美國沃那多房產 (VNO) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Vornado Realty Trust first-quarter 2026 earnings call. My name is Rocco, and I will be your operator for today's call. This call is being recorded for replay purposes. (Operator Instructions)

早安，歡迎參加 Vornado Realty Trust 2026 年第一季財報電話會議。我叫 Rocco，將擔任今天會議的接線員。本次電話會議將錄音以供重播之用。(接線員指示)

I will now turn the call over to Mr. Steve Borenstein, Executive Vice President and Corporation Counsel. Please go ahead.

現在我將把電話交給執行副總裁兼公司法律顧問 Steve Borenstein 先生。請開始。

Welcome to Vornado Realty Trust 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 package are available on our website, www.vno.com, under the Investor Relations section.

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新聞稿，並向美國證券交易委員會提交了 Form 10-Q 季度報告。這些文件以及我們的補充財務資訊套件，均可在我們網站 www.vno.com 的投資人關係專區取得。

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.

在這些文件以及今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 指標之調節表，已載於我們的財報新聞稿、Form 10-Q 與財務補充資料中。

Please be aware that statements made during this call may be 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, 2025, 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.

請注意，本次電話會議中的陳述可能包含前瞻性陳述；由於各種風險、不確定性及其他因素，實際結果可能與這些陳述存在重大差異。有關這些風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年度報告。本次電話會議可能包含具時效性的資訊，該等資訊可能僅於今日日期為準確。本公司不承擔更新任何前瞻性陳述之義務。

On the call today from management for our opening remarks are Steven Roth, Chairman and Chief Executive Officer; and Michael Franco, President and Chief Financial Officer. Our senior team is also present and available for questions. I will now turn the call over to Steven Roth.

今天參與開場致詞的管理團隊成員包括：董事長兼執行長 Steven Roth，以及總裁兼財務長 Michael Franco。我們的資深團隊也在場並可回答提問。現在我把電話交給 Steven Roth。

Thank you, Steve, and good morning, everyone. Business at Vornado continues to be excellent, and it's getting better and better. We are riding the wave of strengthening more and lasting landlords market. And New York is by far and away the strongest real estate market in the country.

謝謝你，Steve，各位早安。Vornado 的業務表現持續非常出色，而且愈來愈好。我們正乘著房東市場日益走強且更具持續性的浪潮。而紐約毫無疑問是全美最強的房地產市場。

Michael will get into the details shortly. But today, I have different fish to fry, and I will ask the first question. question. What do you make of the spat between Mayor Mamdani and Ken Griffin and how will it affect your 350 Park Avenue development?

Michael 很快會進一步說明細節。但今天我想談點別的，我先提第一個問題。問題。你如何看待市長 Mamdani 與 Ken Griffin 之間的口角？這將如何影響你們在 350 Park Avenue 的開發案？

Answer, let me begin by saying that I do not and cannot speak for Ken but I do unambiguously stand with him. And notwithstanding the mistakes and bad form of the recent video that went viral, we are pulling for Mayor Mamdani to succeed.

回答：我先說明，我不代表 Ken 發言，也不能代表他發言，但我明確地站在他這邊。此外，儘管近期那段爆紅影片有失誤、也很不得體，我們仍希望 Mamdani 市長能成功。

Let me establish my credentials. Vornado was a New York company and I am in New Yorker, born in Brooklyn and attended (inaudible) public high school in the Bronx. Both Vornado and I are lucky to be New Yorkers. My daughter and three granddaughters live in the Bronx. And my son and his family have in Brooklyn.

讓我先說明我的背景。Vornado 是一家紐約公司，而我也是紐約人，出生於布魯克林，並就讀於布朗克斯的（聽不清）公立高中。Vornado 和我都很幸運能成為紐約人。我的女兒和三個孫女住在布朗克斯。而我的兒子和他的家人住在布魯克林。

My wife of 56 years, and I lived and worked in Manhattan. We follow the rules, and we pay our fair share. Vornado will pay $560 million in real estate taxes this year, and I'm pretty sure that's in the top 3. And that doesn't begin to count the personal income taxes that I and our Vornado population paid to the city and state of the York.

我與結縭 56 年的妻子在曼哈頓生活與工作。我們遵守規則，也繳納應負擔的份額。Vornado 今年將支付 5.6 億美元的不動產稅，我很確定這名列前三。而這還不包括我本人以及我們 Vornado 大家庭所繳給紐約市與紐約州的個人所得稅。

We work our asses off, and we are not (inaudible). We are very proud of our lifetime of achievements. We are the company that is investing billions to transform the PENN district. New York is a union town, and we are a union shop, employing thousands of hard-working New Yorkers in our buildings and on our construction sites. The ugly unnecessary video stunt is personal to Ken and sort of personal to me too.

我們拼命工作，且我們不是(聽不清)。我們對一生的成就感到非常自豪。我們這家公司正在投資數十億美元改造 PENN 區。紐約是一座工會城市，而我們是工會雇主，在我們的建築與工地上雇用數以千計勤奮工作的紐約人。那支醜陋且毫無必要的影片噱頭，對 Ken 是私人層面的事，對我而言也多少有點私人。

You see Vornado and I as the developers of both 220 Central Park South Residential building and the 350 Park Avenue Citadel Tower. We are all shocked that are young Mayor would pull this stunt in front of Ken's home and single him out for ridicule.

你看，Vornado 和我同時是 220 Central Park South 住宅大樓以及 350 Park Avenue Citadel 大樓的開發商。我們都很震驚，年輕的市長竟會在 Ken 家門前搞這種噱頭，還把他單獨拎出來嘲弄。

This was both irresponsible and dangerous. As I said, Vornado was the owner of the 65-year-old building on the Park Avenue (inaudible) front that will be raised to make way for the Citadel New York (inaudible) tower, which will employ thousands further cement in New York at the financial capital of the world, that pay significant taxes and on and on. This building is being designed by the same enforcer and partner architectural team that designed JPMorgan Chase's new headquarters down the block.

這既不負責任，也很危險。如我所說，Vornado 擁有 Park Avenue（聽不清）臨街的一棟 65 年樓齡建築，該建築將被拆除以興建 Citadel 紐約（聽不清）大樓；該大樓將雇用數以千計的人，進一步鞏固紐約作為世界金融之都的地位，並繳納可觀稅收，等等。這棟大樓由同一個建築團隊設計——該團隊也設計了街區下方 JPMorgan Chase 的新總部。

This is now the if-we-move-forward project. Now a project of this scale takes years, and we have already worked with two prior city administrations, both of whom have recognized the benefits and have been enthusiastically welcoming and supporting as evidenced by the rare unanimous [ULIP] approval for this project. Demolition began literally days ago, and we at Vornado are ready to go.

這現在成了「如果我們繼續推進」的專案。如此規模的專案需要多年時間，我們已與前兩屆市府合作，而他們都認可其效益，並熱情歡迎與支持——這從本專案罕見地獲得一致的 [ULIP] 核准可見一斑。拆除工程就在幾天前才剛開始，而我們 Vornado 已準備就緒。

I must say that I consider the phrase, tax the rich, was spit out with anger and intent by politicians, both here and across the country to be just as hateful at some discussing racial slurs and even the phrase, from the river to the sea. What these (inaudible) calls seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers. But the rich home the politicians are targeting, started (inaudible) on the epitome of the American dream. They are our largest employers and largest philanthropist, and it is the 1% that made 50% of New York income taxes. They are at the top of the great American economic pyramid for a reason.

我必須說，我認為「向富人課稅」這句話，被本地及全國各地的政治人物帶著憤怒與意圖吐出來，其仇恨程度不亞於某些令人作嘔的種族辱罵，甚至不亞於「從河到海」這句話。這些（聽不清）的口號似乎在說：富人是邪惡的、是敵人、是目標，或甚至只是冤大頭。但那些政治人物鎖定的富人，是（聽不清）美國夢的典範。他們是我們最大的雇主與最大的慈善捐助者，而那 1% 的人貢獻了紐約 50% 的所得稅。他們之所以位居美國經濟金字塔頂端，是有原因的。

They should be praised and thank. Ken, our partner and friend, is the best of the best.

他們應該被讚揚並被感謝。Ken——我們的夥伴與朋友——是最頂尖中的最頂尖。

So where are we now? As we discussed last quarter, Ken exercise this option to enter our development joint venture and build a new 1.9 million square foot tower with Citadel as the anchor tenant. We have until the middle of July to decide whether to participate with Ken in the venture or to sell there. It's a good bet that we will go all in.

那麼我們現在到哪一步了？如同我們上季所討論的，Ken 已行使該選擇權，加入我們的開發合資案，興建一棟 190 萬平方英尺的新大樓，並由 Citadel 擔任主力承租戶。我們必須在 7 月中旬前決定：是與 Ken 一起參與該合資案，或是出售我們的權益。很有可能我們會全力投入。

This fund cannot be amended by a short-term insincere private apology. What I beg my Mayor to do is to begin every day being business welcoming and business friendly as his first priority. That's the only way to get the growth and financial way that will accomplish these programs, some of which I must say are interesting and balance, both with safety schools, child care, clean streets, housing affordability, homeless programs, et cetera.

這種傷害不是靠一個短期、缺乏誠意的私下道歉就能修補的。我懇求我的市長每天一開始就把「歡迎企業、對企業友善」作為第一優先。這是取得成長與財政出路、以推動這些計畫的唯一方式；其中有些我必須說相當有意思且更為平衡，涵蓋治安、學校、托育、乾淨街道、住房可負擔性、遊民方案等等。

The election is over and now is the time for hard work and management not show boating. New York is an enormous enterprise with a city budget of $120 billion and a state budget of $250 billion. If there is a $5 billion or $10 billion budget shortfall shortly, that can be found -- that money can be found by managing rather than by taxing. It is interesting to note that high tax New York spends more than double per capita that low tax or no tax Florida or Texas.

選舉已經結束，現在是踏實工作與管理的時候，而不是作秀。紐約是一個龐大的事業體：市府預算 1,200 億美元，州政府預算 2,500 億美元。如果不久後出現 50 億或 100 億美元的預算缺口——那筆錢可以透過管理找到，而不是透過加稅。值得注意的是，高稅負的紐約人均支出超過低稅或無稅的佛羅里達或德州兩倍以上。

There is a lesson here. Maybe something good can come out of this blunder. Maybe we can draft tend to become active and lead an effort to educate New York voters and to elect right-minded candidates. Ken can do it. He's the one who could galvanize the entire business community.

這裡有個教訓。也許這次失誤能帶來一些好事。也許我們可以起草並傾向於變得更積極，帶頭推動一項行動，去教育紐約選民並選出理念正確的候選人。Ken 做得到。他是那個能夠凝聚整個商界的人。

Here is an interesting fact for us. The members of the partners in to New York City alone deploy 1 million voters. Hundreds of our business leaders with Lion up to support Ken, I would be first in that line.

這裡有一個對我們而言很有意思的事實。僅在紐約市，合夥人中的成員就能動員 100 萬名選民。數百位我們的商界領袖會排隊支持 Ken，而我會是隊伍中的第一個。

I was taught and I believe that -- I believe in America, where after an election, all slides get behind us and support the winning candidate for the greater good. Our Mayor is young, smart and energetic. With a little tweak and a little tweak there, his leadership could make this great city even greater.

我被教導、我也相信——我相信在美國，選舉結束後，所有人都會把分歧拋在腦後，為了更大的利益而支持勝選者。我們的市長年輕、聰明且充滿活力。只要這裡微調一下、那裡微調一下，他的領導就能讓這座偉大的城市更加偉大。

He will learn over time that growing the tax base is a winner, and raising taxes is a loser. I will say it again, he will learn over time that a growing tax base is a winner, and raising taxes is a loser. And that's a hard-working 1% are allies, not enemies, but learn from them this mistake and move upward.

他會隨著時間明白，擴大稅基是贏家，提高稅負是輸家。我再說一次，他會隨著時間明白，擴大稅基是贏家，提高稅負是輸家。而且，那些努力工作的 1% 是盟友，不是敵人；要從這個錯誤中學習並向上提升。

Turning to Vornado. We now have a lineup of assets and in-process projects, which I am confident will deliver the highest growth in our industry. Executing on all this is now our singular focus.

回到 Vornado。我們目前擁有一系列資產與進行中的專案，我有信心這些將帶來本產業最高的成長。把這一切執行到位，現在是我們唯一的重點。

In this year, 2026, we will complete the heavy lifting of leasing at PENN 1 and PENN 2, as Michael and Tom have already been saying quarter after quarter, our published numbers will reflect all this by the end of 2026 and going into 2027.

在今年，也就是 2026 年，我們將完成 PENN 1 與 PENN 2 招租工作的主要艱鉅任務；正如 Michael 和 Tom 一季又一季所說，我們公布的數字將在 2026 年底、並延續到 2027 年反映出這一切。

As part of our focus on enhancing our portfolio and making great deals, we announced last week the acquisition of a 49% interest in Park [and] Plaza a 1.2 million square foot Class A office building along the prime stretch of Park Avenue. This asset is directly across the street from our 350 Park Avenue project. The building is 99% occupied by blue-chip tenants with an 11-year weighted average lease term and rented a 40% to 50% below market. Prime Park Avenue AAA assets rarely trade, and we believe we made an excellent purchase. We're buying the asset at $950 per square foot, which is 65% to 70% discount to replacement cost.

作為我們專注於提升投資組合並做出好交易的一部分，我們上週宣布收購 Park [and] Plaza 49% 的權益；該物業為位於 Park Avenue 黃金路段、面積 120 萬平方英尺的 A 級辦公大樓。該資產就在我們 350 Park Avenue 專案的正對面。該大樓 99% 出租給一流藍籌租戶，加權平均租約年期為 11 年，且租金較市價低 40% 至 50%。Park Avenue 的頂級 AAA 資產很少成交，我們相信我們做了一筆非常出色的收購。我們以每平方英尺 950 美元買入該資產，較重置成本折讓 65% 至 70%。

And we are inheriting a fixed rate -- a sub-3% loan through 2031 to leverage off an enhanced return. We expect the transaction to be approximately $0.10 accretive in on a full year basis in the first year.

而且我們承接了一筆固定利率——低於 3% 的貸款，期限到 2031 年，以槓桿放大提升後的報酬。我們預期該交易在第一年以全年基礎計算，約可增厚每股 $0.10。

We are happy to be partnering with the Fisher family who owned other 51% of the assets. We have a long relationship with the Fisher family. They are first-class operator who think much like we do. With Park Avenue Plaza, our recent acquisition of 623 Fifth Avenue and the pending development of 350 Park Avenue, we will be adding (inaudible) 2 million square feet at share of the very highest quality prime asset (inaudible) portfolio. at very accretive economics.

我們很高興能與持有其餘 51% 資產的 Fisher 家族合作。我們與 Fisher 家族有長期合作關係。他們是一流的營運方，思維方式與我們非常相近。透過 Park Avenue Plaza、我們近期收購的 623 Fifth Avenue，以及即將開發的 350 Park Avenue，我們將在我們的投資組合中新增（聽不清）200 萬平方英尺、屬於最高品質的核心優質資產（聽不清），且在經濟效益上具有高度增厚性。

Speaking of 623 Fifth Avenue, our 383,000 square foot assets, which we are redeveloping to be the premier boutique office building in [Baha]. We are far along in our design and planning. We are receiving outstanding reaction from the market and already have active tenant interest at or above our underuse.

談到 623 Fifth Avenue，我們的 383,000 平方英尺資產，我們正在進行重建開發，使其成為[Baha] 的頂級精品辦公大樓。我們在設計與規劃方面已進展甚多。市場反應非常出色，且已經有積極的租戶興趣，租金達到或高於我們的預期。

Demand for our retail assets is robust and accelerated. We have a handful of assets for sale in the market. I covered share buybacks in my recently posted shareholders ever. To date, under our $200 million share buyback program, we have repurchased 7 million common shares at an average of $25.80 per share totaling $180 million. Last week, our board authorized an additional $300 million buyback program.

我們的零售資產需求強勁且正在加速。我們有少數資產正在市場上出售。我在最近發布的致股東信中談到了股票回購。截至目前，在我們 2 億美元的股票回購計畫下，我們已以每股平均 25.80 美元回購 700 萬股普通股，合計 1.8 億美元。上週，我們董事會核准額外 3 億美元的回購計畫。

Now to Michael.

現在交給 Michael。

Thank you, Steve, and good morning, everyone. First quarter comparable FFO was $0.52 per share compared to $0.63 per share for last year's first quarter. This decrease is consistent with our comments from the prior quarters is primarily due to the reversal of previously accrued PENN 1 ground rent expense in the prior year's first quarter to higher net interest expense, partially offset by higher FFO resulting from the execution of the NYU master lease at 770 in the prior year. and strong income growth at PENN 1 and PENN 2. We have provided a quarter-over-quarter bridge on Page 2 of our earnings release and on page 6 of our financials.

謝謝你，Steve，各位早安。第一季可比 FFO 為每股 0.52 美元，去年第一季為每股 0.63 美元。這一下降與我們前幾季的評論一致，主要原因是去年第一季沖回先前已計提的 PENN 1 地租費用、以及淨利息費用上升；部分被去年執行 770 的 NYU 主租約所帶來的較高 FFO，以及 PENN 1 與 PENN 2 強勁的收入成長所抵銷。我們在新聞稿第 2 頁以及財務資料第 6 頁提供了按季變動的橋接分析。

. We now expect full year 2026 comparable FFO to be slightly higher than 2025, ramping up each quarter due to GAAP rents coming online, lower interest expense after June 2026 bonds are repaid and some seasonality relating to our sites.

。我們目前預期 2026 全年可比 FFO 將略高於 2025，並將隨著 GAAP 租金逐步入帳、在 2026 年 6 月債券償還後利息費用下降，以及與我們場址相關的季節性因素，而在每一季逐步走高。

As previously indicated, we expect there to be significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease-up takes effect as well as the positive impact of the recent acquisition of Park Avenue Plaza.

如先前所述，我們預期 2027 年獲利將顯著成長，因為 PENN 1 與 PENN 2 的招租完成所帶來的正面影響將開始顯現，同時也將反映近期收購 Park Avenue Plaza 的正面影響。

Turning to leasing. The Manhattan office market is head and shoulders the best in the country and is off to its strongest start to a year in over a decade. Manhattan leasing volume reached nearly 12 million square feet, the highest first quarter level since 2014. There is a significant supply-demand imbalance in the $180 million Class A better building market in which we compete, as the availability rate in the prime submarkets in Midtown and the West side has tightened significantly, and there's a little new supply coming for the foreseeable future given the significant cost and duration to build. This is all resulting in tenants competing for space and rents rising aggressively.

接著談招租。曼哈頓辦公市場明顯是全美最佳，並且正迎來十多年來最強勁的一年開局。曼哈頓租賃量接近 1,200 萬平方英尺，為 2014 年以來最高的第一季水準。在我們競爭的 1.8 億美元 A 級優質大樓市場中，供需失衡相當明顯；中城與西側的核心子市場可供率已大幅收緊，且鑑於建造成本與工期都很高，在可預見的未來新增供給不多。這些因素使租戶競逐空間，租金快速上升。

The landlords market we have been long predicting is very much here.

我們長期預測的房東市場，現在確實已經到來。

While the macro environment we offer today operate in today, has gotten even more complicated in our last call. And the geopolitical volatility is as high as we've seen in some time. The US economy just continues to chug along as it does in New York. While there is a risk of the Middle East conflict last much longer and has a greater economic impact, to date, we have not seen any change in (inaudible).

雖然我們今天所處的總體環境，相較於上次電話會議變得更加複雜。地緣政治波動也達到我們一段時間以來所見的高點。美國經濟仍持續穩健運轉，紐約也是如此。雖然中東衝突可能持續更久並帶來更大的經濟影響存在風險，但截至目前，我們尚未看到(聽不清)。

Moreover, while there has been a lot of AI fear monitoring out there, and while we are respectful to risk, we believe it is overblown. Over the past 50 years, office-using jobs have continually evolve based on new technologies. From the computer revolution of the 1980s and personal computers and water processes were introduced to the 2000s and the Internet transform workflows and the way we communicate and now with AI improving efficiencies and increasing productivity. In every example, office-using jobs were not reduced, but they shifted from clerical based functions to knowledge-based rules. And each new revolution spurred productivity and economic growth with new businesses and net positive jobs created.

此外，儘管外界對 AI 有很多恐懼與擔憂，且我們也尊重風險，但我們認為這被誇大了。過去 50 年來，使用辦公室的工作一直隨著新技術而持續演進。從 1980 年代的電腦革命與個人電腦，到 2000 年代引入（聽不清）的流程與網際網路改變工作流程與溝通方式，而如今 AI 提升效率並提高生產力。在每個例子中，使用辦公室的工作並未減少，而是從以文書為主的職能轉向以知識為基礎的角色。而每一次新革命都促進了生產力與經濟成長，催生新企業並創造淨新增就業。

There will be winners and losers by industry, a job function and by geography. But make no mistake, New York and San Francisco will be winners as the intellectual and innovation capitals of the country, where talent will continue to aggregate and in the best buildings.

按產業、職能以及地理位置來看，都會有贏家與輸家。但千萬別搞錯：紐約與舊金山將成為贏家，作為全國的智識與創新之都，人才將持續聚集，並進駐最好的大樓。

At Vornado, we are coming off our second best leasing year in our company's history, where we leased 3.7 million square feet with 960,000 square feet of New York office in the fourth quarter. Business continues to be very good, and the momentum from last year has continued during the first quarter of 2026.

在Vornado，我們剛結束公司史上第二好的租賃年度：全年租出370萬平方英尺，其中第四季在紐約辦公室租出96萬平方英尺。業務表現依然非常好，去年的動能也延續到2026年第一季。

In the first quarter, we released 426,000 square feet of office space overall, including 311,000 square feet in New York. Our metrics were very strong. Average starting rents in Manhattan were $103 per square foot with mark-to-markets of positive 11.7% GAAP and positive 9.7% cash and an average lease term of nine years. Our New York office pipeline is robust and has over 1 million square feet of leases in negotiation in various stages of proposal.

第一季，我們整體辦公室空間再出租（re-leased）42.6萬平方英尺，其中紐約31.1萬平方英尺。我們的各項指標非常強勁。曼哈頓平均起租租金為每平方英尺103美元，按市價重估（mark-to-market）為GAAP口徑正向11.7%、現金口徑正向9.7%，平均租期為九年。我們紐約辦公室的洽談管線相當強勁，超過100萬平方英尺的租約正處於不同提案階段的談判中。

Turning to the capital markets. The financing markets continue to be strong and liquid for Class A New York office assets. though pricing has widened a bit given the current geopolitical environment. The investment sales market continues to heat up as well with a broadening set of buyers keenly focused on New York City. We are very active in the capital markets in the first quarter most of which we covered on the last call.

接著談資本市場。對於紐約A級辦公資產而言，融資市場仍然強勁且流動性充足，但在目前地緣政治環境下，定價利差略有擴大。投資買賣市場也持續升溫，買方群體更為多元，且高度聚焦紐約市。我們在第一季於資本市場非常活躍，其中大部分我們在上次電話會議已經說明。

Given we've dealt with almost all of our 2026 and 2027 purities, we don't have any significant financings we need to complete for the next 18 months. We do still have a few loans that we need to order through at lenders over the next two to three years.

鑑於我們已處理掉幾乎所有2026與2027年的到期事項，我們在未來18個月內沒有任何需要完成的重大融資。不過，未來兩到三年內，我們仍有少數貸款需要在放款機構端逐步推進完成。

Finally, our liquidity remains strong at $2.6 billion, which is comprised of cash of $1.2 billion and our undrawn credit lines of $1.4 billion.

最後，我們的流動性仍然強勁，為26億美元，其中包括12億美元現金以及14億美元未動用的信用額度。

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

接下來我把時間交給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Stephen Sakwa, Evercore ISI.

Stephen Sakwa，Evercore ISI。

Steve, thanks for your opening comments on the city and the administration. I guess maybe going to Michael's commentary on just the pipeline of the 1 million feet. I didn't know if Michael or Glen could maybe expound a little bit on how much of that is for upcoming lease expirations, how much of that is for kind of vacancy within the portfolio? And I guess most of that's probably in New York, but maybe discuss kind of the New York versus Chicago versus San Francisco demand trends.

Steve，謝謝你對城市與政府的開場評論。我想接著Michael提到的那個100萬平方英尺的租賃管線。我不確定Michael或Glen能否再多談一些：其中有多少是為了即將到期的租約續租，有多少是為了投資組合內的空置去填補？另外，我猜大多數應該在紐約，但也請談談紐約、芝加哥與舊金山的需求趨勢差異。

Stephen, it's Glen. So our pipeline is extremely well balanced of the 1 million feet. It's right down the middle, 50% new expansion, 50% renewal. The other thing I'll note is on renewals due to the lack of quality state available in the market, we're seeing many of our tenants coming to us early on renewals since they can't find quality alternatives, which is a key indicator of a rising landlord market.

Stephen，我是Glen。我們這100萬平方英尺的管線結構非常均衡。剛好各半：50%是新增擴租，50%是續租。另外我想補充的是，在續租方面，由於市場上缺乏高品質可供選擇的空間，我們看到許多租戶會提早來談續租，因為他們找不到高品質的替代方案；這是房東市場走強的一個關鍵指標。

As it relates to City to City, San Francisco is coming on very strong. While we have some vacancy, as you see from the first quarter numbers, we have tremendous activity on all the vacancy. Our deals in the Tower 555 are now north of $160 a foot. Volume in San Francisco overall is strengthening week-to-week. And certainly, everyone out there is doing a lot better and deals are happening in a very rhythmic pace.

就城市之間的比較而言，舊金山的表現正在非常明顯地轉強。雖然我們仍有一些空置，但從第一季數據可見，我們對所有空置空間都有非常大量的洽談活動。我們在Tower 555的成交租金現在已超過每平方英尺160美元。舊金山整體的成交量正逐週增強。而且可以肯定的是，市場上大家的狀況都好很多，交易正以非常有節奏的速度發生。

Chicago is starting to come on demand is improving. The deals are tough, but there are certainly tenants coming new to the market, and we're seeing a lot more foreign proposals coming at the mark as we go into the second quarter and into the summer.

芝加哥也開始回溫，需求正在改善。交易談判很不容易，但確實有新的租戶進入市場；而且隨著我們進入第二季與夏季，我們看到更多外部的提案在市場上出現。

Great. And then maybe just as a follow-up. We did notice that in terms of lease commencements, the Verizon lease kind of had a little bit of a change in status. And I'm just wondering if you could maybe talk about kind of what their, I guess, ultimate status is with the building? And did that lease kind of start earlier?

很好。再追問一下。我們注意到在租約起租（lease commencements）方面，Verizon那份租約的狀態似乎有些變化。我想請你談談他們在這棟大樓的最終狀態是什麼？那份租約是否提早開始？

And is that a benefit to the '26 earnings growth?

而這是否會對2026年的盈餘成長帶來助益？

Stephen, it's Tom Sanelli. I'll take the first part of it, and I guess, Glen, you could talk about the status. So (inaudible) Verizon told us they're not going to build out their space and they put them a sublet market, GAAP allows us to start revenue recognition early, so you'll see that flow through all of 2026. It started in the first quarter.

Stephen，我是Tom Sanelli。我先回答第一部分，至於狀態的部分，Glen你可以補充。所以（聽不清）Verizon告訴我們，他們不會進行其空間的裝修（build-out），並把該空間放到轉租市場；依GAAP規定，我們可以提早開始認列收入，因此你會看到這在整個2026年反映出來。它是在第一季開始的。

On the leasing front, the block of space is excellent. It's 200,000 feet and includes 30,000 feet of outdoor space. We're in a great position. We have a rise in public parent guarantee for the entire week to begin with great credit. We continue to show this pace as does Horizon. There's very good action. And whatever the outcome, Vornado in a great spot as it relates to that position.

就租賃而言，這一整塊空間非常優質。面積為20萬平方英尺，並包含3萬平方英尺的戶外空間。我們處於非常有利的位置。一開始我們就有整體租期的母公司公開擔保，信用非常好。我們持續帶看這個空間，Horizon也是如此。市場反應非常熱絡。無論最後結果如何，Vornado在這個位置上都處於非常好的狀態。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Steve, really appreciate your opening remarks and really provide a lot of clarity on how you're thinking about moving forward. But I wanted to ask you about your statement that you're all in at 350 Park. Are you all in even if Citadel would not commit to the building? And how should we think about the put option you have in July?

Steve，非常感謝你的開場發言，確實讓大家更清楚你對未來推進的思考方式。不過我想問你提到「你們在350 Park全力投入」這句話。即使Citadel不承諾進駐這棟大樓，你們也仍然全力投入嗎？另外，我們應該如何看待你們在7月的賣回選擇權（put option）？

I didn't hear the last part.

我沒聽清楚最後那一部分。

How should we think about -- how should we think about the put options as you said, John?

你說的賣回選擇權那部分——John，你是問我們應該怎麼看待它？

Yes, that's right. Is that something that you'll let pass? Or is that something that could be -- the day could be extended?

對，沒錯。那是你們會讓它到期不行使嗎？還是說那可能會——日期可能會延長？

The answer is that can exercise to go ahead. We have until the summer to decide whether we are a participant or a seller. And I expect that we will take all of that time, which is the smart and correct thing for us to do. There are still some documents and other details to be hired now. But my remarks that I say where I expect we will be all in, I do expect we will be all in, but that's not a legal commitment at this time yet.

答案是：我們可以選擇行使、繼續往前走。我們到夏天之前都有時間決定我們是參與方還是賣方。我預期我們會把這段時間用滿，這對我們而言是明智且正確的做法。目前仍有一些文件與其他細節需要處理。但我先前的發言是說我預期我們會全力投入；我確實預期我們會全力投入，但此刻尚未構成法律上的承諾。

And that's all in with or without Citadel's commitment?

那所謂全力投入，是不論Citadel是否承諾都一樣嗎？

No, the answer is -- the question is, is it all in regardless of whether Citadel is committed or not from a lease standpoint?

不，你的問題是——從租賃角度來看，是否不管Citadel是否承諾，我們都會全力投入？

Just -- Citadel has to be committed. They will be committed. So I mean, this whole deal is based upon the fact that (inaudible) will be the anchor tenant taking no less than 850,000 square feet, although we expect more. And [Ken Griffin] is the 60% partner, we are a 36% partner and the [Rudi] family is a 4% partner. That's the state of play.

Citadel必須承諾。他們會承諾的。所以我的意思是，整個交易都是建立在（聽不清）將作為主力租戶（anchor tenant），承租不少於85萬平方英尺的基礎上，雖然我們預期會更多。[Ken Griffin]是60%的合夥人，我們是36%的合夥人，[Rudi]家族是4%的合夥人。目前就是這樣的進展狀態。

This whole thing Ken has committed to start this whole thing will all come together and become very clear in the mid-summer.

Ken 承諾啟動的這整件事，將會在盛夏時節全部匯聚，並變得非常清楚。

Okay. And then I wanted to ask about the $200 million of signed leases not commenced figures that you provided last quarter. If there's an update to that figure in terms of dollar value timing? And if there's any offsets through known move-outs during that time frame?

好的。接著我想問一下你們上季提供的「已簽約但尚未起租」2億美元租約數字。就金額與時間點而言，這個數字是否有更新？以及在那段期間是否會因已知的搬離而有任何抵銷？

I would say the number is still in that general neighborhood. It's probably a touch larger today, but it's generally in the same ballpark. And I think in terms of thinking about it, probably 10% to 12% comes in per quarter over the next couple of years from a pacing standpoint, there are some offsets whether it's expiries, vacancies, et cetera. I think, Steve, on the last call sort of said from a modeling standpoint, assume $0.40 a share flow through to the bottom line. So we're going to stick with that for now, but that will give you a sense in terms of the pacing of that $200-ish million, and that started this first quarter.

我會說這個數字仍大致在那個區間。今天可能略大一些，但整體仍在同一個量級。而就思考方式而言，從節奏來看，未來幾年每季大概會有10%到12%進來；同時也會有一些抵銷因素，不論是到期、空置等等。我想 Steve 在上次電話會議上從建模角度提到，假設每股有0.40美元流入到最終盈餘。所以我們目前仍維持這個假設，但這能讓你對這筆約2億美元的進度節奏有概念，而這在第一季就已開始。

Floris Van Dijkum, Ladenburg.

Floris Van Dijkum，Ladenburg。

I appreciate some more color on that large [SNO] pipeline. Could you maybe just expand on that a little bit, what percentage of that [SNO] pipeline is in the PENN District. And how much of your -- does it include retail leases, you've done some leasing on Upper Fifth Avenue in particular. Maybe you could give us a little bit more color of the PENN District versus other areas in your portfolio?

我希望你們能就那個龐大的 [SNO] 管線提供更多細節。你能否再多展開說明一下，那個 [SNO] 管線中有多少比例位於 PENN District？以及其中包含多少你們的——是否包含零售租約？你們在 Upper Fifth Avenue 尤其做了一些出租。也許你可以再多提供一些關於 PENN District 相較於你們投資組合中其他區域的細節？

Floris. That number is pretty much all office. So I can't give you the retail number as we sit here right now. obviously, the lease with Meta is a big positive. And in terms of the $200 million in terms of PENN versus others, I would say it's probably 2/3 in it should not be imposing given the lease-up of PENN 2 and the balance in PENN 1.

Floris。那個數字幾乎全部都是辦公室。所以就目前而言，我無法提供零售的數字。顯然，與 Meta 的租約是一個很大的正面因素。至於那2億美元在 PENN 與其他區域的分布，我會說大概有2/3在其中——考量到 PENN 2 的去化，以及其餘在 PENN 1，這應該不會令人意外。

And maybe my follow-up question, as it relates to your Park Avenue Plaza acquisition, I mean, what caused that deal to happen? Why did the Fisher Brothers, I guess, sell out? It looks like it's like a 6%, 7% yield on cost, if I'm not mistaken, to get to the $0.10 accretion, that seems pretty attractive. Is that a cash yield or is that a GAAP yield? And how much of a mark-to-market -- how much more growth in terms of earnings do you expect to get from that property going forward?

那我的追問是，關於你們收購 Park Avenue Plaza，我是說，是什麼促成這筆交易？為什麼 Fisher Brothers 會選擇出售（我想是退出）？如果我沒看錯，為了達到每股0.10美元的增益，成本收益率看起來大概有6%、7%，相當吸引人。那是現金收益率還是 GAAP 收益率？另外，關於按市價重估——就未來而言，你預期該物業在盈餘成長方面還能帶來多少增長？

I can remember everything you asked here, Floris. Look, we're thrilled about the acquisitions. These types of assets don't trade very often on Park Avenue. It's certainly one of the best assets on Park Avenue.

Floris，你問的我都記得。你看，我們對這次收購非常興奮。這類資產在 Park Avenue 並不常交易。它確實是 Park Avenue 上最好的資產之一。

And in terms of the yields on a cash basis, given the in-place debt, it's roughly 8% on a GAAP basis, it's well in the double digits.

就現金基礎的收益率而言，考量既有債務，約為8%；以 GAAP 基礎來看，則是遠在兩位數以上。

And as Steve said in his remarks, rents are well below market here, probably at least $50 a foot below market. So over time, things are not static. There's action with tenants, we'll capture that and that's without rents growing. So if rents go further, that gap should widen. So we're excited.

而且如 Steve 在談話中所說，這裡的租金明顯低於市場，可能至少每平方英尺低50美元。所以隨著時間推進，情況不會是靜止的。我們會與租戶互動並把握機會，這還是在租金不成長的情況下。如果租金再上升，這個差距應該會擴大。所以我們很興奮。

The Fishers did not sell out. They remain -- they still hold their 51%. And I think their track record of performance on the asset is stellar. It's a blue-chip set of tenants, at least long term. They're quite effective at signing long-term leases with high-quality tenants and that's reflected in this asset.

Fisher 家族並沒有退出。他們仍然——仍持有51%。而且我認為他們在該資產上的績效紀錄非常出色。租戶組合是藍籌等級，至少從長期來看是如此。他們非常擅長與高品質租戶簽訂長期租約，這也反映在這項資產上。

And the tenants, some of which we spoke to about their experience, couldn't have raved anymore about the quality of the asset, and they have grown over time there. We're excited about the asset. We think there's tremendous value to be created over time. And so I think I addressed all your comments, questions.

而且我們也與部分租戶談過他們的使用體驗，他們對資產品質的讚譽再多也不為過，並且他們在那裡的規模也隨時間成長。我們對這項資產感到興奮。我們認為隨著時間推進，能創造非常可觀的價值。所以我想我已回應你所有的評論與問題。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Steve, yes, echoing I appreciate your comments upfront, just crazy. But thank you for your statements. Michael, just following up on Floris' question. The two items in the '26 guidance. One, the $0.10 accretion for Park Avenue, was that the GAAP impact or that's the cash just as we think about FFO?

Steve，是的，我也呼應你一開始的評論，真的很瘋狂。但謝謝你的發言。Michael，我想接續 Floris 的問題。在你們2026年指引裡有兩個項目。第一，Park Avenue 的每股0.10美元增益，這是 GAAP 的影響，還是就我們思考 FFO 而言的現金影響？

And then the second part of that guidance question is, there was an item about the master lease changing at 350 and just want to know how that impacts the earnings for this year. That's my first question.

然後關於那個指引問題的第二部分，有一項提到 350 的主租約變更，我想了解這會如何影響今年的盈餘。這是我的第一個問題。

Park Avenue Plaza the $0.10 is a full year run rate. So obviously, we're not going to have that for '26. That's a GAAP number. And on the 350, the change there was done given Citadel wanted to kick off the development. They want to vacate.

Park Avenue Plaza 的0.10美元是全年運行率（full year run rate）。所以很明顯，我們在2026年不會有完整的0.10美元。那是一個 GAAP 數字。至於 350，那次變更是因為 Citadel 想要啟動開發。他們想要搬離。

We couldn't start demolition without defusing the old CMBS loan. And so that along with the fees as you saw in our Q, the master lease was modified, there were a number of changes made in the documents. And so that was a negative to '26 earnings, which when we talked about it given our comments.

在解除舊的 CMBS 貸款之前，我們無法開始拆除。因此，連同你在我們季度報告中看到的費用，主租約被修改，文件中做了多項變更。因此這對2026年的盈餘是負面影響，我們在先前評論中也有提到。

Alex, the deal always contemplated that when Citadel vacated the building so that the building would be demolished that the rent would be reduced.

Alex，這筆交易一開始就已設想：當 Citadel 搬離該大樓、以便大樓被拆除時，租金將會下調。

Or even go away.

甚至可能直接取消。

The earnings sting by that reduction, much of it will be made up by capitalizing interest, et cetera. So while the earnings what exactly is going to happen.

因租金下調造成的盈餘刺痛，其中很大一部分會透過利息資本化等方式彌補。所以就盈餘而言，究竟會發生什麼——

So in 2026, for the next few months until we decide whether we're going into the JV, there's a wash. There's no earnings coming out of 350. Once we make that decision, assuming we go into the JV, we're going to start capitalizing interest in cost. We start seeing --

所以在2026年，接下來幾個月直到我們決定是否進入合資（JV）之前，基本上是打平。350 不會產生盈餘。一旦我們做出決定，假設我們進入 JV，我們就會開始將利息與成本資本化。我們開始看到--

Will that equal or exceed or be less than the (inaudible) at?

那會等於、超過，還是低於（聽不清）？

Initially be a little less and then eventually over '27, '28, '29, basically equates to what we were getting.

一開始會稍微低一些，然後最終在2027、2028、2029年，基本上會等同於我們原本拿到的水準。

Like for five or six months, there's a negative thing given the master lease. But again, that's previously communicated out. Does that satisfy you, Alex?

大概有五到六個月，因為主租約的關係會有負面影響。但同樣地，這之前已經對外溝通過。Alex，這樣有回答到你的問題嗎？

That's awesome. Second question, Steve, is big picture. With regard to Citadel and the whole attention with the Mayor, back in 2019, Amazon wanted to open in Queens, they were a bust. But I don't recall this amount of instant negativity in political nervousness today, it's clearly escalated a lot quicker. What do you think has changed?

太好了。第二個問題，Steve，是從大局來看。關於 Citadel 以及與市長之間的整個關注焦點，回到2019年，Amazon 想在 Queens 設點，最後告吹。但我不記得當時有像今天這樣即時、強烈的負面反應與政治上的緊張不安，顯然這次升溫得快很多。你覺得改變了什麼？

I mean certainly, politics have become more left, more progressive here. But why do you think can this time the politicians seem to be much more eager to make this everyone be happy versus Amazon, the city and the state seemed happy it wasn't even a ripple when Amazon walked from Queens, it doesn't seem that. What's the difference now versus then?

我的意思是，當然，這裡的政治確實變得更左、更進步了。但你為什麼認為這一次政客似乎更急於讓每個人都滿意？相較之下，當年亞馬遜從皇后區撤出時，市政府和州政府似乎反而很高興，幾乎連一點漣漪都沒有，現在看起來不是那樣。現在和當時有什麼不同？

Yes, I don't know. But you're correct that the body politic doesn't seem to have any remorse about losing Amazon. On the other hand, the body politics thinks that the civil team is important and an enormous contributor and there is a significant feeling amongst the political leadership and the business leadership that this was a mistake which I described as a blunder and this is something that should be repaired. And we'll see where it goes.

是的，我也不知道。但你說得對，政治體系看起來對失去亞馬遜並沒有任何懊悔。另一方面，政治體系認為這個市政團隊很重要、貢獻巨大，而且在政治領導層與商界領導層之間有相當強烈的感受：這是一個錯誤——我把它形容為一次失策——而且這是應該被修補的事情。我們就看看接下來會怎麼發展。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Michael, I think you mentioned that pricing has widened given some capital markets volatility associated with the Warner on. Curious if you can just provide more color on that. And then maybe if you can sort of flavor in some commentary around, I think, last quarter, you guys mentioned looking to put assets in the market. Just sort of any sort of color you can provide on sort of how that -- those processes are going?

Michael，我想你提到，因為與 Warner 相關的一些資本市場波動，定價利差已經擴大。想請你再多補充一些細節。另外，也許你可以順帶談談：我記得上季你們提到想把一些資產推向市場。能否分享一下目前這些流程的進展情況？

On the financing markets, financing markets were incredibly strong in the last year, beginning of this year as tight as spreads as we have seen in some time. Given the volatility, it's back off a little bit, like there's still depth in the market. Deals still can get done, particularly for high-quality assets.

就融資市場而言，去年以及今年年初融資市場非常強勁，利差緊到幾乎是我們一段時間以來所見的最低水準。在波動之下，確實稍微回落了一點，但市場深度仍在。交易仍然可以完成，特別是對於高品質資產。

I wouldn't call it a huge impact, but the reality is, look, treasuries are probably up 30 basis points or so, and spreads have widened out a little bit. So that makes the borrowing costs a little wider, but not wildly different. Just -- this is still a very functioning marketplace for high-quality assets, but off maybe 40, 50 basis points. I'm glad we did what we did when we did it. So we're not really dealing in today's markets, but again, you can get deals done.

我不會說影響很大，但現實是，你看，美國公債殖利率大概上升了30個基點左右，利差也稍微擴大了一點。所以借款成本變得稍微高一些，但並沒有大幅不同。簡單說——對高品質資產而言，這仍然是一個運作良好的市場，只是可能比之前高了大約40到50個基點。我很高興我們在當時做了我們做的事。所以我們其實不太需要在今天的市場環境下操作，但再說一次，交易還是做得成。

On the asset sales side, where -- I think Steve referenced, we're working on some asset sales. And that is true. And when we have some rate of announce, we'll announce. But the answer is, we got a few things that are meaningful in the pipeline. We're in active discussions with potential buyers.

至於資產出售方面——我想 Steve 提到過，我們正在推進一些資產出售。這是真的。等到有可以宣布的時點，我們就會宣布。但答案是，我們的管線裡有幾個相當有份量的項目。我們正與潛在買家進行積極洽談。

I would say the interest in New York City. As I said in my remarks, continues to expand in terms of the type of buyer. I think there is consensus on New York being head and shoulders best market. Assets are -- rents are rising assets at a discount or placement cost, it's a recognition, there's not a lot of supply coming. And so I think Global Capital has a lot of comfort in it.

我會說，對紐約市的興趣——正如我在發言中提到的——就買家類型而言仍在持續擴大。我認為市場對於「紐約是遠遠最好的市場」已有共識。資產——租金正在上升，而資產價格相對於重置成本仍有折價；大家也認知到新增供給不多。因此我認為全球資本對此相當有信心。

I think one of the things we're hearing from capital sources around the world is the US remains the safest, most liquid market, particularly given everything going on around the world. And I think you're going to continue to see capital M&A from other parts of the world to come into the US, I mean, New York City is going to get a heavily disproportionate share of that. So that's what we're seeing. And when we have specifics to announce, we'll announce it, but we're encouraged by what we're working on.

我認為我們從全球各地的資金來源聽到的一點是：美國仍然是最安全、流動性最高的市場，尤其是在全球局勢如此動盪的情況下。我想你會持續看到來自世界其他地區的資本透過併購（M&A）進入美國；而紐約市將會獲得其中高度不成比例的一大部分。這就是我們所看到的。等我們有具體事項可以宣布時就會宣布，但我們對目前正在推進的事情感到鼓舞。

And then just on the rent growth piece, I think several quarters ago, I asked 20%, 25% rent growth if you saw that over the next five years, what were your thoughts to be on that, Steve, I think you mentioned like while that's good, that would be disappointing given everything you're seeing on the supply and demand imbalance, especially for high-quality office. I mean can you guys just talk about how far rent growth could go in your mind? And has your thoughts around that cumulative rent growth that you changed at all?

另外關於租金成長，我記得幾季前我問過：如果未來五年租金累計成長20%、25%，你們怎麼看？Steve，我想你當時提到，雖然那不錯，但以你們看到的供需失衡情況——尤其是高品質辦公——那樣其實會令人失望。你們能否談談，在你們的想法中，租金成長可能會走到多高？以及你們對於那個累計租金成長的看法有沒有任何改變？

I think we'd still be disappointed in that, Dylan. Look, as I think we've said in the last couple of calls, right, the backdrop for of is as favorable as it's been in a long, long time. And it's very difficult to add supply here, which at some point, we're going to meet. So there's going to be a building a year maybe as we get into the next decade. But that's very little.

我想我們仍然會對那樣的數字感到失望，Dylan。你看，正如我們在最近幾次電話會議中所說，整體背景環境是很久很久以來最有利的一次。而且在這裡要增加供給非常困難，這在某個時間點會反映出來。所以也許等到進入下一個十年，每年可能才會有一棟新大樓。但那真的非常少。

At the same time, we have supply coming out of the bottom end of the market.

同時，我們也看到供給正在從市場的低端退出。

So the fundamentals are great companies, as we've said, continue to want to grow here. We're seeing still significant activity from the financial service sector, law firms, accounting firms, frankly, AI has picked up more recently. So I think all that results in rents continue to rise. So I don't know that it makes sense to give you a prediction, but we'd be disappointed at 25% over a I don't know if you want to add any comments on what you're seeing from --

所以基本面很強：如我們所說，企業仍然想在這裡擴張。我們仍看到金融服務業、律師事務所、會計師事務所的活動相當顯著；坦白說，AI 近期也更活躍了。因此我認為這些都會使租金持續上升。所以我不確定給你一個預測是否有意義，但如果五年累計只有25%，我們會感到失望——我不知道你是否想補充你所看到的--

I mean, look, a tenant, rent sensitivity is not even high on the list right now, tenants want to be in the best buildings with the best landlords. And if you think about our leasing performance, $100 a foot become a norm for us, because of the quality of our product. When over the PENN (inaudible), our average starting rent is $100 a foot, that's a great trend. So as we go on here and the way we're shaping the portfolio, with the addition of 623 Park Avenue plus of the New 350 Park. And we think rents are going to continue to spike.

我的意思是，你看，租戶對租金的敏感度現在甚至排不上前幾項，租戶想要的是最好的大樓、最好的房東。而且如果你看看我們的租賃表現，每平方英尺100美元對我們來說已成為常態，因為我們產品的品質。在 PENN（聽不清）那邊，我們的平均起始租金是每平方英尺100美元，這是一個很好的趨勢。所以隨著我們繼續推進，以及我們塑造投資組合的方式——加入 623 Park Avenue，再加上新的 350 Park。我們認為租金將會持續飆升。

And the way we're balanced on the west side and on Park Avenue, and we're really excited about that. We think we're in a perfect position for what's to come on rents and tenant demand.

而且我們在西側與 Park Avenue 的配置很均衡，對此我們非常興奮。我們認為，面對未來的租金與租戶需求，我們正處於完美的位置。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on the strong start to the year. Michael, I appreciate your comments on the 2026 FFO now expected to exceed [$25 million] just curious if that's primarily from the Park Avenue Plaza closing in 2Q or also from 1Q being slightly ahead and carrying throughout the year?

恭喜今年開局強勁。Michael，我很感謝你對 2026 年 FFO 現在預期將超過 [$25 million] 的評論；想請教這主要是來自 Park Avenue Plaza 在第二季完成交割，還是也因為第一季略優於預期並在全年延續？

I'd say it's the latter.

我會說是後者。

Great. And then maybe on 555 California, if you could give some update on kind of demand, leasing and rents there? And are AI tenants becoming a bigger part of the pipeline there and in the New York pipeline as well.

了解。那再問一下 555 California，你能否更新一下那邊的需求、租賃與租金情況？以及 AI 租戶是否正在成為那邊、以及紐約管線中更大的一部分？

So rents in San Francisco are rising a lot. As I said earlier, our rent in the tower have now gone north of $160 a foot, for substantial leases, 50,000 feet and great are not small deals. So we are leading the market by far at 555 [Cal]. We're also seeing a lot of really good activity at 315 Montgomery in the campus, with more technology, AI type tenants. So certainly, that activity we're seeing at our projects that are complex as well.

所以舊金山的租金正在大幅上升。如我先前所說，我們在那棟大樓的租金現在已經超過每平方英尺160美元，且是針對較大面積的租約——5萬平方英尺——而且是很好的交易，不是小案子。因此在 555 [Cal]，我們遠遠領先市場。我們也在園區內的 315 Montgomery 看到很多非常好的活動，更多是科技、AI 類型的租戶。所以當然，我們也在我們較複合型的專案上看到這些活動。

But other than tech and AI, Financial services is growing in San Francisco, something we've kept a very keen eye on as well as law firms. So it is in just AI, although it's helping a lot as the city improves, but the other industry sectors are really coming on strong. And the city overall feels great. I was out there a few months ago, walking the streets, meeting with people. It's really feeling good out there, and people are already positive again in San Francisco.

但除了科技與 AI 之外，舊金山的金融服務業也在成長，我們也一直非常密切關注，律師事務所也是如此。所以不只是 AI，雖然它在城市改善的過程中幫了很大的忙，但其他產業部門也確實正在強勢回溫。而整個城市的感覺都很棒。我幾個月前去那裡，走在街上，和人們見面。那邊真的感覺很好，而且舊金山的人們已經再次變得正向。

Anthony Paolone, J.P. Morgan.

Anthony Paolone，摩根大通。

You talked about having some assets out in the market for sale. But if we think about just whether it's 350, 54th Street and then Fifth Avenue, some of these projects that are going to be on the pipeline. How are you thinking about just your pro rata leverage level over the next couple of years and whether there's going to likely be a bigger disposition program or whether you think you'll just use project financing and take on a bit more leverage?

你提到有一些資產正在市場上出售。但如果我們只看像是 350、54 街，還有第五大道等一些即將進入開發管線的專案，你如何看待未來幾年按持股比例（pro rata）的槓桿水準？以及是否可能會有更大規模的處分計畫，或是你認為會主要使用專案融資並承擔一些更高的槓桿？

Tony, we've got the capital earmarked for all these opportunities in our cash forecast. We've got some asset sales in the works that -- like we obviously have a lot going on between these investments that we've made recently, 623, Park Avenue Plaza, the buybacks, some of the future developments. And I would say about the future development, something like the 350.

Tony，我們在現金預測中已為所有這些機會預留了資金。我們也正在推進一些資產出售——如你所知，我們最近的投資（623、Park Avenue Plaza）、庫藏股回購，以及一些未來開發之間，確實有很多事情同時在進行。至於未來開發，我會說像 350 這類專案。

The bulk of our equity is coming from our land contribution, right? So any incremental capital is really not required from Vornado for probably close to three years. So we've got ample time to plan for that and so forth. So when you look at our sort of capital needs, if you will, over the next few years, it's fairly well laddered. But at the same time, as we execute hopefully, on some of these asset sales, that's going to give us some additional firepower, frankly, beyond just we're talking about in term of these developments.

我們的股權大部分來自於我們的土地出資，對吧？因此，Vornado 可能在接近三年的時間內都不需要再投入任何額外資本。所以我們有充裕的時間來規劃等等。因此，當你看我們未來幾年的資本需求（如果你要這麼說），其實安排得相當有梯度、相當均衡。但同時，當我們希望能執行其中一些資產出售時，坦白說，這會帶來額外的火力，不僅僅是我們在談這些開發案所需的資金。

If you look at our history, with respect to capital planning, we have three or four things that we have historically done.

如果你看我們在資本規劃方面的歷史，我們過去通常會做三到四件事。

Number one, we generally hold $1 billion-plus cash balance. The second is that we almost always prefund well in advance of our capital needs. So for example, we loaded in, I don't know, $2 billion, $2.5 billion of capital two years before we started the PENN 1 and PENN 2 developments. So that notwithstanding the fact that the capital markets got a little bit rough and volatile when we were actually building, we have the capital on our balance sheet. So that's what you can look at for what we do.

第一，我們通常會維持 10 億美元以上的現金餘額。第二，我們幾乎總是會在資本需求發生前很久就先行預籌資金。例如，在我們開始 PENN 1 與 PENN 2 開發案前兩年，我們就先把大約 20 億到 25 億美元的資金放進來。因此，即便在我們實際施工時資本市場變得有點艱難且波動，我們的資產負債表上仍然有資金。所以你可以用這些來理解我們的做法。

The other thing is that we like to operate with lower rather than higher debt levels for the obvious reason. The last is that our philosophy is that we like nonrecourse project level debt as opposed to unsecured credit, which basically makes the entire corpus. I guess you could say personally liable, so we like nonrecourse project level debt, which is the majority of the way we finance our business.

另外一點是，基於顯而易見的原因，我們偏好以較低而非較高的負債水準來營運。最後，我們的理念是偏好專案層級的無追索權（nonrecourse）負債，而不是無擔保信用融資，後者基本上會讓整個資產組合——我想你可以說——承擔個人責任；因此我們喜歡專案層級的無追索權負債，而這也是我們為業務融資的主要方式。

Okay. Got it. And then just follow-up question on the leasing side. I think there's about 600,000 square feet in the fourth quarter that comes up. Is there anything larger in there that's a known vacate.

好的。了解。接著在租賃方面再追問一下。我想第四季大概有 60 萬平方英尺到期。其中是否有任何較大的、已知會退租的租戶？

I just can't remember if there's any big deals in that mix to watch out for?

我只是想不起來那一批裡面是否有什麼需要留意的大案子？

There is two larger tenants ties in the second half of this year, and we believe both will renew their leases. So we feel good about our exploration, and as you would expect, we're all over the '27, '28 expirations as well. But 26, we're pretty well taken care of. We feel good about what's going to happen.

今年下半年有兩個較大的租戶到期，我們相信兩者都會續租。所以我們對目前的洽談進展感覺良好；而且如你所預期，我們也已經全面著手處理 2027、2028 年到期的合約。但 2026 年的部分，我們基本上已經處理得差不多了。我們對接下來會發生的事情很有信心。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

I guess first one, given all the kind of activity you've had with all the PENN assets. Any update on Hotel PENN and PENN (inaudible) Mall in terms of users, monetization, et cetera.

我想先問第一個，鑑於你們在所有 PENN 資產上有這麼多活動。Hotel PENN 和 PENN（聽不清）Mall 在使用者、變現等方面有沒有任何更新？

No update.

沒有更新。

Okay. And then just on the earnings side, you mentioned 2027 FFO, nice pickup. I'm wondering two things. One, are there any offsets we should be thinking about for '27? And then in particularly FAD, given the ramp in FFO, I'm assuming there's still going to be elevated TI into' '27.

好的。那再談獲利面，你提到 2027 年 FFO 會有不錯的提升。我想問兩件事。第一，2027 年是否有任何我們應該考慮的抵銷因素？第二，特別是在 FAD 方面，考量 FFO 的爬升，我假設到 2027 年仍會有較高的 TI（租戶裝修補助）。

So should we think about FAD really perhaps picking up on 2028?

所以我們是否應該認為 FAD 可能要到 2028 年才會真正開始上升？

Vikram. On the --

Vikram。關於--

I would make one comment, okay? I can't wait for the free rent to burn off. That's when this business will get to be real fun and will generate substantial positive cash, that happens over the next year or 2. I can't wait for that. Now go ahead, Michael.

我先說一句，好嗎？我等不及免租期消化完。那時這門生意會變得非常有趣，並會產生可觀的正向現金流；這會在接下來一到兩年發生。我真的等不及。好，Michael，你繼續。

So Glen, take note of what I say.

所以 Glen，請記下我說的話。

So on the Fed side, Vikram, your comment is right, right? There will be continued elevated TIs this year, next year, even on deals we've committed this year, tenants on don't call those for a while. So that will go into next year. And then we expect to see that drop materially and cash flow be much higher. So I think your general direction is accurate.

所以在 FAD 方面，Vikram，你的看法是對的，對吧？今年、明年 TI 都會持續偏高；甚至是我們今年已承諾的交易，租戶也不會立刻動用那些（TI），會拖一段時間。所以這會延續到明年。然後我們預期 TI 會明顯下降，而現金流會高很多。所以我認為你整體的方向是正確的。

On the earnings side, there's always ins and outs. So there's always offsets. I can't tell you specifically what those are, but in the history of Vornado, I think we've given you as much guidance as we can give you with respect to next year in terms of what the bottom line is going to be.

至於獲利面，總是會有進進出出。所以總會有一些抵銷因素。我無法具體告訴你那些是什麼，但就 Vornado 的歷史而言，我想我們已經就明年的最終結果能給的指引都盡量給了。

Nick Yulico, Scotiabank.

Nick Yulico，豐業銀行。

I just wanted to go back to 350 Park and just be clear on a couple of things. One, in terms of the new $16 million annual rent versus the old rent, did that already happen in the first quarter? Is that a second quarter accounting impact? And then I also want to be clear on that new rent that's being paid. Does that -- what is the maturity on that lease?

我想回到 350 Park，確認幾件事。第一，關於新的每年 1,600 萬美元租金相對於舊租金，這在第一季就已經發生了嗎？還是會在第二季反映在會計上？另外我也想確認這筆正在支付的新租金。那份租約的到期日是什麼時候？

Is that concurrent with the debt, the new mortgage that matures next year? Or does it extend beyond that?

它是否與明年到期的債務——新的抵押貸款——同時到期？還是會延伸到那之後？

Nick. So on your first question, new rents started -- I mean there are a few days in March where it started. But by and large, it will be second quarter. So I don't know, maybe 15 days in the first quarter where the new rent was reflected.

Nick。就你第一個問題，新租金開始——我的意思是，3 月有幾天開始生效。但大致上會是在第二季。所以我不知道，可能第一季大概有 15 天反映了新租金。

Because the new rent is coterminous with the execution of the new mortgage. So I don't know what that data is, but it's a couple of weeks or three weeks ago or whatever.

因為新的租金與新抵押貸款的簽署是同時到期（coterminous）的。所以我不知道那個數據是什麼，但大概是兩三週前之類的。

Yes. So that's a new lease runs until early your question why is that? Because there be a resolution on the other. The venture will be formed, we'll put the asset, something will happen prior to that maturity.

是的。所以那是一份新的租約，會一路跑到（你問為什麼會這樣？）因為另一邊會有一個解決方案（resolution）。合資企業會成立，我們會把資產放進去，在到期之前會先發生一些事情。

Okay. So the rents and new rents is only in place until the point at which the mortgage matures. There's no rent being paid beyond that date under the new agreement?

好的。所以現有租金與新租金只會維持到抵押貸款到期的那個時間點。在新協議下，超過那個日期之後就不會再支付租金了？

Correct. But there'll be a resolution or A or Board B before that, which the rent have gone away anyway.

正確。但在那之前會有一個解決方案，或是 A 或 B 董事會（Board A/Board B）的決議；反正到那時租金本來就會消失。

There's no building for the tenant to pay rent for.

因為根本沒有建物讓承租人付租金。

Got it. Okay. I just wanted to be clear on that. And then I guess second question is, obviously, I mean, you've talked a lot about giving some of the bread crumbs on 2027, how to think about that. It is also 2027 FFO is a piece of the executive comp per the proxy plan.

了解。好。我只是想把這點釐清。然後我想第二個問題是，很明顯地，你們談了很多關於 2027 年的一些線索（bread crumbs），該怎麼看待那件事。而且依照委託書（proxy）方案，2027 年的 FFO 也是高階主管薪酬的一部分。

So I guess I'm just wondering like if you -- any new thoughts on this, Steve, about finally giving earnings guidance. You're at the point now where the tide is turning, you're being measured by that from a comp standpoint. Why not give formal FFO guidance at some point?

所以我只是想問，Steve，你對於最終提供盈餘指引這件事，有沒有任何新的想法。你們現在已經到了潮水開始轉向的時點，從薪酬衡量角度也會以此來評估你們。為什麼不在某個時點提供正式的 FFO 指引？

Oh Lord, how do I answer that question? The two sides of it is that we have a simple business which has complexity, and the numbers are moving. It's very -- I mean, we find that it's sort of difficult to guide and counterproductive.

天啊，我要怎麼回答這個問題？這件事有兩面：我們的業務很簡單，但又帶有複雜性，而且數字一直在變動。這非常——我的意思是，我們覺得做指引有點困難，而且可能適得其反。

So Warren Buffett, who's not a friend of mine, but an acquaintance of mine. He didn't guide for his whole career. So that's one thing. And the big bank guy, he doesn't guide either. So -- but all of our competitors seem to be able to guide to what's wrong with us.

所以，Warren Buffett——他不是我的朋友，但算是認識的人。他整個職涯都沒有提供指引。這是一點。還有那位大型銀行的傢伙，他也不提供指引。所以——但我們所有的競爭對手似乎都能提供指引，讓人覺得是我們哪裡有問題。

But right now, we have no plan to guide other than the snippets that we put in these calls here and there, which I think -- I hope you find helpful.

但就目前而言，除了我們在這些電話會議中不時提供的一些片段資訊之外，我們沒有提供指引的計畫；我想——我希望你覺得那些有幫助。

Now what I think you're saying is that if our earnings are slow up with, why don't we just take a pad on the bed for that and guide to that. So that's something that I'm going to put under my pillow and think about because that sounds like maybe it's a good idea. But as of right now, our policy is we selectively in a limited way guide, but we don't give full guidance. And I think you could probably guess that, that's going to continue for the future Tom, what do you think?

那我想你在說的是：如果我們的盈餘正在回升，為什麼不乾脆就以此為基礎，拿張紙在床上墊著（take a pad on the bed）然後給個指引。所以這是我會放在枕頭底下想一想的事情，因為聽起來也許是個好主意。但截至目前，我們的政策是：我們會在有限範圍內、有選擇性地提供一些指引，但不會給完整指引。而且我想你大概也猜得到，未來應該會繼續如此。Tom，你怎麼看？

I agree.

我同意。

Tom saying he's happy doesn't that the guide.

Tom 說他很高興我們不做指引。

Seth Bergey, Citi.

Seth Bergey，花旗。

In the annual shareholder letter, you kind of referenced the no sacred cows policy again. It sounds like the New York office trends market is improving. You mentioned possible kind of inflows given it's a liquid market in the US is just safety. How do you kind of think about potential asset sales.

在年度股東信中，你又提到了「沒有神聖不可動搖之物（no sacred cows）」的政策。聽起來紐約辦公室市場的趨勢正在改善。你提到，鑑於美國市場流動性高且相對安全，可能會有一些資金流入。你們如何看待潛在的資產出售？

Should we think about those being more noncore dispositions or any core asset sales that you're kind of thinking about?

我們應該把這些視為更多是非核心資產的處分，還是你們也在考慮出售一些核心資產？

Some asked the questions for me. It's come -- mentioned you add it in no sacred cows. Is that just New York or is that some other assets we should think about noncore dispositions.

有人替我問了這個問題。你提到「沒有神聖不可動搖之物」。那只是指紐約，還是還有其他資產也應該被視為可能的非核心處分？

I mean I don't want to shock you, but basically, I'm in it for the money. And so therefore, there are no sacred cow. There are assets that are critical to the business. There are assets that are important to the business. There are assets that we love more than other assets.

我的意思是，我不想嚇到你，但基本上，我做這件事是為了賺錢。因此，沒有什麼神聖不可動搖之物。有些資產對業務至關重要。有些資產對業務很重要。有些資產我們比其他資產更喜歡。

But based upon price economics and business strategy, there are no sacred cow.

但基於價格、經濟性與商業策略，沒有任何神聖不可動搖之物。

Now what does that mean? There's a handful of assets that we actually have already determined that we don't want in the business mix, and those assets are for sale. Our intensivity, if that's a word, to liquidate those assets, rises and falls with the market. But over a short period of time, there's a handful of assets that will not be part of our portfolio.

那這代表什麼？有少數幾項資產，我們其實已經判定不希望它們出現在業務組合裡，而那些資產正在出售中。我們清算那些資產的「強度」（如果這算一個詞）會隨市場起伏而增減。但在不長的時間內，會有少數幾項資產不再屬於我們的投資組合。

Now getting to the rest of it, there are assets that we hold near India that we think are very valuable that we underwrite as being much more valuable than apparently the stock market underwrite it.

再談其餘部分：我們持有一些我們非常珍視的資產，我們認為它們非常有價值；我們對它們的估值（underwrite）遠高於股票市場顯然給它們的估值。

Even those assets, if I think [San] say that Garth (inaudible) phrase the Godfather bid, it's some very aggressive bid came in for one of those important assets we would execute on that because that would be the right thing to do, that's the right thing for us for the management to do, and more importantly, it's providing to the shareholders. So there are no sacred assets. There are prices that are critical. But in terms of whether we would execute on selling something, it's over a function of what the price is.

即便是那些資產，如果我想——[San] 說 Garth（聽不清）用《教父》式出價（Godfather bid）這個說法——如果有人對其中一項重要資產提出非常激進的出價，我們也會執行出售，因為那會是正確的事；對我們管理層而言是正確的事，更重要的是，這是在為股東創造價值。所以沒有任何神聖不可出售的資產。有些價格水準是關鍵。但至於我們是否會執行出售，主要取決於價格。

Great. And then for my second question, I guess, how do you think about kind of incremental potential acquisitions versus accelerating the share buyback and balancing that versus your current leverage levels?

很好。那我的第二個問題是，你們如何看待額外的潛在收購，與加速股票回購之間的取捨，以及在目前槓桿水準下如何平衡？

So there's three things inherent in that question. There's acquisitions versus stock acquisition and leverage levels. So the answer to that is, is that we think -- no, let me rephrase that, we are certain that we can basically do over it. We are certain that we can buy selectively important assets that come up in the bulls-eye location of our heartland. We are certain that we can -- we have the capital to buy back our stock in a measured way.

所以這個問題裡面其實包含三件事：收購 vs. 股票回購，以及槓桿水準。答案是：我們認為——不，我換個說法——我們確信我們基本上可以同時做到。我們確信我們可以有選擇性地買進一些重要資產，當它們出現在我們核心腹地（heartland）的靶心位置時。我們確信我們——我們有資本以有節奏的方式回購我們的股票。

And we are also certain that we are able to keep our leverage in -- through a measure of the control level.

而且我們也確信，我們能透過適度的控管，把槓桿維持在可控水準之內。

So we think we can do all of that, and we have some things that are in process that will augment all of that. So our two most recent acquisitions of 623 Fifth Avenue which we think -- I mean I've written about that, we think is a terrific deal. And the Park Avenue Plaza acquisition that we just announced a couple of weeks ago, we think is equally terrific deal. And we think buying back our stock is $30 a year is a terrific deal as well. So we're doing all of that. And I hope that answers your question.

所以我們認為我們可以做到這一切，而且我們也有一些正在進行中的事項，會強化這些能力。因此，我們最近兩筆收購：623 Fifth Avenue，我們認為——我的意思是我在信中寫過——我們認為那是一筆很棒的交易。以及我們在幾週前剛宣布的 Park Avenue Plaza 收購，我們認為同樣是一筆很棒的交易。而且我們也認為，以每股 30 美元回購我們的股票同樣是一筆很棒的交易。所以我們正在同時做這些事。希望這回答了你的問題。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Maybe just on the pricing side. I realize the reported leasing spread drilling on a second-generation space. So first, I was just wondering if you can go through your expectations today of portfolio mark-to-market across New York, San Francisco and the mark? And then also whether you expect that portion that gets included in the spreads to increase as in like could downtime become smaller?

也許就定價層面來問。我知道你們揭露的租賃價差（leasing spread）是鑽取到第二代空間（second-generation space）。所以首先，我想請你談談你們目前對投資組合在紐約、舊金山以及其他市場的按市價重估（mark-to-market）的預期。另外，你們是否預期納入價差計算的那一部分占比會提高——也就是說，空置期（downtime）是否可能變短？

It's Glen. So on the question of mark to markets, we expect to continue the performance we've had over the past couple of years, which are positive, positive and positive. During the last two years, we've only had one quarter negative, which we like, and we expect to continue. Many have been in the double-digit positives. We expect free rent to continue to reduce and even TIs are starting to come down.

我是Glen。關於市價調整（mark-to-market）這個問題，我們預期會延續過去幾年的表現，也就是正、正、再正。過去兩年我們只有一個季度是負的，這點我們很喜歡，而且我們預期會持續下去。其中很多期都是雙位數的正成長。我們預期免租期會持續縮短，甚至租戶裝修補助（TI）也開始下降。

So we're working hard on that piece, of course.

所以我們當然正在努力推進這一塊。

And San Francisco is the same. With the rents we're achieving, the mark-to-markets will continue to improve. Chicago, as I said, is still most challenging, although demand is picking up. renter same firm, concessions are high in Chicago, those have yet to break downwards, but demand is certainly improving.

舊金山也是一樣。以我們目前達成的租金水準來看，市價調整（mark-to-market）將會持續改善。芝加哥如我所說仍然最具挑戰，雖然需求正在回升。租戶仍然很堅持，芝加哥的讓利（concessions）仍然偏高，這些尚未開始往下走，但需求確實正在改善。

I mean think about just economics at or macroeconomics, focusing on New York for the moment. I mean we've said and I've written about that we compete in a subset of better building Class A space, which is under 200 million feet. So the fact that there may be 400 million feet in New York is relevant because we really compete in a market which is about half that size.

我的意思是，想想經濟學或總體經濟學，先以紐約為例。我們一直說、我也寫過，我們競爭的是較佳建物的A級辦公空間這個子市場，規模不到2億平方英尺。所以即便紐約可能有4億平方英尺的總量，這仍然相關，但因為我們真正競爭的市場大約只有那一半的規模。

The availabilities of space in that market is evaporating very quickly. I mean somebody used the analogy of an ice cube at a microwave. We are getting -- I mean, we know that because we are a key factor in the market. We know that because the incoming calls from brokers looking to place for their clients deciding to get more access and even more desperate. So as the availability of space shrinks, obviously, the price goes up.

該市場可供空間正在非常快速地消失。有人用「把冰塊放進微波爐」來比喻。我們正在看到——我的意思是，我們知道這點，因為我們是市場中的關鍵因素。我們也知道這點，因為仲介打進來的電話越來越多，他們在替客戶找點位，想要取得更多選擇，甚至變得更急迫。所以當可供空間縮小時，價格顯然就會上升。

Now there's something else going on, which is equally important, and that is the cost of a new building has gone from whatever to somewhere around thickener $2,500 a foot. Interest rates and the cost of capital has gone from 0% to 2% to 5%, 6% and 7%. So the rent that has to be achieved to make a new building economic are well into the $200 a foot and even touching $300 of it. That's never happened before. So obviously, rents on older buildings, which are still great buildings and great locations are going up because of scarcity and because of the cost of new supply coming on the market.

現在還有另一件同樣重要的事正在發生：新建大樓的成本已經從原本的某個水準，上升到大約每平方英尺2,500美元左右。利率與資金成本也從0%到2%，升到5%、6%甚至7%。因此，要讓新建大樓在經濟上可行，必須達到的租金已遠遠超過每平方英尺200美元，甚至觸及300美元。這以前從未發生過。所以很明顯，較舊的大樓——仍然是很棒的大樓、很棒的地段——其租金也在上升，原因在於稀缺性，以及新供給進入市場的成本。

So this is just basic economics 101.

所以這就是最基本的經濟學101。

The next bottom is that I believe and my team can speak for themselves. I believe that we are in a long, long, long-term landlord market where these dynamics will continue. Why is that? Because there's nothing in the short term that can change that other than if interest rates dip down to 2% or something like that, which you can make your own judge whether that might or might not happen. So if that happens, basically I'm not in a big rush to rent space at today's prices because I think tomorrow's prices are going to be higher and maybe even a are a lot higher.

下一點是，我相信——我的團隊也可以各自表達——我相信我們正處於一個非常非常非常長期的房東市場，這些動態會持續。為什麼？因為短期內沒有任何事情能改變它，除非利率降回2%之類的水準；至於這會不會發生，你可以自行判斷。所以如果是那樣，基本上我不急著用今天的價格把空間租出去，因為我認為明天的價格會更高，甚至可能高很多。

I guess maybe just to follow up on that last point. I know leasing volume in the first quarter was relatively low. So would you just say that that's lumpy. Is it more about that you're not in a rush because rents could be rising or something else?

我想就最後那點追問一下。我知道第一季的租賃量相對偏低。所以你會說那只是波動（lumpy）嗎？還是更像是你不急著租，因為租金可能在上升，或是其他原因？

Glen is in the business of lending space as quickly and aggressively and as hungry as he can be. So if there is any falloff in volume, it's not because I direct the led to get out of the market. Glen's in the market every day working his ass off. Thank you, Glen.

Glen 的工作就是盡可能快、盡可能積極、盡可能飢渴地把空間租出去。所以如果租賃量有任何下滑，並不是因為我指示租賃團隊退出市場。Glen 每天都在市場上拼命工作。謝謝你，Glen。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Okay. Great. Just two quick ones. Just number one, I think last call, you talked about some guidepost for occupancy over the next 12 to 18 months and thinking sort of mid-90s on a lease basis. Just wondering if you could provide an update both on the lease and on a physical occupied basis.

好的。很好。兩個簡短問題。第一個，我記得上次電話會議你提到未來12到18個月的入住率（occupancy）有個參考目標，按租約口徑（lease basis）大概在90%中段。想請你更新一下，無論是租約口徑或實體入住（physical occupied）口徑的最新情況。

What that occupancy target to look like over the next 12 to 18 months again?

未來12到18個月的入住率目標大概會是什麼樣子？

Look, we've historically run our portfolio in the mid- to high 90s, and we expect to get back there. So that probably is over a couple of year period. But that's -- and again, I think given all the dynamics that Steve alluded to and we've talked about in the market and the lack of space availability, that's going to happen.

你看，我們歷來的投資組合入住率都維持在90%中段到高段，我們預期會回到那個水準。所以那大概會是在一段兩年左右的期間內。但——再說一次，我認為考量Steve提到的所有動態、以及我們在市場上談到的情況與可供空間不足，這會發生的。

So obviously, leasing up 10% is a key part of that. But -- and I think one of the analysts picked up this quarter that our occupancy actually went up 70 basis points, not the 40 because we took 350 Park out of service. So that's what we expect in it. I can't tell you exactly what quarter it's going to be, but over the next couple of years or so, that's where we expect to get back to.

所以很明顯，把入住率再租上去10%是其中的關鍵部分。不過——我想有位分析師這季也注意到，我們的入住率其實上升了70個基點，而不是40個基點，因為我們把350 Park暫停營運（out of service）。所以這就是我們的預期。我無法告訴你會是哪一個季度，但在未來幾年左右，我們預期會回到那個水準。

But there's a couple of things to focus on. There is a couple of buildings that we are not winning. Why is that? Because they are overleveraged and underwater, and we -- it's uneconomic for us to rent bases in those buildings which really -- they're almost owned by the banks. And if we put TI into those buildings, it's basically burning money.

但有幾件事值得聚焦。有幾棟大樓我們沒有在做。為什麼？因為它們槓桿過高、資產價值低於負債（underwater），而且——對我們來說，在那些大樓以目前條件出租是沒有經濟效益的；那些大樓其實幾乎等於是銀行在持有。如果我們在那些大樓投入租戶裝修補助（TI），基本上就是在燒錢。

So if you take those -- as we have chosen, I don't know whether this is a good decision or not, we've chosen to leave those in the aggregate statistics with some of the folks in our industry have taken those buildings out of the numbers, which makes their occupancy higher. So if you take those numbers -- those buildings out of our numbers, our occupancy goes to what something like that, 95% -- 94%. So we know that number, although we don't publish that number, and maybe we should. Although right now, I'm publishing. So that's the first thing.

所以如果你把那些——如同我們的選擇，我不知道這是不是好決定——我們選擇把那些大樓仍然納入整體統計；而我們產業裡有些同業把那些大樓從數字中剔除，讓他們的入住率看起來更高。所以如果你把那些大樓從我們的數字中剔除，我們的入住率會到大概95%——94%之類。所以我們知道那個數字，雖然我們沒有公布，也許我們應該。不過現在，我正在公布。所以這是第一點。

The second thing is that I look upon in a landlords market like this, I look upon vacant and available space as it has been because that will -- as we ramp that space, and we will with 100% certainty that will grow our earnings. So when you think about investing, maybe the best company to invest in a company that does have available space in this market as opposed to a company that has a space already rented. You can make out of that whatever you will.

第二點是，在這樣的房東市場裡，我把空置且可出租的空間視為一種機會，因為當我們逐步把那些空間租出去——而且我百分之百確定我們會——那將會推升我們的盈餘。所以當你思考投資時，也許在這個市場裡，最值得投資的公司反而是手上還有可出租空間的公司，而不是空間已經全部租滿的公司。你可以自行解讀。

Really helpful color. And then my second one, if I may, was just a lot of the footnotes in the supplement. Just on -- I guess on PENN 1, any idea when that litigation will be -- just in terms of timing, obviously, can't comment either way, but just in terms of timing, is that something that can be done this year? And also the change in retail from the base of the office buildings being put in the office segment, just the thinking there.

這些補充非常有幫助。那第二個問題，如果可以的話，是關於補充資料（supplement）裡很多註腳。就——我想是關於PENN 1，那個訴訟大概何時會——就時間點而言，當然你不能對結果做任何評論，但就時間而言，今年有可能結案嗎？另外，關於把辦公大樓底層的零售從零售分類改放到辦公分部（office segment），背後的考量是什麼？

I'll take the litigation. I have absolutely no comment on anything having to do with that litigation other than I'm optimistic. What about the retail?

我來回答訴訟的部分。除了我對該訴訟抱持樂觀之外，任何與該訴訟相關的事情我完全不予置評。那零售方面呢？

Yes. So we didn't change our segment reporting. Obviously, we have two segments in New York and other. This is a subsegment. Ron, what we did here is we tried to align the subsegment more on how we view the assets.

是的。所以我們沒有改變分部揭露方式。很明顯，我們有兩個分部：紐約與其他。這是一個次分部。Ron，我們在這裡做的是嘗試讓次分部更貼近我們看待資產的方式。

So we grouped over retail assets together and the office assets. So the base of 1,290 retail is now included an office as opposed to being in retail. And any ancillary office space that's in a retail building is obviously in the retail subsegment.

所以我們把零售資產與辦公資產分組。因此，原本歸在零售的 1,290（基礎）現在改為納入辦公，而不是放在零售。而任何位於零售大樓內的附屬辦公空間，顯然仍歸在零售次分部。

And it's all disclosed, obviously, in the supplement, and we give you the exact buildings that are in each subsegment, so you could follow along. I think this is the better way of looking at it. as opposed to the way we would do in previously.

而且這些都已在補充資料中揭露，我們也提供每個次分部所包含的確切大樓，方便你們對照追蹤。我認為這是更好的看法，而不是我們過去的做法。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

First one on Sunset Pure Studio. Is there any interest in the current term tenants and converting to longer-term leases? And just some update on that?

第一個問題關於 Sunset Pure Studio。目前短期租約的租戶是否有意願改簽較長期的租約？以及能否更新一下進度？

It's Glen. There's great interest in Sunset and the studios. We're at least right now place is great. unbelievably great, I would say, best in a great location. We have very good activity, long-term folks looking short-term folks looking.

我是 Glen。對 Sunset 和這些攝影棚的興趣非常高。至少就目前而言，這個地方非常棒，簡直好得不可思議；我會說是絕佳地點中的最佳。我們的活動量非常好，有看長期的，也有看短期的。

So we expect to of the project once this year's leases expire. But it's off the chart. The reception has been plus what we expect to do really good things are on the leasing.

所以我們預期在今年的租約到期後，會推進該專案的下一步。但需求真的非常火熱。市場反應超出預期，而我們在招租上預計也會做出非常好的成果。

But a direct answer to your question, I would definitely prefer to be in the long-term leasing business with that asset rather than in month-by-month leasing in that asset. So the answer is the ownership of that asset prefers to be in the long-term leasing if the market gives us that opportunity.

不過直接回答你的問題：相較於按月出租，我肯定更希望這項資產是做長期出租的生意。所以答案是：如果市場給我們這個機會，該資產的所有權方偏好採取長期出租。

Okay. That's helpful. And then a follow-up on the Verizon space at PENN 2. Can you just walk us through if they find a subtenant versus you finding a tenant and how we should think about potential termination fees? And any accounting around the TIs that you might still be responsible for if it's just a sublease instead of a cancellation in new lease.

好的。這很有幫助。接著追問 PENN 2 的 Verizon 空間。你能否帶我們梳理一下：如果他們找到轉租戶（subtenant）與你們找到新租戶之間的差異，以及我們應如何看待可能的解約費？另外，如果只是轉租而非解約並簽新租約，你們可能仍需負擔的裝修補助（TI）在會計處理上會如何？

Glen, for first ad, I don't talk about it. Go ahead.

Glen，第一個部分我不談。你繼續。

As I said earlier, we're in a great spot to matter how it comes up out. And we will only be opportunistic to make money on this space. We have a very good lease position, and we'll see how it plays out, but that's as much as I think I want to talk about it for now.

如我先前所說，不管最後怎麼發展，我們都處在很好的位置。而且我們只會把握機會在這個空間上賺錢。我們的租約條件非常有利；我們會看它如何發展，但目前我大概就談到這裡。

What do we have? It's basically a 19- or a 20-year lease. So we have a long-term lease with a super credit, that lease will -- we will never terminate that lease under any conditions.

我們有什麼？基本上是一份 19 或 20 年的租約。所以我們有一份長期、且對方信用極佳的租約；在任何情況下，我們都不會終止那份租約。

So the only thing that might happen is around the dynamics of a subtenant coming in because Verizon wants to reduce their liability. But we don't have anything to say other than that long-term credit lease is not something that we are going to terminate or monkey with.

所以唯一可能發生的，是因為 Verizon 想降低其責任，而引入轉租戶所帶來的一些動態。但除此之外我們沒有更多要說的；那份長期的信用租約不是我們會去終止或動手腳的。

There are no further questions at this time. So I'd like to hand it back to Steven Roth for any closing remarks.

目前沒有其他問題。因此我想把電話交回給 Steven Roth，請他做結語。

Thank you all very much. I mean, the -- I think the team and I are delighted with our activity over the last three, four, six months, we are excited. We think we -- and I didn't make the statement in my remarks this morning. that I am certain that over the next year or 2, we will have the highest growth performance of any company in our sector. And we're excited about that.

非常感謝各位。我的意思是——我想團隊和我對過去三、四、六個月的進展非常滿意，我們也很振奮。我們認為——而且我今天早上的致詞裡沒有提到——我確信在未來一到兩年內，我們將會有本產業中任何公司最高的成長表現。我們對此感到興奮。

We've got a lot of great stuff going on and thank you for participating. We'll see you next quarter.

我們有很多很棒的事情正在進行，謝謝各位參與。我們下個季度見。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線，祝您有美好的一天。