COPT Defense Properties (CDP) 2023 Q4 法說會逐字稿

Welcome to the COPT defense Properties Fourth Quarter and Full Year 2023 Results Conference Call.

歡迎參加 COPT 國防資產 2023 年第四季和全年業績電話會議。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

At this time, I will turn the call over to Venkat Kommineni, COPT Defense's Vice President of Investor Relations.

此時，我會將電話轉給 COPT Defense 投資人關係副總裁 Venkat Kommineni。

Mr. Kommineni, please go ahead.

Kommineni 先生，請繼續。

Thank you, Abigail, and good afternoon and welcome to the Culp defense conference call to discuss fourth quarter and full year results.

謝謝阿比蓋爾，下午好，歡迎參加卡爾普國防電話會議，討論第四季和全年業績。

With me today are Steve Budorick, President and CEO; Britt Snider, Executive Vice President and COO; and Anthony Mifsud, Executive Vice President and CFO.

今天與我在一起的有總裁兼執行長 Steve Budorick； Britt Snider，執行副總裁兼營運長；以及執行副總裁兼財務長 Anthony Mifsud。

Reconciliations of GAAP and non-GAAP financial measures that management discusses are available on our website in the results press release and presentation and in our supplemental information package.

管理層討論的 GAAP 和非 GAAP 財務指標的調節表可在我們的網站上的業績新聞稿和演示文稿以及我們的補充資訊包中找到。

As a reminder, forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed in our SEC filings.

謹此提醒，今天電話會議期間做出的前瞻性陳述會受到風險和不確定性的影響，這些風險和不確定性已在我們向 SEC 提交的文件中進行了討論。

Actual events and results can differ materially from these forward-looking statements and the company does not undertake a duty.

實際事件和結果可能與這些前瞻性陳述有重大差異，本公司不承擔任何責任。

Steve?

史蒂夫？

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Our strategy concentrating and investments in assets.

我們的策略集中於資產投資。

This port priority, US national defense missions once again in 2023 generated exceptionally strong results, driven by strong vacancy and new development leasing, superior tenant retention, a highly pre-leased development pipeline and significant value creation from delivering fully leased new properties, all of which is supported by our prudent balance sheet management.

作為港口優先事項，美國國防任務在2023 年再次取得了異常強勁的成果，這得益於強勁的空置率和新開發租賃、卓越的租戶保留率、高度預租的開發管道以及通過交付完全租賃的新物業而創造的巨大價值，所有這些都是我們審慎的資產負債表管理的支持。

Since 2019, we've generated compound annual FFO per share growth of 4.5% due to these attributes, our total portfolio was 95.3% lease.

由於這些特性，自 2019 年以來，我們的 FFO 每股複合年增長率為 4.5%，我們的總投資組合為 95.3% 為租賃。

Our defense IT portfolio is an even higher 97.2%, which is over 800 basis points higher than the traditional office three average and is on par with the industrial apartment and retail sectors.

我們的國防IT投資組合甚至高達97.2%，比傳統辦公室三項平均高出800多個基點，與工業公寓和零售業持平。

We were able to grow our occupancy up strength in defense spending in Mission supported at our Defense IT locations and have not been impacted by trends play game conventional office product.

我們能夠提高國防 IT 地點支援的任務中國防支出的佔用率，並且沒有受到傳統辦公室產品趨勢的影響。

We placed nearly $1.4 billion of defense IT developments into service since 2019, totaling 4.5 million square feet that were 99% leased at the end of 2023 on an annualized run rate basis.

自 2019 年以來，我們將近 14 億美元的國防 IT 開發投入使用，總計 450 萬平方英尺，以年化運行率計算，截至 2023 年底，99% 已出租。

These developments net of the properties we've joint venture generate over $80 million of contractual cash NOI, which is roughly a 30% increase to the 2019 cash NOI level, driving both FFO and NAV per share growth.

在扣除我們合資的物業後，這些開發案產生了超過 8,000 萬美元的合約現金 NOI，比 2019 年現金 NOI 水準成長了約 30%，推動了 FFO 和每股資產淨值的成長。

We've also strengthened our balance sheet with our refinancing activities in 2020 and 2021, and then again, with our exchangeable note offering in September.

我們也透過 2020 年和 2021 年的再融資活動以及 9 月的可交換票據發行加強了我們的資產負債表。

So to sum this up, our business was strong in 2019 and has only strengthened over the past four years.

總而言之，我們的業務在 2019 年表現強勁，並且在過去四年中不斷增強。

Our portfolio rental rates and occupancy are well above 2019's level we've expanded our relationships with top defense contractors in the country.

我們的投資組合租金率和入住率遠高於 2019 年的水平，我們擴大了與該國頂級國防承包商的關係。

We continue to demonstrate the ability to place highly leased development into service at strong initial cash yields, and we've defended and enhanced our balance sheet, all of which serves to create further shareholder value in 2023.

我們繼續展示以強勁的初始現金收益率將高度租賃的開發項目投入使用的能力，並且我們捍衛並增強了我們的資產負債表，所有這些都有助於在 2023 年創造更多股東價值。

Simply put, we have another great year.

簡而言之，我們又迎來了美好的一年。

We delivered strong results with FFO per share increasing 2.5% over last year's results, exceeding our expectations by roughly 1.5 percentage points.

我們取得了強勁的業績，每股 FFO 比去年的業績成長了 2.5%，超出我們的預期約 1.5 個百分點。

Full year same property cash NOI increased 5.7%, which Resi's level.

全年相同房地產現金 NOI 成長 5.7%，達到 Resi 的水準。

Since we started reporting the full year metric back in 2008.

自 2008 年我們開始報告全年指標以來。

We completed 2.9 million square feet of total leasing volume, which consisted of 1.7 million square feet of renewal leasing with an 80% retention rate, 747,000 square feet of development leasing exceeding our annual goal, and 452,000 square feet of vacancy leasing, again exceeding our annual goal.

我們完成了290 萬平方英尺的總租賃量，其中包括170 萬平方英尺的續約租賃，保留率達80%，747,000 平方英尺的開發租賃超過了我們的年度目標，以及452,000 平方英尺的空置租賃，再次超過了我們的目標。年度目標。

Rent spreads on renewals increased 1.5% on a cash basis and 9.3% on a GAAP basis, achieving the highest levels since 2008.

續租租金利差以現金計算成長 1.5%，以 GAAP 計算成長 9.3%，達到 2008 年以來的最高水準。

We placed $235 million of development projects into service that were 98% leased at year end totaling roughly 850,000 square feet, all in our Defense IT portfolio.

我們將 2.35 億美元的開發案投入使用，到年底 98% 已出租，總面積約 85 萬平方英尺，全部屬於我們的國防 IT 投資組合。

We committed $280 million of capital to new development starts, which are 100% pre-leased, totaling 690,000 square feet, all in our Defense IT portfolio.

我們投入了 2.8 億美元資金用於新的開發項目，這些項目已 100% 預租，總面積為 690,000 平方英尺，全部屬於我們的國防 IT 投資組合。

Our active development pipeline as total cost of roughly $325 million is 91% pre-leased and totals roughly 820,000 square feet.

我們正在開發的項目總成本約為 3.25 億美元，其中 91% 已預租，總面積約為 82 萬平方英尺。

We also raised our dividend in 2023 for the first time in over a decade.

我們還在 2023 年提高了股息，這是十多年來的首次。

We are one of only two rigs in our sector to have raised the dividend during the year, and we maintain a rock-solid FFO payout ratio, which has been at or below 70% for the past five years.

我們是該行業中僅有的兩家在年內提高股息的鑽井平台之一，並且我們保持著堅如磐石的 FFO 派息率，在過去五年中一直處於或低於 70%。

Turning to the world view, the global threats to national security of the United States continue to escalate with increased conflict in both the physical and cyber domains.

從世界觀來看，隨著實體和網路領域衝突的加劇，美國國家安全面臨的全球威脅持續升級。

The warranty crane and the aggressive posture of Russia poses a significant risk of escalation throughout Eastern Europe.

保固起重機和俄羅斯的侵略姿態給整個東歐帶來了升級的重大風險。

Combat activities in Ukraine are revealing capability, strengths and weaknesses and weapon systems in introducing new innovative applications that pose opportunities for and threats to our defense systems.

烏克蘭的戰鬥活動揭示了新的創新應用的能力、優勢和劣勢以及武器系統，這些創新應用為我們的防禦系統帶來了機會和威脅。

The terrorist attack in Israel demonstrated the need for increased intelligence in the Middle East.

以色列的恐怖攻擊顯示需要增加中東地區的情報。

The Israeli cabinet response in Gaza triggered escalated tariffs, some malicious attacks on US troops deployed in the region and has now advanced to U.S. combat responses.

以色列內閣在加薩的反應引發了關稅升級，以及對部署在該地區的美軍的一些惡意攻擊，目前已升級為美國的戰鬥反應。

Similarly, protein levels actions are threatening international trade routes through the Red Sea and Suez Canal, turning triggering combat responses from both the United States and the United Kingdom.

同樣，蛋白質層面的行動正在威脅通過紅海和蘇伊士運河的國際貿易路線，從而引發美國和英國的戰鬥反應。

And meanwhile, China continues to pressure and intend to invade Taiwan North Korea has amplified its missile testing activity and its aggressive rhetoric.

同時，中國繼續施壓並打算入侵台灣，北韓則加大了飛彈試射活動和侵略性言論。

All of these situations demand elevated intelligence, surveillance, reconnaissance and technology advancements.

所有這些情況都需要更高的情報、監視、偵察和技術進步。

Moreover, the Center for Strategic and International Studies published a report was revealed.

此外，戰略與國際研究中心發表的一份報告也透露了這一點。

The cyber-attacks in the United States remained elevated in 2023 with 118 major cyber events more than double the number of attacks that occurred just six years ago.

2023 年，美國的網路攻擊數量仍然居高不下，發生了 118 起重大網路事件，是六年前發生的攻擊數量的兩倍多。

Clearly, the threat environment to our national defense continues to escalate, suggesting US defense spending has and must remain elevated to maintain parity and elevate deterrence in the physical, cyber and intelligence domains.

顯然，我們國防面臨的威脅環境持續升級，這表明美國的國防開支已經而且必須繼續增加，以維持對等並提高物理、網路和情報領域的威懾力。

Over the past three fiscal years, US defense budget increased by roughly $100 billion or 15%.

過去三個財年，美國國防預算增加了約1,000億美元，即15%。

Since we typically experience a 12 to 18 month lag between defense budget funding and contractor demand.

因為國防預算資金和承包商需求之間通常存在 12 至 18 個月的滯後。

We expect this budget growth will continue to support strong tenant demand into 2025.

我們預計這項預算​​成長將繼續支持 2025 年強勁的租戶需求。

Congress passed the fiscal year 2024 National Defense Authorization Act in December, which calls for a further 3.3% growth year over year in line with expectations and is now awaiting appropriation.

國會於12月通過了2024財年國防授權法案，要求較去年同期進一步成長3.3%，符合預期，目前正在等待撥款。

Clearly, in this rate environment, funding from priority missions tied to national security must continue.

顯然，在這種利率環境下，與國家安全相關的優先任務必須繼續提供資金。

Turning to guidance.

轉向指導。

We established 2024 for FFO per share guidance of $2.51 at the midpoint, which implies 3.7% year over year growth.

我們將 2024 年 FFO 每股指引值設定為 2.51 美元的中位數，這意味著年增 3.7%。

In contrast, two thirds of the NARE. five off the Street to expect and see FFO per share decline in 2024.

相比之下，三分之二的 NARE。華爾街五位分析師預計 FFO 每股將在 2024 年下降。

The execution of our differentiated strategy has and will continue to produce differentiated results.

我們差異化策略的執行已經並將繼續產生差異化的結果。

Now I'd like to turn it over to our new Chief Operating Officer, Britt Snider, who joined the company in December for it is a highly experienced leader with nearly 20 years of real estate experience spanning an asset management development and investment banking.

現在我想把它交給我們新任營運長 Britt Snider，他於 12 月加入公司，因為他是一位經驗豐富的領導者，在資產管理開發和投資銀行領域擁有近 20 年的房地產經驗。

We welcome breadth of the team, and we are glad to have him join us.

我們歡迎團隊的廣泛加入，我們很高興他加入我們。

Thank you so much, Steve.

非常感謝你，史蒂夫。

And first, I want to thank Steve Anthony and the entire Board of Trustees for their support in allowing me to take on this role as the Chief Operating Officer.

首先，我要感謝史蒂夫·安東尼和整個董事會的支持，讓我擔任營運長。

It's an honor to join the company given the 30-year history of supporting this country's national security mission, and I'm very excited to work with such a talented and accomplished team.

鑑於該公司擁有 30 年支持國家安全使命的歷史，我很榮幸加入該公司，我很高興能與這樣一支才華橫溢、卓有成效的團隊合作。

Our portfolio is extremely healthy, and we continue to see robust demand in our Defense IT markets, driven by sustained strength in defense spending, fueling high renewals and mission expansions.

我們的產品組合非常健康，在國防支出持續強勁的推動下，我們繼續看到國防 IT 市場的強勁需求，推動了高更新和任務擴展。

Our portfolio continues to outperform with our total portfolio at 94.2% occupied.

我們的投資組合持續跑贏大盤，總投資組合佔 94.2%。

Our defense IT portfolio, which represents 91% of our total square footage, is 96.2% occupied, with particular strength in the National Business Park and Redstone Gateway.

我們的國防 IT 產品組合占我們總面積的 91%，已佔用 96.2%，其中在國家商業園區和紅石門戶尤其強勁。

This strong demand, as evidenced by the outperformance in vacancy leasing executed in 2023, along with our leasing activity ratio, which provides visibility into current demand on our unleased space.

2023 年執行的空置租賃的優異表現以及我們的租賃活動比率證明了這種強勁的需求，這讓我們可以了解我們未租賃空間的當前需求。

Our overall portfolio leasing activity ratio, which is defined as square feet of demand divided by available square feet, Blease, remains very strong at 75% with a total prospect pipeline of 880,000 square feet, the ratio is an even higher 89%.

我們的整體投資組合租賃活動比率（定義為需求平方英尺除以可用平方英尺 Blease）仍然非常強勁，為 75%，而總前景管道為 880,000 平方英尺，該比率甚至更高，為 89%。

And our Defense IT portfolio, as we only have roughly 600,000 square feet of inventory available out of nearly 22 million square feet.

還有我們的國防 IT 產品組合，因為在近 2,200 萬平方英尺的庫存中，我們只有大約 60 萬平方英尺的可用庫存。

Demand is especially strong in our Fort Meade BW Corridor segment with a prospect ratio of over 110%.

我們的 Fort Meade BW Corridor 部分的需求尤其強勁，前景比率超過 110%。

Yes, this means we actually have more prospects than we have space to lease.

是的，這意味著我們實際上擁有的前景比我們可租賃的空間還要多。

And you'll recall we set our vacancy leasing target at 400,000 square feet for 2023 because we had so little space to lease, we actually exceeded that target by executing 452,000 square feet of vacancy leasing with a weighted average lease term of over eight years.

您可能還記得，我們​​將2023 年的空置租賃目標定為400,000 平方英尺，因為我們可出租的空間太少了，但實際上，我們執行了452,000 平方英尺的空置租賃，加權平均租賃期限超過八年，從而超出了該目標。

For our Defense IT portfolio, we increased the lease rate and all but one of our subsegments compared to year-end 2020.

對於我們的國防 IT 產品組合，與 2020 年底相比，我們提高了租賃率以及除其中一個子業務之外的所有子業務。

To Now I'd like to share some key leasing stats for we signed 60 deals at an average lease size of 7,500 square feet, nearly 100,000 square feet or 23% of the vacancy leasing was with the DoD over 200,000 square feet of vacancy.

到目前為止，我想分享一些關鍵的租賃統計數據，因為我們簽署了60 筆交易，平均租賃面積為7,500 平方英尺，接近100,000 平方英尺，即23% 的空置租賃是與國防部簽訂的，空置面積超過200,000 平方英尺。

Leasing was with defense contractor tenants of these amounts, roughly 175,000 square feet or almost 40% of the total was tied to cyber activity and important facts surrounding the strength of our tenant relationships is that 75% of combined vacancy in development leasing was repeat business with existing tenants.

租賃對像是國防承包商租戶，其中約 175,000 平方英尺（約佔總面積的 40%）與網路活動有關，圍繞我們租戶關係強度的重要事實是，開發租賃中 75% 的合併空置是重複業務現有租戶。

We executed over 90,000 square feet.

我們執行了超過 90,000 平方英尺的面積。

Our other segment in 2023, which exceeded our internal goal of 50,000 square feet.

我們的其他部分將於 2023 年完成，超出了我們 50,000 平方英尺的內部目標。

Of that 90,000 square feet.

其中90,000平方英尺。

We signed 35,000 square feet across our three Baltimore properties and signed a 40,000 square foot lease with a law firm at 21 L Street in DC, which is now 83.5% leased.

我們在巴爾的摩的三處房產上簽署了 35,000 平方英尺的租約，並與華盛頓特區 L 街 21 號的一家律師事務所簽署了 40,000 平方英尺的租約，目前已出租 83.5%。

And the team is dragging some additional demand to 21 L Street, and we hope to share some more good news soon on that asset.

團隊正在向 L 街 21 號提出一些額外的需求，我們希望很快能分享更多有關該資產的好消息。

We completed 2.9 million square feet of total leasing volume, which included 1.7 million square feet of renewals for the year.

我們完成了 290 萬平方英尺的總租賃量，其中包括今年的續租面積 170 萬平方英尺。

Our overall retention rate was 80% for their defense IT portfolio, even higher at 86% and just to note for US government renewals that were delayed into 2024 about the continuing resolution, which had they completed would have resulted in an 83.4% overall retention rate with the defense IT portfolio at 88.5%.

我們的國防IT 產品組合的總體保留率為80%，甚至更高，達到86%，僅需要注意的是，美國政府關於持續解決方案的續約被推遲到2024 年，如果他們完成了該決議，整體保留率將達到83.4%國防 IT 產品組合佔 88.5%。

We do expect those four renewals will be completed in the coming months.

我們預計這四項續約將在未來幾個月內完成。

Cash rent spreads on renewal leasing were up 1.5%, while GAAP rent spreads were up 9.3%, driven by annual rent increases of 2.6% with a weighted average lease term of 4.8 years, measuring the starting cash rent of the tenants expiring lease to the starting cash rent of the renewal lease, the compound annual growth rate achieved on these leases was 3.2% for the year.

續租的現金租金利差上漲 1.5%，而 GAAP 租金利差則上漲 9.3%，原因是年度租金上漲 2.6%，加權平均租賃期限為 4.8 年，衡量租約到期的租戶的起始現金租金從續租租賃的現金租金開始，該等租賃年內實現的複合年增長率為3.2%。

Now on page 17 of our flip book, we provide our large lease disclosure, which details our view of renewals, defined as 50,000 square feet through 2025.

現在，在我們翻頁書的第 17 頁上，我們提供了大型租賃披露信息，其中詳細介紹了我們對續租的看法，即到 2025 年，租賃面積定義為 50,000 平方英尺。

Looking backward over the last six quarters, we renewed 17 large leases totaling 1.7 million square feet with a retention rate of 97%, including 15 full premises renewals and 2 renewals with only modest downsizes.

回顧過去六個季度，我們續簽了 17 個大型租約，總面積達 170 萬平方英尺，保留率高達 97%，其中包括 15 個全屋續租和 2 個僅小幅縮小面積的續租。

Now looking forward over the next eight quarters, we have 6.2 million square feet of leases expiring, which includes 3.3 million square feet of large leases.

現在展望未來八個季度，我們有 620 萬平方英尺的租約到期，其中包括 330 萬平方英尺的大型租約。

Large leases account for nearly 60% of total annualized rental revenue expiring in the next two years of those large leases, nearly 75% are full building leases to the US government.

大型租賃佔未來兩年到期的年化租金收入總額的近 60%，其中近 75% 是美國政府的全額建築租賃。

And recall in our 30-year history, we've had 100% renewal rate on full building government leases.

回想一下，在我們 30 年的歷史中，我們整棟大樓的政府租約續約率達到了 100%。

We expect a retention rate of over 95% on the 2024 and 2025 large leases, and we remain highly confident our overall tenant retention will remain strong in the near and medium term.

我們預計 2024 年和 2025 年大型租賃的保留率將超過 95%，並且我們仍然對我們的整體租戶保留率在中短期內保持強勁充滿信心。

Now turning to development, one key aspect of our development strategy is to always maintain some level of inventory at locations where we see strong demand.

現在轉向開發，我們開發策略的關鍵方面是始終在需求強勁的地區保持一定水準的庫存。

And when nearing fully leased, we'll commence a new project to create inventory for National Business Park is 99.4% leased and 99.3% occupied across that 4.3 million square foot park.

當接近完全出租時，我們將啟動一個新項目，為國家商業園區創造庫存，佔地 430 萬平方英尺，其中 99.4% 已出租，99.3% 已入住。

30 of the 34 buildings are 100% leased with only 25,000 square feet of unleased space a year end.

34 棟建築中的 30 棟已 100% 出租，年底僅有 25,000 平方英尺的未出租空間。

Accordingly, we commenced development of MBP 400 in the first quarter of 2024 to add approximately 140,000 square feet of capacity.

因此，我們在 2024 年第一季開始開發 MBP 400，以增加約 140,000 平方英尺的產能。

Similarly, Redstone Gateway is 98.7% leased and 97.5% occupied across that 2.3 million square foot park.

同樣，Redstone Gateway 230 萬平方英尺的園區內 98.7% 已出租，97.5% 已入住。

19 of the 22 properties are 100% leased with less than 30,000 square feet of unleased space a year end and the operating portfolio.

22 處房產中的 19 處已 100% 出租，年末未出租空間和營運投資組合不足 30,000 平方英尺。

Accordingly, we are in the planning phase of our G 8500 to add approximately 150,000 square feet of office capacity.

因此，我們正處於 G 8500 的規劃階段，以增加約 150,000 平方英尺的辦公室容量。

And we're planning our G 9700 a 50,000 square foot high bay building to meet increasing demand for that particular product type.

我們正在規劃 G 9700 一座 50,000 平方英尺的高灣建築，以滿足對該特定產品類型不斷增長的需求。

Our active developments, Total roughly $325 million in development and investment are 91% pre-leased AND total 117,000 square feet.

我們正在積極開發的項目，開發和投資總額約為 3.25 億美元，其中 91% 已預租，總面積為 117,000 平方英尺。

During 2023, we executed 747,000 square feet of development leasing, which was towards the high end of guidance and includes three data center shell leases totaling 643,000 square feet and over 100,000 square feet at Redstone Gateway.

2023 年期間，我們執行了 747,000 平方英尺的開發租賃，這接近指導的高端，其中包括總計 643,000 平方英尺的三個數據中心空殼租賃以及 Redstone Gateway 的超過 100,000 平方英尺的租賃。

Our development leasing pipeline, which we define as opportunities, we consider a 50% likely or better to win within two years or less currently stands at 500,000 square feet due to due to the leasing success in the fourth quarter and beyond that, we're tracking over 1 million square feet of potential future development opportunities, which should allow us to maintain a solid development pipeline in the near and medium term.

我們的開發租賃管道（我們將其定義為機會），我們認為在兩年或更短時間內獲勝的可能性為50% 或更好，目前為500,000 平方英尺，因為由於第四季度及之後的租賃成功，我們追蹤超過 100 萬平方英尺的潛在未來開發機會，這將使我們能夠在中短期內保持穩固的開發管道。

Before I conclude my remarks, I wanted to note that last month, Steve and I along with senior leadership in our asset management and operations groups attended the ribbon-cutting of our 300 Secured Gateway development located in the secure campus of Redstone Gateway, which is 100% leased to the Huntsville center of the US Army Corps of Engineers.

在我結束演講之前，我想指出，上個月，史蒂夫和我以及我們資產管理和營運團隊的高級領導參加了我們位於紅石網關安全園區的300 安全網關開發項目的剪綵儀式，該項目位於紅石網關的安全園區內。100% 出租給美國陸軍工程兵團亨茨維爾中心。

We commenced development of the $67 million project in the third quarter of 2021 and delivered the building to the Army Corps in the third quarter of 2023.

我們於 2021 年第三季開始開發這個耗資 6,700 萬美元的項目，並於 2023 年第三季將建築物交付給陸軍部隊。

The 206,000 square foot state-of-the-art facility will serve as a prototype for future Army Corps locations and is an example of the value-add solutions we provide to the US government, Colonel Sebastian Jolie, Commander of the U.S. Army Engineering and Support Center in Huntsville stated, and I quote This facility allows us to consolidate 16 different leases into one.

美國陸軍工程兵司令塞巴斯蒂安·朱莉上校表示，這座佔地 206,000 平方英尺的最先進設施將作為未來陸軍部隊地點的原型，也是我們向美國政府提供增值解決方案的一個例子。亨茨維爾的支援中心表示，我引用這項設施使我們能夠將16 個不同的租賃合併為一個。

Finally, all co-located and meeting all force protection requirements and safety requirements for the very first time and the quote, we are very grateful and honored to be able to support the vital missions conducted out of the Redstone Arsenal and all of our strategic defense holdings that contribute to our collective national security.

最後，所有人員首次同地辦公並滿足所有部隊保護要求和安全要求，我們非常感激和榮幸能夠支持紅石兵工廠執行的重要任務以及我們所有的戰略防禦有助於我們集體國家安全的資產。

With that, I'll turn it over to Anthony.

有了這個，我會把它交給安東尼。

Thank you, Bitt.

謝謝你，比特。

We reported 2023 FFO per share as adjusted for comparability of $2.42, which was $0.04 above the midpoint of our original guide.

我們報告的 2023 年 FFO 每股經可比性調整後為 2.42 美元，比我們最初指南的中點高出 0.04 美元。

The year benefited from early lease commencements commencements on several operating and development leases, favorable renewal outcomes, lower net operating expenses, primarily seasonal and utility costs and higher net development fees.

今年受益於多項營運和開發租賃的提前開始租賃、有利的續約結果、較低的淨營運費用（主要是季節性和公用事業成本）以及較高的淨開發費用。

We reported fourth quarter FFO per share as adjusted for comparability of $0.62, which was $0.01 above the midpoint of our guidance.

我們報告第四季度 FFO 每股經可比性調整後為 0.62 美元，比我們指引的中點高出 0.01 美元。

The quarter benefited from higher development fees and slightly lower net operating expenses.

該季度受益於較高的開發費用和略低的淨營運費用。

In 2023, we reported same-property cash NOI growth of 5.7%.

2023 年，我們報告同物業現金 NOI 成長 5.7%。

The increase is driven primarily by rent commencement with vacancy leasing executed in 2022, embedded escalations in virtually all of our leases, lower than expected free rent concessions and rent commencement on development leases placed into service in 2021.

這一增長主要是由於 2022 年執行的空置租賃的租金開始、我們幾乎所有租賃的內含升級、低於預期的免費租金優惠以及 2021 年投入使用的開發租賃的租金開始。

Same-property occupancy ended the year at 93.4%, which is flat sequentially from last quarter and up 140 basis points year over year, driven largely by the following segments for BBW quarter increased 370 basis points year over year to 96.2%, 60% of the increase was due to lease commencement commencements at the National Business Park, primarily by the government Redstone Gateway increased 940 basis points year over year to 97.4% as Lockheed Martin took occupancy of over 120,000 square feet at 1,200 Redstone Gateway.

截至年底，同物業入住率為 93.4%，與上季度持平，但同比增長 140 個基點，主要是由於 BBW 季度的以下細分市場同比增長 370 個基點，達到 96.2%，同比增長 60%這一增長是由於國家商業園區的租賃開始，主要是由於政府Redstone Gateway 的租賃開始，年成長940 個基點，達到97.4%，洛克希德馬丁公司在1,200 Redstone Gateway 佔用了超過120,000 平方英尺的空間。

Our balance sheet is well positioned to navigate the current stress in the capital markets, we have no significant debt maturities until March 2026.

我們的資產負債表能夠很好地應對當前資本市場的壓力，在 2026 年 3 月之前我們沒有重大債務到期。

Our unencumbered portfolio represents 95% of total NOI from real estate operations at the end of the year, we had over 85% of the capacity on our line of credit available and over $165 million of cash on hand we currently have no variable rate debt exposure.

截至年底，我們的未支配投資組合佔房地產業務 NOI 總額的 95%，我們的可用信貸額度超過 85%，手頭現金超過 1.65 億美元，我們目前沒有可變利率債務風險。

In February 2023, we entered into interest rate swaps that fixed, so for at 3.75% for three years on our $125 million term loan and $75 million of a line of credit.

2023 年 2 月，我們對 1.25 億美元的定期貸款和 7,500 萬美元的信貸額度進行了固定利率互換，三年期利率為 3.75%。

The swap rate is over 150 basis points lower than the current one-month term so far and provides significant protection in this prolonged elevated rate environment.

迄今為止，互換利率比目前一個月期限低 150 個基點以上，在長期高利率環境下提供了顯著的保護。

We expect 100% of our debt will be at fixed rates late into 2024 as we look to fund the equity component of our development investment from cash from operations after the dividend and fund and fund the debt component from our existing cash balance and subsequently from our line of credit.

我們預計到2024 年末，我們100% 的債務將採用固定利率，因為我們希望在股息之後從營運現金中為我們的開發投資的股權部分提供資金，並從我們現有的現金餘額以及隨後的我們的債務部分中提供資金和資金。信貸額度。

With respect to guidance, we are establishing 2024 FFO per share at a range of $2.47 to $2.55, implying 3.7% growth over 2023's results at the midpoint of this guide.

在指導方面，我們將 2024 年每股 FFO 設定在 2.47 美元至 2.55 美元的範圍內，這意味著比本指南中位數的 2023 年業績增長 3.7%。

The midpoint of this guidance takes into account the following positive contributions of $0.25 from increases in GAAP NOI, including $0.09 from cash NOI from developments placed into service.

本指南的中點考慮了 GAAP NOI 增加帶來的 0.25 美元的積極貢獻，其中包括投入使用的開發項目帶來的 0.09 美元現金 NOI。

This was partially offset by $0.11 from higher interest expense based on higher projected debt balance and a slight decline in capitalized interest and $0.05 primarily from lower development fees, higher G&A, and other GAAP adjustments.

這被部分抵消，其中 0.11 美元是由於預期債務餘額增加和資本化利息略有下降而導致的利息支出增加，以及 0.05 美元主要是由於開發費用降低、一般管理費用增加和其他 GAAP 調整所致。

Same-property cash NOI guidance is projected to increase 6% at the midpoint of note, more than half of the growth comes from the strength of our portfolio operations.

相同財產現金 NOI 指引預計將在中期成長 6%，超過一半的成長來自我們投資組合營運的實力。

If we were to keep the 2023 pool intact.

如果我們要保持 2023 年泳池完好無損。

We forecast roughly 3.5% same-property cash NOI growth driven by average portfolio rent escalations of 2.5% and lease commencements primarily at our Fort Meade, BW Corridor and Redstone Gateway segments.

我們預計，由於平均投資組合租金上漲 2.5%，以及主要在米德堡、BW Corridor 和 Redstone Gateway 部分開始租賃，推動同物業現金 NOI 成長約 3.5%。

The remaining 2.5% of same-property NOI growth is due to cash commencements on development leases placed into service in 2022, which are now part of the 2024 same-property pool.

同一房產 NOI 成長的其餘 2.5% 歸因於 2022 年投入使用的開發租賃的現金啟動，這些租賃現已成為 2024 年同一房產池的一部分。

We expect same-property occupancy to end the year between 93% to 94%.

我們預計年底同一房產的入住率將在 93% 至 94% 之間。

We do expect occupancy to dip in the first quarter, driven by several non-renewals with 30,000 square feet occurring in the other segment and then to remain relatively stable throughout the remainder of the year.

我們確實預計第一季的入住率將下降，原因是其他部分發生了幾次 30,000 平方英尺的非續約，然後在今年剩餘時間內保持相對穩定。

Similar to last year, we are targeting 400,000 square feet of vacancy leasing, which we consider an aggressive goal.

與去年類似，我們的空置租賃目標為 40 萬平方英尺，我們認為這是一個激進的目標。

Since we are so highly leased.

因為我們的出租率很高。

We expect tenant retention in the 75% to 85% range.

我們預計租戶保留率在 75% 至 85% 之間。

Cash rent spreads on renewals to be flat at the midpoint, with average escalations of roughly 2.5%.

續約時的現金租金利差在中點持平，平均上漲約 2.5%。

We expect to commit $200 million to $240 million of investment capital.

我們預計投入 2 億至 2.4 億美元的投資資金。

For the full year, we expect our development spend on active and future projects will range from $240 million to $280 million.

全年，我們預計目前和未來項目的開發支出將在 2.4 億美元至 2.8 億美元之間。

We plan to place three projects totaling nearly $150 million into service, which are 81% leased and total 400,000 square feet.

我們計劃將三個總價值近 1.5 億美元的項目投入使用，其中 81% 已出租，總面積為 40 萬平方英尺。

We have historically framed development in terms of leased square feet.

我們歷來以租賃平方英尺為單位來制定開發。

However, beginning in 2024, we will instead guide to committed capital to invest as we feel this is a more suitable disclosure when evaluating the future NOI contributions from our invested capital.

然而，從 2024 年開始，我們將改為引導承諾資本進行投資，因為我們認為在評估我們投資資本的未來 NOI 貢獻時，這是更合適的揭露。

The cost to construct a defense IT property has increased approximately 25% when comparing the three year average of our starts between 2017 and 2019 to those commence between 2021 and 2023, driven by inflation in both material and labor costs.

與 2017 年至 2019 年開工的三年平均值相比，由於材料和勞動成本的上漲，國防 IT 資產的建造成本增加了約 25%。

Importantly, we earned both our return and NOI on invested capital, not square feet.

重要的是，我們的回報和 NOI 都是透過投資資本獲得的，而不是平方英尺。

Despite the increases in costs, we have been able to increase our initial cash yield on developments on defense IT projects modestly to approximately 8.25%.

儘管成本增加，我們仍能夠將國防 IT 專案開發的初始現金收益率適度提高至約 8.25%。

Since we have leased all of the land we own for data center shell developments, we assume no additional capital is committed to Shell's in 2024.

由於我們已經租賃了我們擁有的所有土地用於資料中心殼牌開發，因此我們假設 2024 年殼牌不會承諾額外的資本。

As illustrated on Slide 10 of our flip book, the $200 million to $240 million of expected investment in 2024 and defense IT office projects is the second highest annual level since 2019.

正如我們翻頁書投影片 10 所示，2024 年國防 IT 辦公室專案的預期投資額為 2 億至 2.4 億美元，這是自 2019 年以來第二高的年度投資水準。

In closing, the building blocks of our guidance illustrate why we are well positioned to continue to generate increasing NOI, FFO, and cash from operations, we expect to allocate towards accretive investment opportunities.

最後，我們的指導方針的組成部分說明了為什麼我們處於有利位置，可以繼續從營運中產生越來越多的 NOI、FFO 和現金，我們希望將其分配給增值投資機會。

With that, I'll turn the call back to Steve.

說完，我會把電話轉回給史蒂夫。

Thank you, but close by summarizing our key messages.

謝謝，但最後總結我們的關鍵訊息。

We delivered another strong year in 2023, with FFO per share $0.04 above our original guidance.

2023 年，我們又迎來了強勁的一年，每股 FFO 比我們最初的指引高出 0.04 美元。

Our defense IT segment is 97.2% leased bias rate achieved since we started reporting the segment in 2015.

自 2015 年開始報告該細分市場以來，我們的國防 IT 細分市場的租賃偏差率達到了 97.2%。

Full year same property cash NOI increased 5.7%, which is our highest level since we started reporting the full year metric since 2008.

全年相同房產現金 NOI 成長了 5.7%，這是我們自 2008 年開始報告全年指標以來的最高水準。

We exceeded our vacancy leasing target by executing 452,000 square feet or $325 million of active developments, which are 91% pre-leased, provide a solid trajectory for NOI growth over the next few years.

我們執行了 452,000 平方英尺或 3.25 億美元的活躍開發項目，超額完成了空置租賃目標，其中 91% 已預租，為未來幾年的 NOI 增長提供了堅實的軌跡。

Our liquidity is very strong, and we continue to expect to self-fund the equity component of our expected development investment.

我們的流動性非常強勁，我們繼續期望為預期開發投資的股權部分提供自籌資金。

Going forward, we established 2024 FFO per share guidance of $2.51 at the midpoint, which implies 3.7% year over year growth.

展望未來，我們將 2024 年 FFO 每股指引值設定為中位數 2.51 美元，這意味著年增 3.7%。

Between 2019 and 2023, we generated compound annual FFO per share growth of 4.5%.

2019 年至 2023 年間，我們的 FFO 每股複合年增長率為 4.5%。

Looking forward, we continue to expect compound annual FFO per share growth of roughly 4% between 2023 and 2026 from the midpoint of our original 2023 guidance in a time where global threats are increasing data security and so in facility security are becoming more important every day, fueling demand for specialized real estate solutions.

展望未來，我們繼續預計2023 年至2026 年FFO 每股複合年增長率將比我們最初的2023 年指導中位數增長約4%，因為全球威脅正在增加資料安全性，因此設施安全性變得越來越重要，刺激了對專業房地產解決方案的需求。

We are uniquely positioned to capture that demand, and we expect their strong performance to continue.

我們擁有獨特的優勢來滿足這一需求，我們預計他們的強勁表現將持續下去。

Operator, please open the call for questions.

接線員，請打開電話提問。

(Operator Instructions) Camille Bonnel, Bank of America.

（操作員指示）Camille Bonnel，美國銀行。

Hi, everyone.

大家好。

Steve can you remind us how the 3.3 national defense budget that passed in December compares to the initial projection?

Steve您能否提醒我們12月通過的3.3國防預算與最初的預測相比如何？

And then is there anything on the horizon either from elections or potential major agency relocations that you're closely watching this year through boom should play out with regard to budget increase exactly where it was expected to be in the 3% to 3.5% range.

然後，您今年在經濟繁榮期間密切關注的選舉或潛在的主要機構搬遷是否會在預算增長方面發揮作用，而預算增長恰好在預期的 3% 至 3.5% 範圍內。

Do you recall the last three years that budget ramped up $100 billion, so 3.3 is a big number on an extra $100 billion and a lot of money to fund defense priorities.

您是否還記得過去三年預算增加了 1000 億美元，因此 3.3 對於額外的 1000 億美元和用於資助國防優先事項的大量資金來說是一個很大的數字。

With regard to the election, it will be a fascinating outcome.

就選舉而言，這將是一個令人著迷的結果。

I just want to remind everybody that sense 2016 after the restoring of increase to the defense budget.

我只是想提醒大家，2016年國防預算恢復成長後的感覺。

We have had going on seven years of solid bipartisan support for increases in defense spending.

七年來，兩黨都堅定支持增加國防開支。

And it's the one part of our government that operates in a strongly cooperative bipartisan way.

這是我們政府中以兩黨強有力合作方式運作的一個部門。

And I expect irrespective of this outcome of this election, that support will continue.

我預計，無論這次選舉的結果如何，這種支持都將持續下去。

And in terms of like major agency relocations, are there any that you've been hearing about tracking in your market?

就主要機構搬遷而言，您是否聽說過有關市場追蹤的情況？

The only one that comes up from time to time is the prolonged discussions about the relocation of the FBI and their headquarters building in downtown DC to a more protected location that would either be in Virginia or Maryland has kind of gone quiet in the world of current events over the last six months.

唯一時不時出現的問題是關於將聯邦調查局及其位於華盛頓市中心的總部大樓搬遷到一個更受保護的地點的長期討論，該地點要么是弗吉尼亞州，要么是馬裡蘭州，在當前的世界中已經有點安靜了。過去六個月發生的事件。

And I think it's so heavily disputed, it will be years off before it's finalized.

我認為它的爭議如此之大，需要數年時間才能最終確定。

That's helpful.

這很有幫助。

And all the disclosure you've provided has been very helpful in understanding the building blocks that support your three-year CAGR of 4%, just given the high at the retention levels, could you comment on how that outlook is on an AFFO basis?

您提供的所有揭露資訊對於理解支持 4% 的三年複合年增長率的基礎非常有幫助，考慮到保留水平很高，您能否評論一下基於 AFFO 的前景如何？

Anthony, can you take it?

安東尼，你能接受嗎？

From an FFO standpoint, as I think we've talked about on some recent calls, we had some elevated leasing capital in 2023, 2022 and 2023.

從 FFO 的角度來看，正如我認為我們在最近的一些電話會議中談到的那樣，我們在 2023 年、2022 年和 2023 年的租賃資本有所增加。

And the third and fourth quarter are back to sort of our put back on to our regular levels so we expect FFO over that three-year period to grow slightly more than what we've been talking about with respect to FFO and because of the capital, the relative capital that we have to invest in renewal and new leasing compared to some of our our peers.

第三和第四季度我們的投入又回到了正常水平，因此我們預計 FFO 在這三年期間的增長將略高於我們一直在談論的 FFO 的增長，並且由於資本的原因，與我們的一些同行相比，我們必須投資於更新和新租賃的相對資本。

Okay, great.

好的，太好了。

And welcome, Rick.

歡迎，瑞克。

And just lastly, could you provide some color on the known move-outs that were highlighted in the press release last night.

最後，您能否提供一些有關昨晚新聞稿中強調的已知遷出的信息。

What are some reasons your tenants are not renewing and how much are tenants downsizing?

您的租戶不續約的原因有哪些？租戶縮小了多少規模？

Thank you.

謝謝。

Yes, absolutely.

是的，一點沒錯。

It's -- I mean, it's something we're seeing, I guess, outside of the defense IT world and primarily in our non-defense tenants and with law firms, for example, one of them was a law firm who is consolidating and just some strategic consolidations of a few smaller IoT defense-related contractors.

我想，這是我們在國防 IT 領域之外看到的事情，主要是在我們的非國防租戶和律師事務所中，例如，其中一家是一家正在整合並只是一些較小的物聯網國防相關承包商的一些策略整合。

But that is definitely the exception.

但這絕對是例外。

Most of them are growing.

他們中的大多數都在成長。

We are thrilled.

我們很興奮。

We routinely get some done renewal from small and mid-size contractors to the M&A activity.

我們經常完成從中小型承包商到併購活動的更新。

So they tend to innovate, create a new concept or product they can sell.

因此，他們傾向於創新，創造出可以銷售的新概念或產品。

They grow to a certain level and then they typically sell to one of the larger contractors.

它們發展到一定水平，然後通常會出售給較大的承包商之一。

Sometimes that results in some contraction as they get consolidated into bigger tenants and one other.

有時，當它們合併為更大的租戶和其他租戶時，這會導致一些收縮。

This is probably one other thing I'll note is that, you know, when we do have non-defense and IT tenants leaving our Defense IT portfolio, they're typically backfilled with defense IT with incredibly strong credit and strong businesses.

這可能是我要指出的另一件事，你知道，當我們確實有非國防和IT 租戶離開我們的國防IT 投資組合時，他們通常會被具有令人難以置信的強大信用和強大業務的國防IT 所填補。

So we actually see that as a positive.

所以我們實際上認為這是積極的。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Good afternoon.

午安.

Steve, how do you feel about pricing power in general?

史蒂夫，您對整體定價能力有何看法？

You guys achieved 1.5% rent spreads in 2023, but you're guiding to flat for 2024.

你們在 2023 年實現了 1.5% 的租金利差，但你們的目標是 2024 年持平。

I'm just wondering how much of that is conservatism and a return to more historical averages versus maybe something in the market telling you it could be a little tougher to push rents this year or even specific leases or extension options that might keep that metric lower this year.

我只是想知道其中有多少是保守主義和回歸歷史平均水平，而不是市場上的某些東西告訴你今年提高租金可能會更困難，甚至可能會降低該指標的特定租賃或延期選項今年。

So one thing that affects that overall metric is the mix of leases and where they're at.

因此，影響整體指標的一件事是租賃的組合及其位置。

We did a significant amount of leasing over the last here in the BW corridor where pricing power is as strong as anywhere.

過去我們在 BW 走廊進行了大量租賃，那裡的定價能力與任何地方一樣強大。

We expect some good traction in Northern Virginia, which is a little more competitive.

我們預計北維吉尼亞州會有良好的牽引力，該地區的競爭力稍強。

And then generally you will notice we guide pretty conservatively because we never want to over-promise.

一般來說，您會注意到我們的指導相當保守，因為我們從不想過度承諾。

So it's a little bit mix and probably 50 60% just conservative viewpoint in our guidance.

所以這有點混合，可能 50 60% 只是我們指導的保守觀點。

Got it.

知道了。

Really helpful.

真的很有幫助。

Can you talk about the 500,000 square feet of development leasing pipeline you have at this point and how much of that is in stages or close to becoming executed deals?

您能否談談您目前擁有的 500,000 平方英尺的開發租賃管道，以及其中有多少處於階段性或接近執行交易？

Just trying to get a feel for kind of the cadence of commencements in '24 and then also how much is MBT versus Huntsville.

只是想感受一下 24 年畢業典禮的節奏，以及 MBT 與亨茨維爾的差距有多大。

So I think it's two to one hands full the NBP, roughly half of commencements.

所以我認為 NBP 的人數是兩比一，大約是畢業典禮的一半。

I think you'll see June through November with peak volume of execution.

我認為 6 月到 11 月將會是執行量的高峰期。

We have, as Brett mentioned, we have another million plus square feet of product projects that we're entertaining with customers.

正如布雷特所提到的，我們還有另外一百萬多平方英尺的產品項目可供客戶娛樂。

But as I pointed out, in prior calls in this world of an elevated cost to care, probably really affects the decision-making of all companies, even defense contractors.

但正如我所指出的，在這個世界上之前提出的護理成本上升的呼籲可能確實會影響所有公司的決策，甚至是國防承包商。

And what we see is they're being very methodical to make the business cases for the facilities they need until the pace of progress is slow, but the visibility is very clear.

我們看到的是，他們正在非常有條理地為他們所需的設施制定業務案例，直到進展緩慢，但可見度非常清晰。

We were very excited about what we can get done this year.

我們對今年能夠完成的工作感到非常興奮。

Blaine, just to just to clarify and make sure I'm clear, but make sure you understand the distinction than the 500,000 square feet that Britt mentioned is new leasing activity that we have that we are looking at that has a possibility of being executed in 2024 in terms of commencements, the vast majority of those lease that leasing is already executed.

Blaine，只是為了澄清並確保我清楚，但請確保您理解 Britt 提到的 500,000 平方英尺是我們正在考慮的新租賃活動的區別，有可能在就開始期限而言，到2024 年，絕大多數租賃已經執行。

And the commencements that we expect in 2024 are the development projects that are under construction right now and significantly well leased.

我們預計 2024 年開工的項目是目前正在建設中且租賃情況良好的開發案。

Okay.

好的。

I think we're on the same page there.

我認為我們的觀點是一致的。

Okay.

好的。

Helpful color.

有用的顏色。

And then, Steve, appreciate your comments on having defense support no matter what happens in the election, but have you seen any pause in leasing activity in past election years, just that your tenant's kind of take some time to figure out the ultimate implications of either kind of more of the same or a new president in office?

然後，史蒂夫，感謝您關於無論選舉中發生什麼情況都獲得國防支持的評論，但是您是否看到過去選舉年中租賃活動有任何暫停，只是您的租戶需要一些時間來弄清楚最終的影響要嘛是更多相同的情況，要嘛是新任總統？

Yes, we really didn't see the in either of the prior to elections or demand was pretty solid throughout.

是的，我們確實沒有看到在選舉之前或整個過程中需求都非常強勁。

So no, the business case for at least seen in development is driven by defense needs and funding that's usually already occurred beforehand.

所以不，至少在開發中看到的商業案例是由國防需求和通常已經發生的資金所驅動的。

And with rich critical nature tenants, we support that there is really not tied to changes in philosophy and the edges with the president position.

與富有批判性的租戶一樣，我們認為這與理念的變化以及與總統職位的邊緣無關。

Michael Griffin, Citi.

邁克爾·格里芬，花旗銀行。

Great.

偉大的。

Thanks, maybe going back to the defense spending that for a second, Steve, you noted the passage of DNDA in December, but I think the Defense Department is still running on a continuing resolution on.

謝謝，也許回到國防開支，史蒂夫，你注意到 DNDA 在 12 月通過，但我認為國防部仍在繼續執行一項決議。

I'd just be curious your thoughts on if these continuing resolutions continue to be the case, and whether or not that would impact kind of demand or space needs somebody you're kind of thought?

我只是想知道您對這些持續解決方案是否繼續如此的想法，以及這是否會影響您認為的需求或空間需求？

Well, maybe I will rephrase it this way.

好吧，也許我會這樣重新表達。

In the 12 years that I've worked at this company, we in only one year do not have a continuing resolution of the continuing resolution is really the norm and the issue is, does it get wrapped up early or does become protracted the longest protracted continuing resolution was in 2017, which extended to about May 25, primarily because the new president I wanted to top up the defense spending and slowed down the passage, I would think by March we should be Congress to get around compliance where they're going to appropriate the funds, but it could be could go longer.

我在這家公司工作了12年，我們只有一年沒有持續解決方案，持續解決方案確實是常態，問題是，它是提前結束還是拖延得最長持續的決議是在2017年，延長到了5月25日左右，主要是因為新總統我想增加國防開支並放慢了通過速度，我認為到3月份我們應該讓國會繞過他們要去的地方撥款，但時間可能會更長。

Ultimately, it doesn't affect the outcome that are going to come our way it will and cram a lot of activity in the second half of the year.

最終，它不會影響我們將要實現的結果，並且會在下半年增加大量活動。

So it could manifest itself in some lower progress in the first quarter, which were catch-up.

因此，第一季的進度可能會下降，這是追趕性的。

And then maybe just on the development pipeline and future opportunities.

然後也許只是關於開發管道和未來的機會。

I'm talking about the current pipeline being highly pre-leased.

我說的是目前的管道已被高度預租。

Seems like demand is really outstripping supply in some of your key markets, is there any appetite to start to execute on future development opportunities or construction costs still prohibitive to make that happen?

看來您的一些關鍵市場確實供不應求，您是否有興趣開始執行未來的開發機會，或者建設成本仍然過高？

Britt pointed out we just kicked off, call it a not pre-leased or spec building at the MVP, and that will deliver about 138,000 square feet early next year because we need the inventory.

布里特指出，我們剛剛開始，稱其為 MVP 的未預租或規格建築，明年初將交付約 138,000 平方英尺，因為我們需要庫存。

We're about 40% leased on the inventory building in Redstone Gateway, our GAT 100, get very clear visibility into the full lease up of that asset.

我們租賃了 Redstone Gateway（我們的 GAT 100）庫存大樓的大約 40%，可以非常清楚地了解該資產的全部租賃情況。

So we're actually moving dirt and preparing to kick off our G 8500 which will be a 150,000 square foot building to create inventory.

因此，我們實際上正在搬土並準備啟動 G 8500，這將是一座 150,000 平方英尺的建築，用於創建庫存。

And then we've had increased demand for our high bay product at Redstone Gateway.

然後，我們對 Redstone Gateway 的高棚產品的需求不斷增加。

So we're going to kick off a 50,000 square foot high bay support facility for some of our existing tenants also this quarter.

因此，我們也將於本季為一些現有租戶啟動一個 50,000 平方英尺的高灣支援設施。

So what we have demand and a lack of inventory, we will build to that demand.

因此，我們有需求而庫存不足，我們將根據該需求進行生產。

Tom Catherwood, BTIG.

湯姆·凱瑟伍德，BT​​IG。

Thank you, and good afternoon, everybody.

謝謝大家，大家下午好。

Steve, I know there's no acquisitions in guidance, but you've talked in the past about maintaining liquidity for potential investment opportunities.

史蒂夫，我知道指導中沒有收購，但您過去曾談到保持潛在投資機會的流動性。

Are you seeing any early movement in the transaction markets and kind of given your focus on specific submarkets and tenants, what criteria would you be keen on if you were to pursue a deal?

您是否看到交易市場有任何早期動向，並考慮到您對特定子市場和租戶的關注，如果您要尋求交易，您會熱衷於什麼標準？

So it's great question to pursue a deal.

因此，尋求達成協議是一個很好的問題。

It has to be an asset with current or expected occupancy that serves the missions that we typically serve geographically would have to be very closely located to the assets we own currently and then the return that we have to get on that asset would have to be competitive with our development yields.

它必須是當前或預期佔用的資產，服務於我們通常在地理上服務的任務，必須與我們目前擁有的資產非常接近，然後我們從該資產獲得的回報必須具有競爭力與我們的發展成果。

And so that creates a pretty small set of opportunities.

因此，這創造了一小部分機會。

We're always diligent to look at opportunities that come up, we have a family that meet that criteria.

我們總是努力尋找出現的機會，我們有一個符合這個標準的家庭。

Appreciate that.

感謝。

And then maybe sticking with your commentary about the inventory building at NBT. given that the park is was 99.4% leased.

然後也許會堅持你對 NBT 庫存建設的評論。鑑於該公園的 99.4% 已出租。

And that inventory building doesn't deliver minimum was 18, 24 months.

庫存建設的交付期限至少為 18、24 個月。

Whatever may be what are tenants doing when they need expansion space.

無論租戶在需要擴展空間時做什麼。

And is that demand having any impact on your other Howard County business parks?

該需求對您的其他霍華德縣商業園區有影響嗎？

A review of the first revenue in the room that were otherwise going to be MBP into our portfolio in Columbia Gateway.

對房間內第一筆收入的回顧，否則這些收入將成為我們在 Columbia Gateway 的投資組合中的 MBP。

And we've got a prospect ratio that's about 160% for our vacancy in that part.

我們對該部分的空缺職位的預期比率約為 160%。

So it is very positive for us long term because we're adding quite a bit of skilled facilities in Columbia Gateway that typically would have favored the NBP.

因此，從長遠來看，這對我們來說是非常積極的，因為我們在 Columbia Gateway 增加了相當多的熟練設施，這些設施通常對 NBP 有利。

And then last one for me Britt.

最後一個是給我的布里特。

First off, congratulations on your first call.

首先，恭喜您接到第一通電話。

And secondly, second off, you had mentioned a handful of lease renewals that were delayed because of the continuing resolution.

其次，您提到了一些由於持續解決而被推遲的租約續約。

How does the mechanics of that work?

它的機制是如何運作的？

Did the leases expire and the tenants are now month-to-month?

租約是否已到期且租戶現在按月付款？

Or is there still term left on the lease?

或者租約還有期限嗎？

How does that kind of all come together?

這些是如何結合在一起的？

Yeah.

是的。

No, it just gets put into a purchase order expiration and it just goes into holdover And Tom, but I mean, we feel great now, like I said about those about those leases.

不，它只是進入採購訂單到期狀態，然後進入保留狀態，湯姆，但我的意思是，我們現在感覺很好，就像我所說的有關這些租賃的情況。

It's going to happen in 2024.

這將發生在 2024 年。

Just some things are out of our control.

只是有些事情是我們無法控制的。

But yes, if they would stand up space, there's no.

但是，是的，如果他們願意站起來，那就沒有了。

Obviously, we have no intention of moving them out are asking to move their long-term partners of ours.

顯然，我們無意將他們搬走，而是要求將我們的長期合作夥伴搬走。

To be clear, we used a different term at standstill and that holdover from home holdover implies that we could put penalties on them and kind of jack-up rent.

需要明確的是，我們在停頓時使用了不同的術語，並且從家庭保留中保留意味著我們可以對他們進行處罰並提高租金。

There's just a lot of provisions in the lease and allow them to keep paying what they were paying.

租約中有很多條款，允許他們繼續支付他們所支付的費用。

We true-up home when they get a lease kind of perfectly.

當他們完美地獲得租約時，我們就回家了。

That was what I was worried about was that there would be some sort of a rolldown if they were on a holdover lease so it would be just some no change in the rent.

這就是我擔心的是，如果他們持有延期租約，就會出現某種形式的縮減，所以租金不會有任何變化。

Was that what you're coming through to continuing resolution?

這就是你持續解決問題的經驗嗎？

Yes, it stands for.

是的，它代表。

Richard Anderson, Wedbush Securities.

理查德·安德森，韋德布希證券。

Thanks.

謝謝。

Good afternoon.

午安.

So I'm on slide 17.

所以我在投影片 17 上。

What about the other 2.9 million square feet that isn't 50,000 square feet or greater.

其餘 290 萬平方英尺（不等於 5 萬平方英尺）又如何呢？

What's the status of those stores?

這些店的現狀如何？

If you go look at our guidance, it's impossible for me to go lease by lease is very comparable.

如果你去看看我們的指南，我不可能逐一租賃具有可比性。

Maybe there'll be some non-renewals, but we're guiding to a midpoint of 80, and we're very confident we're going to deliver that.

也許會有一些不續訂，但我們的目標是 80 的中點，我們非常有信心能夠實現這一目標。

You mentioned the statistic, 89% demand space available in your defense IT segment?

您提到了統計數據，您的國防 IT 領域有 89% 的可用需求空間？

Yes, I guess that's a good number.

是的，我想這是一個不錯的數字。

I think you'd like it to be at or above 100% is there is there a line of sight into how that number might change over the passage of time based on what you're seeing today?

我認為您希望它達到或高於 100%，根據您今天所看到的情況，是否可以預見該數字會如何隨著時間的推移而變化？

And is it my in my asking for too much for it to be over 100%?

是不是我的要求太高了，以至於超過了100%？

Over 100%, it's pretty rare.

超過100%的情況是非常罕見的。

We actually have a graph.

我們實際上有一個圖表。

We track that statistic and anything over 70% is pretty strong. 60% is that unusual in a sub-market, but remember that spot demand for your inventory.

我們追蹤該統計數據，超過 70% 的值就相當強勁了。 60% 在子市場中是不尋常的，但請記住庫存的現貨需求。

So it changes with every ebb and flow of deal, but 70% and up is very strong.

因此，它會隨著交易的每次潮起潮落而變化，但 70% 及以上的情況非常強勁。

Over 100 is great.

超過100就很棒了。

And we are over 100 in the BW Corridor, which includes Columbia Gateway.

我們在 BW 走廊（包括 Columbia Gateway）有 100 多個。

6% same-store NOI growth for this coming year At the midpoint a little bit less than 4% FFO growth.

明年同店 NOI 成長 6% 中點略低於 FFO 成長 4%。

Anthony said maybe a little bit more AFFO growth, but still the common theory is you get ex internal growth you should get X plus Y at the bar at the bottom line.

安東尼說，也許 AFFO 成長會多一點，但普遍的理論仍然是，你獲得除內部成長之外的收益，你應該在底線欄獲得 X 加 Y。

It's not the case here with you it actually your FFO growth is actually lower.

但您的情況並非如此，實際上您的 FFO 增長實際上較低。

Is that just a condition of the fact that your big time developer and will you never kind of really see six be equal 8% FFO growth or four equals 6% FFO growth I'm just curious if that's just sort of a function of the way CDP. operates.

這只是你的大開發商的一個條件嗎？你永遠不會真正看到六個等於 8% FFO 增長或四個等於 6% FFO 增長我只是好奇這是否只是一種方式的函數中國民主黨。運行。

No, I think it's a function of no ones.

不，我認為這不是任何人的功能。

None of us are immune from the change in interest rates and full year impact of the exchangeable note offering that we did in September of last year.

我們都無法免受利率變化和去年 9 月發行可交換票據的全年影響。

And will it is in 2024 is math and that 5.25% is higher than our debt portfolio, the interest rate that we had prior to that transaction.

2024 年是否會發生是數學問題，5.25% 高於我們的債務投資組合，也就是我們在該交易之前的利率。

So some of that and both internal and external external growth or EBITDA growth is being absorbed by an increase in interest expense.

因此，其中一些以及內部和外部外部成長或 EBITDA 成長正在被利息支出的增加所吸收。

I guess I would have thought that interest rates last year was this year almost a wash if not have an opportunity, but I hear your point you have more stuff to deal with.

我想我會認為去年的利率如果沒有機會的話今年幾乎是一次清洗，但我聽到你的觀點，你有更多的事情要處理。

So interest rate interest expense goes up, but in theory, you should see what I described, right, if holding all else constant, that should be a reason why you shouldn't get more FFO growth than you get same-store growth.

因此，利率利息支出上升，但從理論上講，你應該看到我所描述的，對吧，如果其他條件保持不變，這應該是為什麼你的 FFO 成長不應超過同店成長的原因。

Is that a fair statement?

這是一個公平的說法嗎？

All capital costs being equal, that's a fair statement.

所有資本成本相同，這是一個公平的說法。

Last quarter, when interest rates come down, there's some pretty interesting growth that could come back well, definitely.

上個季度，當利率下降時，肯定會出現一些非常有趣的成長，並且可以很好地恢復。

And then the last question is, I'm just thinking you mentioned cyber and how important it is to your business.

最後一個問題是，我只是想您提到了網路以及它對您的業務有多重要。

I wonder about AI these days and whether that is it being weaponized certainly it is, is that like a demand driver for cyber demand as well?

我現在想知道人工智慧是否正在被武器化，這是否也像網路需求的需求驅動因素一樣？

And how do you see AI impacting your business either positively or negatively, whether it's a demand or a competitive threat to CD pages.

您如何看待人工智慧對您的業務產生積極或消極的影響，無論是對 CD 頁面的需求還是競爭威脅。

I'm just wrestling a little bit, but I'm curious what if you have any thoughts on that?

我只是有點摔跤，但我很好奇你對此有什麼想法嗎？

Will we have to see it would be highly speculative.

我們是否必須看到這將是高度推測性的。

So if we understand the speculative, eventually, the AI technology is going to reach some level of competency where it will have to be evaluated for use in the DoD environment.

因此，如果我們理解這一推測，最終，人工智慧技術將達到一定的能力水平，必須對其在國防部環境中的使用進行評估。

And I don't think we've seen we have no evidence that we've seen any increased activity and contracts related to a lag as of current, so could be potentially upside.

我認為我們沒有看到沒有證據表明我們已經看到任何與當前滯後相關的活動和合約的增加，因此可能有潛在的上行空間。

But it's a little early to tell.

但現在說還太早。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Good afternoon, guys.

下午好，夥計們。

Thanks for taking the question.

感謝您提出問題。

And I guess just going back to some of the comments on cash releasing spread guidance being potentially conservative in '24, but I guess just as you think about the business over the next five years, given the portfolio occupancy is at historically high levels and given your comments on being able to push higher yields on costs and new defense and IT developments.

我想回到24年關於現金釋放利差指導可能保守的一些評論，但我想就像你對未來五年的業務的思考一樣，考慮到投資組合佔用率處於歷史高位，並且考慮到您對能夠推動更高的成本收益以及新的國防和IT 開發的評論。

I guess at what point does that give you guys the ability to continue to push rents and the operating portfolio?

我想你們在什麼時候有能力繼續推高租金和營運投資組合？

I mean, is the zero to two or is that call it the flat mark to markets sort of a low baseline?

我的意思是，零到二是不是有點低基線？

As we look at think about the business over the next five years but do recall, one of the interesting dynamics of our business is we have embedded growth in our leases, and that's why we give you the compounded annual growth rate from the original lease to the renewal lease because we capture growth in all of our leases.

當我們考慮未來五年的業務時，但請記住，我們業務的一個有趣的動態是我們在租賃中嵌入了增長，這就是為什麼我們為您提供從原始租賃到的複合年增長率續租是因為我們所有的租賃都實現了成長。

And the mark-to-market is really and the renewal is that there we are a little below the market growth in rent or we are a little above and zero guidance says the internal growth we expect is about what the market has grown.

按市值計價確實是這樣，更新是我們的租金增長略低於市場增長，或者我們略高於市場增長，零指導表明我們預期的內部增長與市場增長有關。

And if we beat it, we were able to push up a little higher or not, but it's not a measure of no growth.

如果我們打敗了它，我們就能推高一點或不推高一點，但這並不是衡量沒有成長的標準。

It's a measure of deviation of the mark-to-market growth from the embedded growth.

它是衡量以市值計算的成長與內在成長的偏差的指標。

I guess the question really is like over the next few years, you continue to expect that market rent growth.

我想問題實際上是在接下來的幾年裡，您繼續預期市場租金成長。

We'll keep pace with, call it, the 2.5% annual escalators.

我們將跟上每年 2.5% 的自動扶梯成長速度。

Is that a fair statement?

這是一個公平的說法嗎？

Yeah, remember the two point some escalators generates a higher growth than 2.5% because 2.5% on a gross rent where they've expensed staff, which allows us to pass through increases of expenses.

是的，請記住這兩點，一些自動扶梯產生的成長率高於 2.5%，因為在總租金上，他們支付了 2.5% 的員工費用，這使我們能夠轉嫁費用的增加。

So the average of 2.5% on the gross rents produces 3.2%, 3.45% compound growth over the term depending on the length.

因此，總租金平均 2.5% 會產生 3.2%、3.45% 的複合成長率，具體取決於時間長度。

(Operator Instructions) Steve Sakwa, Evercore ISI.

（操作員說明）Steve Sakwa，Evercore ISI。

Great, thanks.

萬分感謝。

Good afternoon.

午安.

Steve, I think in your prepared remarks, you guys talked about the lease up of 21 hundred L Street, which I know is kind of in the noncore nondefense IT bucket, where does that sit in terms of potential disposition candidates in '24?

史蒂夫，我想在你們準備好的發言中，你們談到了 2100 L Street 的租賃，我知道這屬於非核心非國防 IT 桶，就 24 年潛在的處置候選人而言，它處於什麼位置？

That will be market dependent.

這將取決於市場。

So Britt alluded to some more news that could be positive in the leasing front.

因此，布里特提到了一些在租賃方面可能有利的消息。

And I think if we're able to achieve what you alluded to, the occupancy will be positioned well for a disposition.

我認為，如果我們能夠實現您提到的目標，那麼該佔用率將處於有利的位置。

And then it's a question of what does the capital market look like to bring that asset to market.

接下來的問題是資本市場是什麼樣子才能將該資產推向市場。

Currently, Our belief is there's very little demand for investment in even a trophy asset like because there's a lot of uncertainty around interest rates and what the Fed's going to do.

目前，我們認為即使是像獎盃這樣的資產的投資需求也很少，因為利率和聯準會將採取的行動存在很大的不確定性。

The cuts of that were expected have been delayed.

預期的削減已被推遲。

I think that's all it creates a difficult backdrop for investors to move ahead.

我認為這就是為投資者的前進創造了困難的背景。

But I will say we will maintain a very nimble position when the market supports an efficient sale, we intend so.

但我想說，當市場支持有效銷售時，我們將保持非常靈活的立場，我們打算這樣做。

And then on the data center shells, you basically said you've gotten no land, I think I know starts penciled in.

然後在資料中心的外殼上，你基本上說你沒有得到土地，我想我知道開始用鉛筆寫下來。

Just how are you thinking about that business at this point with kind of the major customer you have, are you looking for additional sites outside of the Northern Virginia kind of core market that you had or you sort of have kind of that whole business is on hold?

您現在如何考慮您擁有的主要客戶的業務，您是否在北弗吉尼亞州之外尋找您擁有的核心市場或您擁有的整個業務所在的其他站點抓住？

And how do you think about the retention of that business long term if it doesn't grow from here?

如果該業務無法從現在開始成長，您如何看待長期保留該業務？

so we are working actively to find additional opportunities to develop our market is further impaired by a lack of clarity of power availability.

因此，我們正在積極尋找更多機會來開發我們的市場，而由於電力可用性缺乏明確性而進一步損害了我們的市場。

And so until there's clarity and power.

如此直到一切變得清晰和有力。

And then from that demand, we just have to be an observer of the conditions looking for opportunities and moving forward when conditions will allow us do a lease.

然後，根據這種需求，我們只需觀察條件，尋找機會，並在條件允許我們進行租賃時繼續前進。

Well, let me maybe ask a little differently.

好吧，讓我問一個稍微不同的問題。

Are you kind of locked into the one submarket or one area where you develop with them or could that sort of expand geographically within the broader Virginia market?

您是否被鎖定在與他們一起開發的一個子市場或一個區域中，或者是否可以在更廣泛的弗吉尼亞市場內進行地理擴張？

I think it could expand.

我認為它可以擴大。

I can't tell you that we're actively working on expansion.

我不能告訴你我們正在積極致力於擴張。

We haven't yet seen that demand spill into the collar counties that have more affordable land and credit benefit, primarily because the power is still the constraint to the market.

我們還沒有看到需求蔓延到擁有更實惠的土地和信貸利益的領縣，主要是因為電力仍然是市場的限制因素。

This concludes the question-and-answer session.

問答環節到此結束。

I will now turn the call back to Mr. Budorick for closing remarks.

現在我將把電話轉回給布多里克先生做總結發言。

Thank you all for joining the call today and the great questions were in our offices.

感謝大家今天參加電話會議，我們的辦公室提出了一些重要的問題。

So please coordinate through Venket like follow-up call.

因此請透過 Venket 進行協調，如後續電話。

Thank you.

謝謝。

Thank you for your participation and the copper defense Properties Fourth Quarter and Full Year 2023 Results Conference Call.

感謝您的參與以及銅防務地產 2023 年第四季和全年業績電話會議。

This concludes the presentation.

演示到此結束。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。