地塊的供應正在減少，而且肯定不像我們在 PENN 2 所做的那樣。因此我們認為，即使病人越來越多，租金仍會繼續上漲，租戶的品質也會越來越好。因此，我們總體上感覺越來越好。

Okay. And maybe just a follow-up to -- I think Steve made a comment. I don't know if I caught all of it about 350 Park. I just can't remember what your decision to fully go or no go on that project is. And just can you remind us kind of the milestones and maybe achievements that you need to see or want to see in the market to ultimately make that decision?

好的。也許只是後續——我認為史蒂夫發表了評論。我不知道我是否了解了有關 350 Park 的所有資訊。我只是不記得你決定完全繼續或不繼續那個專案。您能否提醒我們您需要看到或希望在市場上看到的里程碑和成就，以便最終做出該決定？

Steve, good morning. Our disclosure on the details that you just asked about is very robust. Go back and read the 10-K and the press release. I think that will be the best way to do it.

史蒂夫，早安。我們對於您剛才詢問的細節的披露是非常嚴格的。回去閱讀 10-K 和新聞稿。我認為這是最好的方法。

And your next question today will come from Dylan Burzinski with Green Street. Please go ahead.

今天的下一個問題來自 Green Street 的 Dylan Burzinski。請繼續。

Congrats on closing the NYU transaction. I guess, Steve, I think you mentioned now after all the transactions closed subsequent to quarter end that you have about $1.4 billion of cash on the balance sheet. I guess, can you guys just talk about what some of those proceeds might be earmarked for?

恭喜您完成紐約大學的交易。我想，史蒂夫，我想你現在提到，在季度末之後的所有交易結束後，你的資產負債表上有大約 14 億美元的現金。我想，你們能不能談談這些收益可能用於什麼用途？

Sure, good morning, Dylan. First of all, I want to commend you on your report you published. I think you nailed 770 better than anybody. So kudos to you and the team. Churn and overall, quite thoughtful. In terms of the cash, look, we're...

當然，早上好，迪倫。首先，我要對您發表的報告表示讚賞。我認為你比任何人都更能達到 770 分。因此向您和團隊表示敬意。整體而言，攪拌得相當周到。就現金而言，你看，我們......

So what that means is that he liked your report.

這意味著他喜歡你的報告。

So in terms of the cash, look, we're obviously pleased with what we've done. I think we've done quite a bit. These are all large substantial transactions. And if you think about it, we've been able to delever the balance sheet meaningfully and yet still have that significant cash balance, right? So we're in a very good spot.

因此，就現金而言，我們顯然對我們所做的感到滿意。我認為我們已經做了很多。這些都是大額實質交易。如果你仔細想想，我們就能明白，我們已經能夠大幅降低資產負債表的槓桿率，但仍然擁有大量現金餘額，對嗎？所以我們現在處於一個非常好的位置。

What are our plans, right? In an environment like this, where there's clearly a little bit more volatility, having more cash, things. We hope and expect that's going to lead to some opportunity to deploy some of that cash in new investments. We're looking. At the same time, we have some higher cost debt that we might either pay down or pay off.

我們的計劃是什麼？在這樣的環境下，波動性明顯增強，現金也增多，諸如此類。我們希望並期待這將帶來一些機會，將部分現金投入新的投資。我們正在尋找。同時，我們還有一些成本較高的債務，我們可能會償還或全額償還。

So I think you'll see a combination of; a, leaving in cash as is our history to make sure we have an appropriate buffer for anything; two, tackle some of the debt; and then; three, is hopefully deploy that into new opportunities we see.

所以我認為你會看到以下幾種組合：a、像我們的歷史一樣保留現金，以確保我們擁有適當的緩衝；b、解決部分債務；c、然後；d、希望將其部署到我們看到的新機會中。

Taking it a little bit further. We are loading in cash to pay off an unsecured bond that comes due in a year at a fraction. We are loading in cash because we are going to have a robust development program, both at 350 Park and at the PENN District and perhaps one other site that we control. And so the cash is a good thing, and we're going to be using it to grow the company.

再進一步說。我們正在投入現金來償還一年後到期的無擔保債券。我們正在投入大量現金，因為我們將實施一項強有力的開發計劃，包括 350 Park 和 PENN District，或許還有另一個我們控制的地點。所以現金是一件好事，我們將利用它來發展公司。

That's helpful. And I appreciate the comments on our report from last night. I guess just maybe one other follow-up. Obviously, you guys have done a successful job monetizing some of the pref and selling some of the assets within the Street retail joint venture. I guess I think last quarter, you guys alluded to having additional dispositions or looking to go out and execute additional dispositions.

這很有幫助。我非常感謝大家對我們昨晚報告的評論。我想也許還有另一個後續行動。顯然，你們成功地將部分優先股貨幣化，並出售了街頭零售合資企業內的部分資產。我想上個季度，你們暗示有額外的安排或希望出去執行額外的安排。

I guess, can you kind of talk about just the appetite of some of these luxury retailers and the desire to want to continue to own the real estate versus lease the real estate?

我想，您能否談談一些奢侈品零售商的興趣以及他們想要繼續擁有房地產而不是租賃房地產的願望？

So I think I said this in my letter. I advertised in a very subtle way, that's some of the buildings that are outside of New York are -- might be for sale at the right price. That continues to be true. And these are a couple of very large assets. So that -- we'll see how that works.

所以我想我在信中說過這件事。我以一種非常微妙的方式做廣告，紐約以外的一些建築可能以合適的價格出售。事實依然如此。這些都是非常大的資產。那麼——我們將看看它是如何運作的。

In Manhattan, we have a couple of noncore buildings that are in the for-sale market now. And I think as I said in my letter, there are no sacred cows. So the other thing is we have shown a willingness to sell some of these important retail assets when we get a buyer that is willing to pay an appropriate price. That continues to be the case.

在曼哈頓，我們有幾棟非核心建築目前正在出售。我認為，正如我在信中所說，沒有任何事物是神聖不可侵犯的。因此，另一件事是，當我們找到願意支付適當價格的買家時，我們表示願意出售一些重要的零售資產。這種情況至今仍是如此。

The interesting thing is it's not just the retailers that are buying these assets. Like for example, Amazon is coming in and buying significant assets in Midtown Manhattan for, I guess, their HQ3 or whatever it might be. So there is lots of examples of some of these larger companies which are switching their strategy from leasing to buying, and that's a good thing. We know that, that's aggressively happening in New York. I'm not aware of whether that's true in the rest of the country.

有趣的是，購買這些資產的不僅是零售商。例如，亞馬遜正在進駐曼哈頓中城併購買重要資產，我想，這是他們的第三總部或其他什麼地方。有很多大公司將其策略從租賃轉向購買的例子，這是一件好事。我們知道，這種現像在紐約正在快速發生。我不知道全國其他地方是否也存在這種情況。

But for New York and for the New York real estate market, that's a very good thing.

但對於紐約和紐約房地產市場來說，這是一件非常好的事情。

Great, appreciate the color and congrats to you guys. Thanks.

太好了，欣賞顏色並祝賀你們。謝謝。

And your next question today will come from John Kim with BMO Capital Markets. Please go ahead.

今天的下一個問題來自 BMO 資本市場的 John Kim。請繼續。

Can I just follow up on real estate valuations. We've seen high street retail kind of go back to 2019 levels. On the assets that you're looking to potentially sell, whether in New York or outside and including 555 Cal, are we going to go back to 2019 valuations or exceed them?

我可以跟進房地產估價嗎？我們看到商業街零售業已經回落至 2019 年的水準。對於您想要出售的資產，無論是在紐約還是在紐約以外，包括 555 Cal，我們是否會回到 2019 年的估值或超過它？

Sure.

當然。

I think, John, I would just add on to what Steve said. And I think if you look at what we've done to date, I don't know that any of these assets were "on the market," right? We're being targeted, opportunistic about the right counterparty. I think that continues to generally be the case. The capital markets continue to improve on the sales side, but you got to be -- you got to figure out who the right buyer or investor is.

約翰，我想我只是想補充史蒂夫所說的話。我認為，如果你看看我們迄今為止所做的事情，我不知道這些資產是否“在市場上”，對嗎？我們正受到瞄準，尋找合適的交易對手。我認為總體上情況仍然如此。資本市場在銷售方面繼續改善，但你必須——你必須弄清楚誰是合適的買家或投資者。

And I think what's the cycle is once again validated is that great assets command great prices, right? The best is always the best and may be out of favor for a little bit of time. But if you're patient, you weather the storm, then that's going to recover, right?

我認為這個循環再次驗證了優質資產可以帶來高價格，對嗎？最好的永遠是最好的，並且可能暫時不再受歡迎。但如果你有耐心，經受住風暴，那麼一切就會恢復，對嗎？

And that clearly was the case in street retail. I think that's going to be the case with -- if you look at some of the financings and the implied values for New York office and certainly the trophy assets in San Francisco. So the best is generally always the best.

街頭零售的情況顯然如此。我認為情況確實如此——如果你看一下紐約辦事處的一些融資情況和隱含價值，當然還有舊金山的獎盃資產。所以最好的通常總是最好的。

My succinct one-word answer, sure, really to interpret that was that we are not going to sell great assets at distressed prices that came from COVID or whatever. So the benchmark is pre-COVID, which is 2019. And these assets have recovered. They are recovering, and they will command increasing prices over time.

我的簡潔答案只有一個字，當然，真正的解釋是，我們不會以低價出售因 COVID 或其他原因造成的優質資產。因此基準是新冠疫情之前，也就是 2019 年。而這些資產已經恢復。它們正在復蘇，隨著時間的推移，它們的價格將會上漲。

That's great color, thank you. On the leasing pipeline, which increased pretty significantly from last quarter, can you describe how much of that is on your in-service portfolio or leases that could drive occupancy over the next couple of years versus maybe 350 Park or an early renewal that won't drive FFO...

顏色真棒，謝謝。關於租賃管道，與上一季相比有大幅增長，您能否描述一下其中有多少是您在用的投資組合或租賃，這些租賃可以推動未來幾年的入住率，而 350 Park 或早期續約則不會推動 FFO 的增長？

A very significant portion of the pipeline will increase occupancy without a doubt. So a lot of it's absorption, a lot of new deals, a lot of expansion. There's a lot of expansion in New York in our properties right now. So a lot of our significant activity will absorb vacant space over the next 9 months, 12 months without a doubt.

毫無疑問，很大一部分管道將會增加入住率。因此，其中很多是吸收，很多是新交易，很多是擴張。目前，我們在紐約的房地產業務正在大力擴張。因此，毫無疑問，未來 9 個月、12 個月內，我們的許多重要活動將佔用空置空間。

This is the first time on this call that the word occupancy came up. So will somebody cover occupancy because the occupancy number that we reported is aberrantly low. And let's see if we can get an accurate portrayal of what our expected occupancy is into this call.

這是這通電話中第一次提到「佔用」這個詞。那麼是否有人會報道入住率呢？因為我們報告的入住率異常低。讓我們看看我們是否能從這次通話中準確地了解預期的入住率。

So John, to follow Steve's comment, I think we had telegraphed this the last couple of quarters that our occupancy was going to go down when we brought PENN 2 in service, which we did fully this quarter, right? So we published 84.4%. We talked about pro forma what it is when you add in 770, which goes to 87.4%. And then I said in my prepared remarks that we expect it to be 90% plus in the next 12 months or so. And obviously, a lot of that's driven by PENN 2.

那麼約翰，按照史蒂夫的評論，我認為我們在過去的幾個季度中已經發出信號，當我們將 PENN 2 投入使用時，我們的入住率將會下降，而我們在本季度已經完全投入使用，對嗎？因此我們發布了 84.4%。我們討論了當添加 770 時的比例，即 87.4%。然後我在準備好的發言中說，我們預計未來 12 個月左右這一比例將達到 90% 以上。顯然，這在很大程度上是由 PENN 2 推動的。

I think as we look more broadly in New York, if we lease up PENN 1 and PENN 2 or when we lease up PENN 1 and PENN 2 fully, and let's say that happens in the next 24 months and a couple of things here and there, we're going to be at about 94% occupancy. So I can't tell you exactly when that's going to happen. But if you just think about if we execute on PENN 1, PENN 2, a little bit of space, 1290, 280, we're going to be at that 94% level, and we love that position, right? So from our standpoint in terms of driving growth, we have our best assets that have some holes in them today. There's fewer options in the market.

我認為，從紐約的廣泛情況來看，如果我們租用 PENN 1 和 PENN 2，或者當我們完全租用 PENN 1 和 PENN 2 時，假設這發生在未來 24 個月內，並且這裡發生幾件事，我們的入住率將達到 94% 左右。所以我無法確切地告訴你什麼時候會發生這種情況。但如果你想想，如果我們在 PENN 1、PENN 2 上執行，有一點空間，1290、280，我們將達到 94% 的水平，我們喜歡這個位置，對吧？因此，從我們推動成長的角度來看，我們最好的資產目前存在一些漏洞。市場上的選擇較少。

We've just deployed a significant amount of capital in these assets. Glen talked about how the rents are rising, not just in the market, but specifically at these assets.

我們剛剛在這些資產上投入了大量資金。格倫談到了租金如何上漲，不僅是在市場上，而且具體到這些資產上。

And so that's all going to translate into growth. And I think as we've said in the last couple of calls, that really kicks in, in 2027. So we feel good about the position. And then I think from an occupancy standpoint, we always ran the business at around 95%, 96%. And I think when we get a couple of years out, our expectation is we're going to get back there.

這一切都將轉化為成長。我認為，正如我們在前幾次電話會議中所說的那樣，這一進程將在 2027 年真正開始。因此我們對這個職位感到滿意。然後我認為從入住率的角度來看，我們的業務一直保持在 95%、96% 左右。我認為，經過幾年的時間，我們有望回到那個水平。

The most significant thing to keep in your mind is that as occupancy rises, earnings rise, and they rise significantly. And so that's a very interesting factor.

您要記住的最重要的事情是，隨著入住率的上升，收入也會上升，而且是大幅上升。這是一個非常有趣的因素。

And your next question today will come from Floris Van Dijkum with Compass Point. Please go ahead.

今天的下一個問題來自 Compass Point 的 Floris Van Dijkum。請繼續。

Hey, good morning guys. Thanks for taking my question. Getting back to your comment on the -- one of the most valuable mixed-use projects in the country, which the PENN District is...

嘿，大家早安。感謝您回答我的問題。回到你對賓州區的評論——這是全國最有價值的混合用途項目之一…

Who said that?

誰說的？

I don't know. Somebody mentioned that. Hopefully, that caught your attention. One is the, obviously, $300 million of NOI once PENN 1, PENN 2 are stabilized is pretty impressive. But can you talk about -- one of the things we noticed this quarter, and I suspect it's going to be the case for the next couple of quarters is the gap -- there's roughly a $20 million gap between GAAP NOI and cash NOI, presumably as free rents in the -- in PENN 2 as that comes online before you actually get the actual cash.

我不知道。有人提到過這一點。希望這能引起您的注意。一是，一旦 PENN 1 和 PENN 2 穩定下來，3 億美元的 NOI 顯然是相當可觀的。但您能否談談——我們本季注意到的一件事，而且我懷疑接下來的幾個季度也會出現這種情況，那就是差距——GAAP NOI 和現金 NOI 之間大約有 2000 萬美元的差距，大概是 PENN 2 中的免費租金，因為它在您實際獲得實際現金之前就上線了。

How long is that going to last? And at some point, are you going to see -- when do you think you're going to inflect and see cash NOI actually be stronger than your GAAP NOI going forward?

這會持續多久？在某個時候，您會看到——您認為什麼時候會出現轉變，並看到現金 NOI 實際上比您的 GAAP NOI 更強？

Yes. I think, Floris, it's a great question. I think we should probably take it offline. Most of that is going to happen in the later years. As Michael indicated, we start seeing 2027 earnings really pop.

是的。我認為，弗洛里斯，這是一個很好的問題。我認為我們應該將其下線。其中大部分將在以後的幾年發生。正如邁克爾所指出的，我們開始看到 2027 年的收益真正上升。

So that's probably the years you're going to see, but that's something that we probably take offline in more detail.

所以這可能是您將要看到的幾年，但我們可能會更詳細地討論這一點。

Great. And then the other thing -- and again, I think you guys sometimes do yourself with this service by being as transparent as -- well, transparent in some ways, as you are with the occupancy, in particular, have you ever thought about showing what your core occupancy is or in line or in service properties? Because obviously, you've got a couple of assets that you're keeping vacant right now, particularly in your retail portfolio, which impact your stated occupancy level significantly.

偉大的。然後另一件事——再說一次，我認為你們有時會通過盡可能透明的方式提供這項服務——嗯，在某些方面是透明的，特別是你們的入住率，你們有沒有想過展示你們的核心入住率或在線或服務屬性？因為很明顯，您現在有一些資產處於空置狀態，特別是您的零售組合，這會對您所述的入住率產生重大影響。

We have thought about that, Floris, but your comment now makes us think a little bit harder about whether we should do that because we are -- we have kept certain assets offline and continue to do that pending either redevelopment or maybe in a case or 2, a workout. So that's a fair comment.

我們已經考慮過這個問題，弗洛里斯，但是你的評論現在讓我們更加認真地思考我們是否應該這樣做，因為我們——我們已經將某些資產保持在離線狀態，並將繼續這樣做，等待重新開發，或者在一兩種情況下進行重組。這是一個公正的評論。

Thanks guys, and that's that's it for me.

謝謝大家，對我來說就是這樣了。

Thank you.

謝謝。

And your next question today will come from Alexander Goldfarb with Piper Sandler. Please go ahead.

今天的下一個問題來自 Piper Sandler 的 Alexander Goldfarb。請繼續。

Hey, morning down there, Steve, a question for you. Looking at the Deloitte deal, pretty impressive, 800,000 square feet to anchor new development. How does the math behind that project compare to what you guys would need for PENN 15? And just trying to understand if we're getting closer where a $2 million-plus project can pencil or if the market is still limited to, call it, $1 million, $1.2 million type developments?

嘿，早上好，史蒂夫，我問你一個問題。看看德勤的交易，相當令人印象深刻，80 萬平方英尺的空間支撐著新的開發案。這個專案背後的數學計算與你們 PENN 15 所需的計算相比如何？只是想了解一下，我們是否已經接近可以實現 200 萬美元以上項目的階段，或者市場是否仍然局限於所謂的 100 萬美元、120 萬美元類型的開發項目？

Good good morning Alex. Before we get into that, you wrote a piece on Alexander's that came out, I think, yesterday...

早安，亞歷克斯。在我們討論這個問題之前，我想您昨天寫了一篇關於亞歷山大的文章…

Yes, yesterday.

是的，昨天。

And so I think you're the only person that I know covers it, but in any event, let me help you by saying, correcting you on tow things. Number one, we will not, let me emphasize the word not, use our cash to pay down the 731 retail loan? We're not doing that.

所以我認為你是我認識的唯一一個涵蓋這一點的人，但無論如何，讓我透過說兩件事來幫助你，糾正你。第一，我們不會，讓我強調一下「不會」這個詞，用我們的現金來償還 731 零售貸款？我們不會這麼做。

Okay. We'll note that.

好的。我們會注意到這一點。

And the second thing is we are not merging Alexander's into Vornado, okay? So once we get beyond that. Look, we were shown as the most ideal as was all of the developers in town. We think we have the best vacant piece of land on the west side of Manhattan. Now I've said frequently that I think it's the second-best piece of land in town, the first best being our Park Avenue site.

第二件事是我們不會將 Alexander's 合併到 Vornado 中，好嗎？所以一旦我們超越了這一點。你看，我們和鎮上所有的開發商一樣，被視為最理想的。我們認為我們擁有曼哈頓西側最好的空置土地。我常說，我認為這是鎮上第二好的地塊，第一好的是我們的公園大道地塊。

And so the deal that was made was a very aggressive deal for the tenant. The pricing was very tight. We're not bashful to say no to a deal that doesn't give us the financial results that we think our shareholders are entitled to.

因此，達成的協議對租戶來說是一筆非常有利的協議。定價非常嚴格。如果交易無法為我們帶來我們認為股東應得的財務結果，我們會毫不猶豫地拒絕。

So we're getting there. And I think we're on the foothills of a landlord's bull market, and we think that the values, prices and transactions are going to go up. We think that the number of new builds will be very scarce. And so we think we're in a pretty good spot. We are patient.

所以我們就要到達那裡了。我認為我們正處於房東牛市的山麓地帶，我們認為價值、價格和交易量將會上升。我們認為新建房屋的數量將會非常稀少。因此我們認為我們處於一個相當不錯的位置。我們很有耐心。

If you just look at what happened with the Alexander's deal, which was a long time ago, but nonetheless, we let deal after deal pass by until we did the deal with Bloomberg, which turned out to be extraordinary. So we're getting there, and we're very -- we're very happy with our position.

如果你看看亞歷山大的交易，那是很久以前的事了，但儘管如此，我們還是讓一筆又一筆的交易過去，直到我們與彭博社達成了這項非同尋常的交易。所以我們正在實現這一目標，我們對自己的現狀非常滿意。

By the way, the interesting thing is that a lot of this comes from our financial strength. So we can be relatively patient because of our financial strength. So the PENN 15 lot has no debt on it. The PENN 1 building has no debt on it. The PENN 2 building has no debt on it.

順便說一句，有趣的是，這在很大程度上源於我們的財務實力。因此，由於我們的財務實力，我們可以相對保持耐心。因此 PENN 15 地塊上沒有債務。PENN 1 大樓沒有債務。PENN 2 大樓沒有債務。

The Farley Meta building has no debt on it. So that's a pretty good spot to be in. And it's not -- we're basically a secured lender is the way we structure our business. Those assets have no debt, and that's a great place to be.

Farley Meta 大樓沒有任何債務。所以這是一個非常好的位置。但事實並非如此——我們的業務結構基本上是有擔保的貸款人。這些資產沒有債務，這是一件非常好的事情。

Okay. So let me ask you, you wrote a Chairman's letter, as you always do. You talked about the attractiveness of apartment developments in part because of the smaller size. However, if you look at some of the legislation that Albany has passed, it makes the math tougher if you do tax incentive deals, the bigger the projects. So as you think about our apartment potential, are you thinking about it on as-of-right sites?

好的。所以請容許我問一下，您是否像往常一樣寫了一封董事長信。您談到公寓開發案的吸引力部分在於其規模較小。然而，如果你看看奧爾巴尼已經通過的一些立法，你會發現，如果進行稅收激勵交易，項目越大，計算起來就越困難。那麼，當您考慮我們的公寓潛力時，您是否考慮過合適的地點？

Or are you thinking about smaller-scale projects? Or how are you thinking about apartments fitting in as you expand your thoughts on development and harvesting your different sites? Are these existing sites, new sites, your thoughts?

還是您正在考慮小規模的項目？或者，當您擴展對開發和收穫不同場地的想法時，您如何考慮公寓的適應性？這些現有站點、新站點是您的想法嗎？

Oh, Lord, when you have the kind of city down at Penn that we have, you have to consider both office -- we're principally an office company. We like the dynamics of the office business. We like them as they are improving today. But you cannot disregard the fact that if you look back over the past decades, apartments have created more value than office has. The office market is volatile over long periods of time, the apartment markets are very -- are less volatile.

哦，上帝，當你在賓州擁有像我們這樣的城市時，你必須考慮辦公室——我們主要是一家辦公室公司。我們喜歡辦公室業務的活力。我們喜歡他們，因為他們今天正在不斷進步。但你不能忽視這樣一個事實：如果你回顧過去幾十年，公寓創造的價值比辦公室更大。辦公大樓市場長期波動較大，而公寓市場波動較小。

Nonetheless, the political overtone of the apartment business is much more complicated than the office business. So there's a little bit of this, a little bit that we will be building some apartments in the PENN District. It will not be a total apartment development project.

儘管如此，公寓業務的政治意涵比辦公室業務複雜得多。因此，我們會在賓州區建造一些公寓。這不會是一個完整的公寓開發案。

Thank you, Steve.

謝謝你，史蒂夫。

And remember, we're not paying off that loan with cash.

請記住，我們不會用現金償還貸款。

I will tell my colleague Conor that.

我會告訴我的同事康納。

And your next question today will come from Jana Galan with Bank of America. Please go ahead.

今天的下一個問題來自美國銀行的 Jana Galan。請繼續。

Thank you, good morning and congrats on a strong start to the year. It seems like a recent big trend in New York City is a kind of owner occupiers, both in office and retail. And I was just curious if you could kind of comment on what you're seeing in particular with some of the dispositions you may be looking to do.

謝謝，早安，恭喜您今年有一個好的開始。紐約市最近的一個大趨勢似乎是自住業主，包括辦公大樓和零售店。我只是好奇您是否可以就您所看到的具體情況以及您可能想要採取的一些處置措施發表一些評論。

I think we covered a lot of that. Michael, give it another shot.

我想我們已經討論了很多內容。邁克爾，再試一次。

Thanks, [Jana] I appreciate the comment. Look, I think you're seeing the owner-occupiers. I mean retail, I think we've talked about going back over the last year, where you saw that activity first. You saw it with Prada, you saw with Kering, you saw UNIQLO, and there continues to be interest there.

謝謝，[Jana] 我很感謝你的評論。瞧，我認為你看到的是自住業主。我的意思是零售業，我想我們已經討論過回顧去年的情況，那時你第一次看到了這種活動。你可以在普拉達 (Prada)、開雲 (Kering)、優衣庫 (UNIQLO) 身上看到這一點，而且人們的興趣仍在持續。

And I think that's a function and all that was on Fifth Avenue, although you saw a couple of situations down in SoHo recently. If you look at what Ralph Lauren just did in SoHo, paid a significant number for that store, Dyson down in SoHo. And so what these retailers are basically saying is that in these great forever spots, Fifth Avenue, SoHo, Madison Avenue, Times Square, that are sort of the four key areas of Manhattan, they want to be here forever, right?

我認為那隻是第五大道上的一項活動，儘管最近在蘇荷區也出現了一些類似的情況。如果你看看拉爾夫勞倫 (Ralph Lauren) 在 SoHo 的所作所為，就知道這家店花了不少錢，戴森 (Dyson) 也在 SoHo 開店。所以這些零售商基本上是說，在第五大道、蘇豪區、麥迪遜大道、時代廣場這些永遠存在的好地方，它們是曼哈頓的四個關鍵區域，他們想永遠在這裡，對嗎？

These sales volumes that they do in Manhattan are multiples of what they do anywhere in the U.S. and in many cases, around the world. So they want to be here forever. And rather than wrangling with the tornadoes of the world every 10 years or 15 years, they just want to own it, right? And they're prepared to pay a significant number to control that forever.

他們在曼哈頓的銷售量是美國各地乃至全球各地銷售量的數倍。所以他們想永遠留在這裡。他們不想每 10 年或 15 年就與世界各地的龍捲風爭鬥，他們只是想擁有它，對嗎？他們準備付出一大筆錢來永遠控制它。

So that's a good thing. We have some additional incomings on that. And if we get the right numbers on situations, then we'll transact. But that continues to be an area where retailers are active. On the office side, as well, you've seen some owner-user activity.

這是一件好事。我們對此還有一些額外的收入。如果我們獲得了正確的數據，我們就會進行交易。但這仍然是零售商活躍的領域。在辦公室方面，您也看到了一些業主用戶活動。

And again, let's go back to what that is a function of, right? And I think Steve made the distinction that we really haven't seen that elsewhere. Maybe it's occurred, but don't think it's occurred in the volume here. And I think it's fundamentally driven by talent wants to be in New York, right? And it really is driving every asset class.

再說一遍，讓我們回到這個功能是什麼，對吧？我認為史蒂夫的區分是我們在其他地方從未見過的。也許它已經發生過，但不要認為它發生在這裡。我認為這根本上是因為人才都想留在紐約，對嗎？它確實推動著每一個資產類別。

And so Alex, to your point, how can you make the math work? The math works on these bigger sites, right, notwithstanding your comment on the 99, the math works. Why does it work? Because rents are continuing to go up. We have a massive housing shortage in New York City.

那麼亞歷克斯，就你的觀點而言，你怎麼能讓數學發揮作用？數學在這些較大的網站上是有效的，對吧，儘管你對 99 發表了評論，但數學是有效的。為什麼它有效？因為租金持續上漲。紐約市存在嚴重的住房短缺。

It's not going to get eradicated in the next decade.

未來十年內它不會被根除。

So anybody that build apartments are probably going to do fine in the city, right? But back to office. So talent wants to be here. Employers have no issue getting their employees in the office. This is where all the young people want to come to.

因此，任何建造公寓的人都可能在城市裡過得很好，對嗎？但回到辦公室。所以人才都想來這裡。雇主對於讓員工到辦公室上班都沒有任何問題。這是所有年輕人都想來的地方。

And so they're basically staking out their ground. And many of these companies' cases, they borrow cheaper than real estate companies. They borrow cheaper than any companies for that matter, and they're using that capital, right? So in Amazon's case, where they have stepped up in a big way here recently, they want to be here. They want to grow here, and they're going to use their balance sheet aggressively given, again, the fact that they want to be here long term and the amount of capital they're going to deploy in their assets above what a landlord would normally deploy is significant.

所以他們基本上是在堅守自己的陣地。在許多此類公司中，它們的借貸成本比房地產公司還低。事實上，他們的借款成本比任何公司都低，而且他們正在使用這些資本，對嗎？因此，就亞馬遜而言，他們最近在這裡大力發展，他們想在這裡發展。他們希望在這裡發展，並將積極利用他們的資產負債表，因為他們希望長期在這裡發展，並且他們將在資產中部署的資本數額將遠遠超過房東通常部署的數額。

So they want to own that forever.

所以他們想永遠擁有它。

And so when you think about NYU, NYU didn't buy the building from us, but they committed to lease it for a long term, so they can amortize the capital, they're going to deploy in that asset. And so they have long-term control of that asset. So is it going to be something we're going to see every week? Probably not, but I don't think this will be the last of those given companies that have significant capital and can deploy that cost effectively, it's a good solution.

所以當你想到紐約大學時，紐約大學並沒有從我們這裡購買這棟建築，但他們承諾長期租賃它，這樣他們就可以攤還資本，他們將部署在該資產中。因此他們對該資產擁有長期控制權。那麼這是我們每週都會看到的事情嗎？可能不會，但我不認為這將是最後一個，對於那些擁有大量資本並能以低成本部署的公司來說，這是一個很好的解決方案。

Thank you.

謝謝。

Your next question today will come from Seth Bergy with City. Please go ahead.

您今天的下一個問題來自 City 的 Seth Bergy。請繼續。

Hi, thanks for taking my question. I guess you know it sounds like demand has improved your leasing pipeline has grown. What types of behavior are you seeing change from tenants? Like, are you seeing any improvement on concessions, or early renewal activity, in addition to the ring growth that you're seeing?

你好，謝謝你回答我的問題。我想您知道，這聽起來像是需求增加，您的租賃管道有所成長。您看到租戶的行為發生了哪些變化？除了您看到的環比增長之外，您是否看到優惠或提前續約活動有任何改善？

It's Glen. Certainly, we're seeing rent growth. That's the first discussion. Rents are going up and tenants realize rents are going up. Number two, we are starting to see a reduction in the free rent packages.

是格倫。當然，我們看到了租金的成長。這是第一次討論。租金在上漲，租戶也意識到租金正在上漲。第二，我們開始看到免租套餐的減少。

On the TI, the TIs have stubbornly stayed basically at the same levels. So I would say rents are improving and free rents are starting to come down. As part of early renewals, we're definitely seeing people come to us earlier now because they're concerned about where the market is going to go more and more towards the landlord's market. So we have some larger deals in this pipeline as it relates to early renewals for sure. But I'll tell you the one takeaway I would tell you is expansions.

在 TI 上，TI 頑固地保持基本上處於同一水平。所以我想說租金正在漲，免租金也開始下降。作為提前續約的一部分，我們確實看到人們現在更早來找我們，因為他們擔心市場將越來越傾向於房東市場。因此，我們在這個管道中有一些更大的交易，因為它肯定與提前續約有關。但我要告訴你的是，我要告訴你的一個重點是擴充。

The expansions in New York, there's expansions going on all over the market in every submarket and definitely in our portfolio. So a lot of growth in New York and not just financial, you're seeing tech now grow, the law firms grow, consulting firms grow, media, entertainment, like the universal deal. So I mean, that's basically around what you're asking.

紐約的擴張、整個市場、每個子市場以及我們的投資組合都在擴張。因此，紐約的發展非常迅速，不僅僅是金融領域，你還可以看到科技、律師事務所、顧問公司、媒體、娛樂等都在成長，就像全球交易一樣。所以我的意思是，這基本上就是你所問的。

Yes. That's helpful. And then I guess for a follow-up, I just wanted to go back to your comments about the capital intensiveness of office buildings versus apartments. I guess, does that -- it sounds like there's kind of puts and takes to both asset classes, but does that change how you think about investing in the portfolio over the longer term?

是的。這很有幫助。然後我想作為後續，我只是想回到你關於辦公大樓與公寓的資本密集度的評論。我想，這聽起來好像兩種資產類別都存在看跌期權和看漲期權，但這是否會改變您對長期投資組合的看法？

Look, I think it orient you to is you want to own high-quality buildings, the highest quality buildings, right? Because that -- those are the buildings that are experiencing the demand where you can push rents the most where you can start to tighten some of the concessions. You're seeing that play out now, and we think that's going to continue to play out. So the capital is not going to be avoided, right? Even if TIs go down a little bit, every time you turn these spaces over every 10 years or 15 years, if a tenant leaves, there's going to be meaningful capital requirements there.

看，我認為它引導你去擁有高品質的建築，最高品質的建築，對嗎？因為這些建築的需求量很大，你可以盡量提高租金，也可以開始收緊一些優惠。現在您看到的就是這一幕，我們認為這一幕將會繼續上演。那麼資本是不會被迴避的，對嗎？即使 TI 略有下降，每當你每 10 年或 15 年將這些空間交接一次時，如果租戶離開，那麼就會產生有意義的資本要求。

So in order for that to be an appropriate investment, rents have to rise and that orient you towards the higher-quality buildings. So I think what we've tried to do in the last several years is reshape our portfolio, sell assets that we viewed as not best positioned for the future and have a portfolio that we think is well positioned for that. And are we 100% there? No, but we're pretty close, and we feel good about it. And so I think that's where you have to be investing in.

因此，為了使這成為一項合適的投資，租金必須上漲，並促使您選擇更高品質的建築。因此，我認為我們在過去幾年中嘗試做的是重塑我們的投資組合，出售我們認為未來定位不明確的資產，並建立一個我們認為未來定位良好的投資組合。我們 100% 做到了嗎？不，但我們已經很接近了，我們對此感覺很好。所以我認為這就是你必須投資的地方。

We've modernized our assets. We're in the right locations. I think your portfolio has to be oriented that way to succeed given the capital requirements.

我們已經實現了資產的現代化。我們處於正確的位置。我認為，考慮到資本要求，你的投資組合必須以這種方式定位才能獲得成功。

A couple of things. We expect rents to rise. We expect free rent to start to come in as the market tightens. We don't believe that cash TIs are going to come in because the tenants really are spending a lot more than that to develop the space. So rents and free rent, face rent and free rents will go -- will improve.

有幾件事。我們預計租金將會上漲。我們預計，隨著市場收緊，免租金政策將開始實施。我們不相信現金 TI 會進來，因為租戶確實花了遠超這個數字的錢來開發這個空間。因此，租金和免租金、面額租金和免租金將會改善。

We don't believe that cash TIs will improve. So there's that. With respect to the mix between apartments and office, we're an office company. In our major development activities, we will be developing office. In the PENN District, we will be sprinkling in, I want to say, a not insignificant amount of apartments as well.

我們不相信現金 TI 會改善。就是這樣。就公寓和辦公室的混合而言，我們是一家辦公室公司。在我們的主要開發活動中，我們將開發辦公室。我想說，在賓州區，我們也將興建數量相當可觀的公寓。

I don't believe that we will be a buyer of existing apartment buildings. We've looked at some, but basically, I think we'll be -- we'd be a developer of apartments, but a reluctant buyer of apartments.

我不相信我們會成為現有公寓大樓的買家。我們已經看過一些了，但基本上，我認為我們會是——我們是公寓開發商，但卻是不情願的公寓買家。

Great, thank you.

太好了，謝謝。

And your next question today will come from Anthony Paolone with JPMorgan. Please go ahead.

今天的下一個問題來自摩根大通的 Anthony Paolone。請繼續。

Yeah, thanks. So I guess, just following up to some of these questions around PENN District and apartments versus office. I mean what do you think is the next project that Vornado pursues in the PENN District, like is it apartments because it's smaller versus PENN 15? Or how should we think about that? And also in the same vein, your thoughts on federal government getting involved with the planning of Penn Station and how that might impact you?

是的，謝謝。所以我想，只是跟進一些有關賓州區和公寓與辦公室的問題。我的意思是，您認為 Vornado 在 PENN 區開展的下一個項目是什麼，是公寓嗎？因為它比 PENN 15 小？或者我們應該如何思考這個問題？同樣，您對聯邦政府參與賓州車站的規劃有何看法？這會對您產生什麼影響？

We're not going to pregame what we're doing by announcing today what the mix of apartments. We'll do that when we actually start to do something that's a real project, we will notify the market. We've already said that we are focused on doing a small apartment project on 8th Avenue and 34th Street. on a piece of land we -- a smallish piece of land we own there. So that's in the works.

我們不會在今天宣佈公寓組合方案之前就預先宣布我們的行動。當我們真正開始做一些真正的專案時，我們會通知市場。我們已經說過，我們專注於在第八大道和第 34 街的一塊土地上做一個小型公寓專案。我們在那裡擁有一小塊土地。所以這是正在進行中的。

Otherwise, we will announce development starts when they start. With respect to the question about the federal government getting involved in Penn, we think that's great. I'm going to turn that over to Barry because he likes to talk about that one. Go ahead, Barry.

否則，我們將在開發開始時宣布。關於聯邦政府介入賓州大學的問題，我們認為這很好。我要把這個交給巴里，因為他喜歡談論這個。繼續吧，巴里。

Good morning. As you're aware, we've spent a lot of time over the last several years working on several public-private partnerships, making Penn Station better, whether or not that's the Moynihan Train Hall, the Long Island Railroad 33rd Street Concourse, a couple of new entrants as we work with the government building on Seventh Avenue. Anyone that wants to keep investing in Penn Station and continuing the good work we've done to continue making Penn Station that we support.

早安.如您所知，過去幾年來，我們花了大量時間致力於多項公私合作，使賓夕法尼亞車站變得更好，無論是莫伊尼漢火車站、長島鐵路 33 街大廳，還是我們與第七大道上的政府大樓合作的幾個新項目。任何想要繼續投資賓夕法尼亞車站並繼續我們所做的出色工作以繼續支持賓夕法尼亞車站的人。

So there's that. By the way, when was the last time that you walked through the PENN District?

就是這樣。順便問一下，您上次穿過賓州大學區是什麼時候？

Last weekend.

上週末。

Oh good. So I think that you'll agree that the PENN District, the legacy idea that PENN is -- what's a good word? -- that Penn is a sloppy district, that's passed. So when you walk down there now, what we've done on Seventh Avenue, what we've done with the buildings, all the granite that we put in the sidewalks, the Moynihan train station is spectacular. The train hall is spectacular.

哦，太好了。所以我想你會同意，賓州大學區，賓州大學是一個馬虎的學區這一傳統觀念已經過去了——用什麼字好呢？所以當你走到那裡時，我們在第七大道上所做的一切，我們對建築物所做的一切，我們在人行道上舖的所有花崗岩，莫伊尼漢火車站都十分壯觀。火車大廳非常壯觀。

The Long Island Railroad Concourse. So the PENN District looks a lot different today than it did 5 years ago, and we're pretty proud of that.

長島鐵路大廳。因此，賓州大學區如今與五年前相比有了很大的不同，我們對此感到非常自豪。

Anybody that wants to come in and help us finish the job below ground, basically, we own all of the above ground. So -- but the government and the railroads own the below ground. Anybody that wants to help us fix that, we're in favor of it.

任何人想來幫助我們完成地下工作，基本上，我們都擁有地上的一切。所以——但是政府和鐵路擁有地下部分。任何人若想幫助我們解決這個問題，我們都會支持。

Okay. And then just a quick follow-up. I may have missed this, it might be in the queue, but just what is the remaining par value for the preps that you have in the Fifth Avenue JV now and the yield on that?

好的。然後只是快速的跟進。我可能錯過了這一點，它可能在隊列中，但是現在您在第五大道合資企業中準備的剩餘票面價值是多少，收益率是多少？

It's about $1.050 billion in round numbers, and the yield on that is 5.5%.

大約是 10.5 億美元，收益率為 5.5%。

It probably blends to about 5%, Tony. It probably blends about 5%. So [inaudible].

它可能混合到大約 5%，托尼。它可能混合了約 5%。所以[聽不清楚]。

Okay, thank you.

好的，謝謝。

Yes. And your next question today will come from Caitlin Burrows with Goldman Sachs. Please go ahead.

是的。今天的下一個問題來自高盛的凱特琳·伯羅斯 (Caitlin Burrows)。請繼續。

Hi, good morning. Maybe first, I feel like it's been talked about it a couple of different ways. But you mentioned in the prepared remarks at the very beginning, how you didn't think the uncertainty in the macro would impact leasing. So I was just wondering if you could talk about that a little bit more, kind of what gives you that confidence? And any more specific detail you can give on like trends through 1Q and April and now into May.

嗨，早安。也許首先，我覺得已經有人用幾種不同的方式討論過這個問題。但您在一開始的準備好的發言中提到，您認為宏觀的不確定性不會影響租賃。所以我只是想知道您是否可以再多談這個問題，是什麼給了您這樣的信心？您能否提供關於第一季、四月以及五月趨勢的更多具體細節？

We have not seen an impact on our leasing as of yet. But of course, we're mindful of it. We're getting our deals done, and we'd be irresponsible enough to be thinking about it and paying attention to it. But thus far, we've had no impact yet on the leasing.

到目前為止，我們尚未看到對我們的租賃產生影響。但當然，我們會注意到這一點。我們正在完成交易，如果我們不負責任地去考慮和關注它的話。但到目前為止，我們還沒有對租賃產生任何影響。

Caitlin, what I would say is, just to add on to what Glen said, that if you look at the Amazon announcement, the Deloitte announcement, the NYU announcement, I mean, these are all done in the last couple of weeks. So of course, companies, tenants are fully aware of what's going on and making decisions and still proceed. Now that's not to say every deal is going to proceed. But I think there's a bias towards -- we're in some volatility. And I think as Steve said in the outset, this is going to get settled in the near term.

凱特琳，我想補充一下格倫所說的話，如果你看看亞馬遜的公告、德勤的公告、紐約大學的公告，你會發現這些都是在過去幾週內完成的。因此，公司和租戶當然完全了解正在發生的事情，並做出決定並繼續前進。但這並不是說每筆交易都會順利進行。但我認為存在一種偏見——我們正處於某種波動之中。我認為，正如史蒂夫一開始所說的那樣，這個問題將在短期內得到解決。

On the retailer side, those that source product overseas, obviously, it's got a more dramatic impact on their business, right? They're going to certainly pause until they see what that -- what exact translates into. And so we've seen a little impact from some of those players. So I think Glen characterized it right. To date, not much, but you have to be mindful of it.

從零售商方面來看，對於那些從海外採購產品的零售商來說，這顯然對他們的業務產生了更大的影響，對嗎？他們肯定會停下來，直到他們明白那到底意味著什麼。因此，我們看到一些球員受到了一些影響。所以我認為格倫的描述是正確的。到目前為止，還不多，但你必須注意這一點。

Got it. Okay. And then you guys did talk about how of this kind of NOI and earnings will come on over the next couple of years, and you have great visibility, but that there will also be some refi headwinds. So I was just wondering, as it relates to maybe even the remaining 2025 and early '26 maturities, if there's any guidepost? Or how do you think about the amount of refi headwinds that it could be? Like would you assume similar spreads that are in place or those go up as well? Anything on that topic?

知道了。好的。然後你們確實談到了未來幾年這種淨營業利潤和收益將如何成長，並且你們有很好的預見性，但也會有一些再融資阻力。所以我只是想知道，由於它可能與剩餘的 2025 年和 26 年初到期的債券有關，是否有任何指導方針？或是您如何看待再融資阻力的程度？您是否認為類似的利差已經存在或也會上升？關於這個話題還有什麼嗎？

Yeah, I mean, look, we, the team is hard at work on everything that's maturing, we're feeling, great about the pricing about 45 days ago, obviously that's gapped out a little bit, but you know the market's definitely open and you can execute, and so we have a number of things in the process, that we hope to get done, over the course of the next this quarter, so.

是的，我的意思是，你看，我們團隊正在努力使所有事情都成熟，我們對 45 天前的定價感覺很好，顯然這有點差距，但你知道市場肯定是開放的，你可以執行，所以我們有很多事情正在進行中，我們希望在下個季度完成這些事情。

We feel pretty good about executing everything, I think in terms I'm just looking through the list right now in terms of pricing and amounts. I think generally, and I think reflective of the market, all these can be refinanced at par now whether we choose to do that or not based on pricing, we'll make that decision as we get closer, but you know the market is a is support of the proceeds level because again that high leverage to start with. And I think you have to go asset by asset. In some cases, we'll roll those over pretty close to where they are today and, other cases, for example, like in Independence Plaza, we're coming off a 4.25% fixed rate loan, that's not going to hold given that, treasuries themselves are at 4% today.

我們對執行所有事情都感到非常滿意，我想就價格和金額而言，我現在只是在查看清單。我認為總體而言，我認為這反映了市場情況，所有這些都可以按面值進行再融資，無論我們是否根據定價選擇這樣做，我們都會在接近時做出決定，但你知道市場對收益水平有支撐，因為一開始的槓桿率就很高。我認為你必須逐一檢查資產。在某些情況下，我們會將這些貸款的利率展期到非常接近目前的水平，而在其他情況下，例如在獨立廣場，我們獲得了 4.25% 的固定利率貸款，但考慮到目前國債利率為 4%，這種利率不會維持下去。

So you know we'll have some, some coupon expansion there, in other cases I think it'll roll over pretty close to the flat so. But all that sort of baked in, the guidance that, we sort of talked about where we thought we'd be this year, and where we think we will be in the next couple of years. So, like we'll have to see where the markets are when we actually price the assets, but, the market's open, we expect to tackle these over the next couple quarters and, in total I think there'll be a little bit of increase in terms of of interest but not dramatic.

所以你知道我們會有一些優惠券擴展，在其他情況下，我認為它會非常接近平局。但所有這些都是經過深思熟慮的，我們討論了我們認為今年的情況以及我們認為未來幾年的情況。因此，當我們實際為資產定價時，我們必須看看市場情況，但是，市場是開放的，我們預計將在接下來的幾個季度內解決這些問題，總的來說，我認為利息會略有增加，但不會大幅增加。

Thank you.

謝謝。

Your next question today will come from Ronald Camden with Morgan Stanley. Please go ahead.

您今天的下一個問題來自摩根士丹利的羅納德·卡姆登。請繼續。

Hey, just two quick ones, the first is just the occupancy trajectory was really helpful. Just wondering if if we could sort of take that a step further, should we be expecting sort of the same store and why and so forth to also be sort of accelerating, through to 2027 or there sort of other considerations thanks.

嘿，只要快速說兩點，第一點就是佔用軌跡確實很有幫助。只是想知道我們是否可以更進一步，我們是否應該期待同一家商店以及為什麼等等也會加速發展，直到 2027 年或還有其他考慮，謝謝。

Yeah, I think in terms of 27 absolutely, this year, we'll see.

是的，我認為就今年的 27 而言，我們拭目以待。

I think again it's flattish as we talked about so I don't think you'll see it this year, but I think as we get, the assets get leased up, we'll follow that same trajectory, yes.

我認為，正如我們所討論的那樣，它會再次持平，所以我認為你今年不會看到它，但我認為，隨著資產的租賃，我們會遵循同樣的軌跡，是的。

Great. And then my second one is just on capital allocation, if you could just remind us what sort of the waterfall is now between development, redevelopment, buying back stock and so forth? And any update on sort of the Hotel Penn site and that potential sale?

偉大的。然後我的第二個問題是關於資本配置的，您能否提醒我們一下，開發、再開發、回購股票等之間的瀑布現在是什麼樣的？關於 Hotel Penn 網站和潛在銷售有什麼最新消息嗎？

We look at -- the answer is we look at all opportunities and decide where we can best deploy that capital. And obviously, we don't want to sort of spend down our last dollar. But development is a long process, right? So some things we're talking about today, you may proceed, but that capital doesn't get spent for really several years as you ramp that up. I think in terms of stock buybacks, not front of mind today.

我們會考慮——答案是，我們會考慮所有機會，並決定在哪裡可以最好地部署這些資本。顯然，我們不想花光最後一美元。但發展是一個漫長的過程，對吧？因此，我們今天討論的一些事情，您可能會繼續進行，但是隨著您逐步推進，這些資金實際上需要幾年的時間才能花掉。我認為就股票回購而言，這不是今天最需要考慮的問題。

We still see good value there, but it was -- obviously, when it was back in the teens when we started the program, that was more dramatic.

我們仍然認為它具有很好的價值，但顯然，當我們十幾歲的時候開始這個項目時，它的價值就更大了。

So that's -- I'd say today, the focus is on investing in our existing business, whether that's new development or paying down some debt. And then as I said, we are looking at some external opportunities and just hard to put the odds on whether any of those move forward or not yet.

所以，我想說，今天的重點是投資我們現有的業務，無論是新開發還是償還一些債務。正如我所說，我們正在尋找一些外部機會，但很難預測這些機會是否會取得進展。

Great thanks so much.

非常好，非常感謝。

Your next question today will come from Nick Yulico with Scotiabank. Please go ahead.

您今天的下一個問題來自豐業銀行的 Nick Yulico。請繼續。

Hi, thanks. Just going back to the NYU transaction. I think you said it's accretive by $25 million annually. So paying off the mortgage, it looks like is a $35 million benefit. So can you just walk us through what's the offset from that? And then also on the NOI side, how we should think about if there's any difference on the cash versus GAAP treatment going forward there?

你好，謝謝。回到紐約大學的交易。我想您說過它每年增值 2500 萬美元。因此，償還抵押貸款看起來可以獲得 3500 萬美元的收益。那麼，您能否向我們簡單介紹一下與之相關的偏移量呢？然後同樣在 NOI 方面，我們應該如何考慮未來現金與 GAAP 處理之間是否存在差異？

That sounds like a Tom. Sure.

聽起來像湯姆。當然。

Sure. So I think your $35 million, you're including the swap that we have. That's at the corporate level. So we're moving that swap. So if you exclude the swap, it's the interest expense on that asset is $47 million.

當然。所以我認為你的 3500 萬美元包括了我們之間的掉期。這是公司層面的。因此，我們正在進行該交換。因此，如果不包括掉期，該資產的利息支出為 4,700 萬美元。

The current NOI is around $49.50. So that gets you the current NOI at about flat. When you look forward and you include the payment that we're going to get from NYU plus the Wegmans deal, plus the interest on the $200 million plus that we're retaining, that gets you to about, call it, $29 million, that's the $25 million, $26 million Steve referenced in the prepared remarks.

目前的淨利潤約為49.50美元。因此，目前的淨利潤基本上持平。如果你展望未來，把我們從紐約大學獲得的付款加上韋格曼斯交易，再加上我們保留的 2 億美元以上的利息都算上，那就達到了大約 2900 萬美元，也就是史蒂夫在準備好的發言稿中提到的 2500 萬美元、2600 萬美元。

Okay. That's very helpful. Just second question is on -- I think you gave the leased number for PENN 2 at around 50%. Is it possible to get the leased number for PENN 1? I know it's 88% occupied. Is the lease number higher than that?

好的。這非常有幫助。第二個問題是——我認為您給出的 PENN 2 的租賃數量約為 50%。有可能獲得 PENN 1 的租賃號碼嗎？我知道它的佔用率為 88%。租賃號碼是否比這個更高？

It's the same number.

是同一個號碼。

Great thank you.

非常感謝。

And your final question today will come from Alexander Goldfarb of Piper Sandler with a follow-up. Please go ahead.

今天的最後一個問題來自 Piper Sandler 的 Alexander Goldfarb，接下來還有後續問題。請繼續。

Hey, thank you for taking the follow up, Steve, I realize you're probably not going to give the intimate details of the ground rent litigation. But from a big picture perspective, the arbitration panel agreed to $15 million, but now there's litigation pursuing $20 million. From a big picture perspective, can you help us understand how this works? I would have thought the arbitration panel was the final determinant.

嘿，謝謝你的跟進，史蒂夫，我知道你可能不會透露地租訴訟的細節。但從總體來看，仲裁小組同意賠償 1,500 萬美元，但現在卻有訴訟要求賠償 2,000 萬美元。從宏觀的角度來看，您能幫助我們理解這是如何運作嗎？我原以為仲裁小組才是最終的決定者。

Alex, it is. The arbitration -- there's litigation pending, that litigation will extend through appeals for who knows how much longer. By the way, we think we have a very good position there, but see that as it may. The arbitration panel handled the eventuality as to whether the landlord or the tenant, where the tenant wins that arbitration. So the $15 million is set for the base case.

亞歷克斯，是的。仲裁－有未決訴訟，該訴訟將透過上訴延長，誰知道還要持續多久。順便說一句，我們認為我們在那裡處於非常有利的地位，但事實可能並非如此。仲裁小組將處理最終結果，即房東或房客勝訴，而房客將獲得仲裁。因此，1500 萬美元是作為基本情況設定的。

If we win the litigation, the $15 million continues for the 25 years. If we lose the litigation, the $15 million becomes $20 million. So we're in a pretty good spot. We have -- the values have been established in whichever way the litigation goes. So it's as simple as that, Alex.

如果我們贏得訴訟，這 1500 萬美元將繼續支付 25 年。如果我們敗訴，1500萬美元就會變成2000萬美元。所以我們現在的處境非常好。無論訴訟如何進行，我們的價值觀都已經確立。就這麼簡單，亞歷克斯。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

Yeah.

是的。

That concludes our question-and-answer session. I would like to turn the conference back over to Steven Roth for any closing remarks.

我們的問答環節到此結束。我想將會議交還給史蒂文·羅斯 (Steven Roth) 做最後發言。

Thank you, everyone. We've had a very robust conversation this morning. The first quarter was very active, very constructive with lots of good stuff. And we look forward to seeing you at the next call, which will be -- the next call is August 5, so we look forward to that. Have a good summer so far.

謝謝大家。今天早上我們進行了非常深入的對話。第一季非常活躍，非常有建設性，有很多好的東西。我們期待在下次電話會議上見到您，下次電話會議將於 8 月 5 日舉行，我們對此充滿期待。到目前為止，這個夏天過得很愉快。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。