Debt Refinancing Impact
Q: Does the $2B debt refinancing change your asset sale plans?
A: No, our business plan remains the same. We intend to sell or joint venture certain buildings as planned. The refinancing success doesn't change our strategy; we don't feel pressured to do anything differently.

Earnings Guidance Confidence
Q: Is $0.98 a good run rate for earnings?
A: We don't guide on a quarterly basis, only annually. Our full-year guidance remains intact, and the first quarter was ahead of our expectations. Earnings can be lumpy due to fee streams and occupancy increases, but we're confident in our annual numbers.

Leasing Pipeline Growth
Q: How does your leasing pipeline compare to last quarter?
A: Our pipeline has grown to over 1.6 million square feet, despite strong leasing in the first quarter. This includes 840,000 square feet of leases in negotiation and significant tech sector demand, with tech tenant requirements increasing 53% from a year ago.

Mark-to-Market on Leases
Q: Can you discuss the mark-to-market on leases in the pipeline?
A: The negative mark-to-market in Q1 was driven by two buildings. Overall, most leases were positive, and we expect strong positive mark-to-markets from the 1.6 million square feet in our pipeline, giving us confidence we'll be positive for the year.

Asset Dispositions Outlook
Q: How are dispositions like OVA and 625 Madison progressing?
A: These assets remain in our plan and are in active negotiations. We expect the 625 Madison deal to close at the end of this month, and we're confident in the outcomes of these transactions.

Debt Reduction Targets
Q: How is debt reduction trending compared to your targets?
A: Our plan remains intact. We laid out over $1 billion in debt reduction, and with additional successes like discounted debt extinguishments and unexpected asset sales, we may exceed our original target if we execute the plan fully.

Refinancing Lender Cooperation
Q: Are lenders more willing to work with owners now?
A: Our experience reflects our specific assets and relationships. The market remains tough, and lender cooperation depends on belief in the sponsor and their plan, with equity in the deal. It's not indicative of the broader market.

10 East 53rd Transaction
Q: Why did your JV partner exit 10 East 53rd?
A: We don't comment on our partners' decisions. We'll continue to seek opportunities that make sense for us and invest accordingly.

Office to Residential Conversions
Q: Does this accelerate your plans for office conversions?
A: Yes, we see opportunities in converting secondary buildings to residential use, which can optimize value. The tax benefits are designed to encourage expedited transitions, addressing housing needs sooner.

Lumpiness of Earnings
Q: Can you discuss the lumpiness of earnings in SUMMIT specifically?
A: Earnings can be lumpy due to success fees, special servicing fees, and occupancy changes, but we are confident in our full-year guidance.

Dividend Policy Outlook
Q: How are you thinking about the dividend?
A: The dividend is based on taxable income, and we aim to maintain it. We consider the dividend important and are comfortable with the current level.

Market Hesitancy on Leases
Q: Are you seeing hesitancy in leasing due to macro uncertainty?
A: Not at all. While few big leases were signed in Q1, our pipeline includes significant large requirements, and we expect strong leasing in the coming quarters.

245 Park JV Plans
Q: Will you do more leasing before focusing on the 245 Park JV sale?
A: Yes, we're focusing on leasing in the first half of the year to package the JV opportunity for the second half, enhancing the asset's value.

Impact of Rates on Asset Sales
Q: Have rates impacted investor interest in OVA and 245 Park?
A: No, these dynamics haven't affected interest levels from prospective investors.

Leasing Cost Reserves at 280 Park
Q: How much leasing cost reserves did you put in at 280 Park?
A: Collectively with Vornado, we put up approximately $68 million in reserves.