COPT Defense Properties (CDP) 2025 Q3 法說會逐字稿

Welcome to the COPT Defense Properties third-quarter 2025 results conference call. As a reminder, today's call is being recorded. At this time, I'd like to turn the call over to Venkat Kommineni, COPT's Defense Vice President of Investor Relations, Mr. Kommineni, please go ahead.

歡迎參加 COPT Defense Properties 2025 年第三季業績電話會議。再次提醒，今天的通話將會被錄音。此時，我想把電話交給 COPT 的國防投資者關係副總裁 Venkat Kommineni 先生，Kommineni 先生，請開始吧。

Thank you, Kevin. Good afternoon, and welcome to COPT Defense's conference call to discuss third quarter results. With me today are Steve Budorick, President and CEO; Britt Snider, Executive Vice President and COO; and Anthony Mifsud, Executive Vice President and CFO. 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.

謝謝你，凱文。下午好，歡迎參加 COPT Defense 的電話會議，本次會議將討論第三季業績。今天陪同我出席的有：總裁兼執行長史蒂夫·布多里克；執行副總裁兼營運長布里特·史奈德；以及執行副總裁兼財務長安東尼·米夫蘇德。管理層討論的 GAAP 和非 GAAP 財務指標的調節表可在我們網站的業績報告、新聞稿和簡報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. Actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update them. Steve?

再次提醒各位，今天電話會議上作出的前瞻性陳述存在風險和不確定性，這些風險和不確定性已在我們的美國證券交易委員會文件中進行了討論。實際事件和結果可能與這些前瞻性聲明有重大差異，本公司不承擔更新這些聲明的義務。史蒂夫？

Good afternoon and thank you for joining us. The company struck performance during the first half of the year continued throughout the third quarter and has resulted in an increase through our guidance for the year across several financial and operating metrics. We've extended our streak of achieving or outperforming our FFO per share guidance to 31 consecutive quarters.

下午好，感謝各位的參與。公司上半年的出色業績延續到了第三季度，並使得多項財務和營運指標都超過了我們對全年業績的預期。我們已連續 31 個季度達到或超過每股 FFO 預期目標。

And in October, we successfully closed on three important financings, which prefund our 2026 [bond maturity] and provide additional liquidity to fund our external growth. Turning to results. FFO per share, as adjusted for comparability, was $0.69 in the quarter, $0.02 above the midpoint of guidance and $2.02 for the first nine months.

10 月份，我們成功完成了三項重要的融資，為 2026 年到期的債券提前提供了資金，並為我們的外部成長提供了額外的流動性。接下來看結果。經調整以增加可比性後，本季每股 FFO 為 0.69 美元，比預期中位數高出 0.02 美元，前九個月為 2.02 美元。

This is a 6.2% year-over-year increase for the quarter and a 5.2% increase for the first nine months. Same property cash NOI increased 4.6% year-over-year for both the quarter and the first nine months. We continue to outperform on the leasing front. The portfolio ended the quarter at 95.7% leased.

本季年增 6.2%，前九個月年增 5.2%。本季及前九個月的同店現金淨營業收入年增 4.6%。我們在租賃方面持續表現出色。該投資組合本季末出租率為 95.7%。

That's our highest level in 20 years. We signed 78,000 square feet of vacancy leasing in the quarter, and 432,000 square feet during the first nine months. This volume represents 36% of the unleased space we had at the beginning of the year. Recall our initial vacancy leasing target of 400,000 square feet was increased to 450,000 square feet at the end of the second quarter. So our achievement year-to-date already represents 96% of that elevated target.

這是我們20年來的最高水準。本季度我們簽訂了 78,000 平方英尺的空置物業租賃合同，前九個月簽訂了 432,000 平方英尺的空置物業租賃合約。這一面積占我們年初未出租面積的 36%。回想一下，我們最初的空置租賃目標為 40 萬平方英尺，在第二季末提高了 45 萬平方英尺。因此，我們今年迄今的成就已經達到了這一更高目標的 96%。

Tenant retention remains strong at 82%, both during the quarter and the first nine months. We reduced our lease expiration exposure through year-end 2026 by 25% or 1 million square feet since last quarter, and we expect significant progress in the fourth quarter. In recent weeks, we committed $72 million of capital to two external growth investments, both of which enhance our relationships with existing Defense/IT tenants.

租戶續租率依然強勁，在本季和前九個月均維持在 82%。自上個季度以來，我們已將截至 2026 年底的租賃到期風險降低了 25% 或 100 萬平方英尺，我們預計第四季度將取得重大進展。最近幾週，我們投入了 7,200 萬美元的資金用於兩項外部成長投資，這兩項投資都加強了我們與現有國防/IT 租戶的關係。

First, we commenced construction of 7,700 Advanced Gateway in our Redstone Gateway Campus. 100% preleased $27 million development, which is our fourth build-to-suit project with this tenant at that location. Second, we acquired Stonegate 1 in Chantilly, Virginia, a $40 million purchase of a strategic property fully leased to a top 20 US defense contractor, which represents this tenant's ninth location in our portfolio. Year-to-date, we have committed roughly $125 million (sic – see slide 12, "$124 million") of capital to three new investments against our original target of $225 million.

首先，我們在紅石門戶園區啟動了7,700套先進門戶公寓的建設。該項目總投資2,700萬美元，已全部預租，這是我們與該租戶在該地點合作的第四個客製化開發案。其次，我們收購了位於維吉尼亞州尚蒂伊的 Stonegate 1，這是一筆價值 4000 萬美元的戰略性物業收購，該物業已全部出租給美國排名前 20 的國防承包商，這是該租戶在我們投資組合中的第九個地點。今年迄今為止，我們已投入約 1.25 億美元（原文如此，請參閱第 12 頁投影片，「1.24 億美元」）資金用於三項新投資，而我們最初的目標為 2.25 億美元。

We are in the advanced stages of the negotiations. Our multiple build-to-suit opportunities, and we expect to exceed our original capital commitment target. Turning to guidance. First, based on our strong performance year-to-date, we are increasing the midpoint of 2025 guidance for the following six metrics: FFO per share increases by $0.03 to $2.70 a share, which equates to 5.1% growth over 2024s results and is $0.04 above our initial guidance.

談判已進入後期階段。我們有多個客製化建造機會，預計我們將超過最初的資本承諾目標。尋求指導。首先，基於我們今年迄今的強勁表現，我們將以下六項指標的 2025 年業績指引中位數上調：每股 FFO 增加 0.03 美元至每股 2.70 美元，相當於比 2024 年的業績增長 5.1%，比我們最初的指引高出 0.04 美元。

Same-property cash NOI growth increased to 75 basis points to 4%, which is 125 basis points above initial guidance. Same-property year-end occupancy increases by 20 basis points to 94.2%. Cash rent spreads on renewals increases by 200 basis points to 2%. Our vacancy leasing target increases by another 50,000 square feet to 500,000 square feet, which is 25% or 100,000 square feet above our initial target and capital committed to new investments increases by $25 million to $250 million. Britt and Anthony will provide more details on these increases.

同店現金淨營業收入成長至 4%（75 個基點），比原預期高出 125 個基點。同店年末入住率上升 20 個基點至 94.2%。續租現金租金差增加 200 個基點至 2%。我們的空置租賃目標增加了 5 萬平方英尺，達到 50 萬平方英尺，比我們最初的目標高出 25% 或 10 萬平方英尺；同時，承諾用於新投資的資本增加了 2,500 萬美元，達到 2.5 億美元。Britt 和 Anthony 將提供有關這些增長的更多細節。

On September 2, President Trump announced the relocation of Space Command headquarters from [Peterson Space Force Base] in Colorado Springs to [Redstone Arsenal] in Huntsville. The command is expected to relocate to our Redstone Gateway secured parcel. Since the announcement, we've been active dialogue with the leadership at both Space Command and Redstone Arsenal to optimize their programming and sequencing activities for their new facilities.

9 月 2 日，川普總統宣布將太空司令部總部從科羅拉多斯普林斯的彼得森太空部隊基地遷至亨茨維爾的紅石兵工廠。該指揮部預計將遷至我們的紅石門戶安全區域。自宣布以來，我們一直與太空司令部和紅石兵工廠的領導層積極對話，以優化其新設施的規劃和排序活動。

We expect the command to lease roughly 450,000 square feet in total, most likely in increments over time. Beyond the direct development opportunity with Space Command, we also expect defense contractor growth that supports the command will emerge in the Huntsville market. The government estimates this could eventually drive a 2:1 contractor tail over time, but this won't start to significantly materialize until Space Command has completed its relocation expected in 2027.

我們預計該指揮部總共將租賃約 45 萬平方英尺的面積，很可能會分階段租賃。除了與太空司令部直接合作的機會外，我們還預計，為該司令部提供支援的國防承包商的成長也將在亨茨維爾市場出現。政府估計，隨著時間的推移，這最終可能會導致承包商數量與企業數量之比為 2:1，但這要等到太空司令部完成搬遷（預計在 2027 年）後才會開始明顯顯現。

Of similar importance, the missions at Redstone Arsenal will play a key role in building the plan Golden Dome Missile Defense and is driving contractor opportunities more quickly than the space can relocation. In addition to the mission work, our tenants already conduct to support missile defense in the park.

同樣重要的是，紅石兵工廠的任務將在建造金穹飛彈防禦計畫中發揮關鍵作用，並且比太空搬遷更快地推動承包商機會的出現。除了上述任務之外，我們的租戶還在園區內進行支援飛彈防禦的工作。

We are in discussions with defense contractors seeking space to compete for the incremental opportunities arising from Golden Dome and one new lease has already been signed since the July funding and additional contract awards are expected as soon as year-end.

我們正在與尋求場地以競爭金穹頂帶來的新增機會的國防承包商進行洽談，自 7 月份獲得資金以來，已經簽署了一份新的租賃協議，預計最快在年底前將授予更多合約。

Turning to the government shutdown. Since the end of September, the Senate has failed the past continuing resolution, putting the government into shutdown, which continues today. As a reminder, one, the government shutdowns do not materially impact our business as we still collect rent. And two, our buildings are well occupied because they are leased to essential missions.

接下來談談政府停擺事件。自9月底以來，參議院未能通過上一輪的持續撥款決議，導致政府停擺，這種情況至今仍在持續。再次提醒大家，政府停擺對我們的業務沒有實質影響，因為我們仍然收取租金。第二，我們的建築物入住率很高，因為它們都租給了重要的機構。

However, the shutdown does create some uncertainty around the timing of lease activities. Given the significant volume of government lease renewals contemplated in the fourth quarter, and extended shutdown could modestly impact our full year guidance for tenant retention and cash rent spreads due to timing delays.

然而，停工確實為租賃活動的時間安排帶來了一些不確定性。鑑於第四季度政府租賃續約數量龐大，而長期停擺可能會因時間延誤而對我們全年租戶留存率和現金租金差額的預期產生輕微影響。

To be clear, any delay as a result of the shutdown only impacts when for these renewals, not (inaudible). Looking forward, we expect that when the FY 2026 defense appropriation is approved. They will support additional demand for our portfolio as the priority missions our tenant support are expected to see increased funding to counter an increasingly complex national security environment. These missions include intelligence, surveillance and reconnaissance, cybersecurity and network activities, naval sea and air technology development, unmanned aerial vehicles, and missile defense and space activities.

需要明確的是，停工造成的任何延誤只會影響這些續約的時間，而不會影響其他任何事項。（聽不清楚）展望未來，我們預計 2026 財年國防撥款獲得批准後，情況將會如何發展。隨著租戶支持的優先任務預計將獲得更多資金以應對日益複雜的國家安全環境，這些需求將支持對我們投資組合的額外需求。這些任務包括情報、監視和偵察，網路安全和網路活動，海軍海空技術開發，無人機，以及飛彈防禦和太空活動。

So with that, I'll turn the call over to Britt.

那麼，接下來我將把電話交給布里特。

Thank you, Steve. Throughout the year, we have continued to see strong demand from defense contractors looking for new or incremental space to support mission programs and contracts, a significant amount of which requires SCIF. As we anticipated, occupancy in our total portfolio declined 10 basis points sequentially, but the lease rate increased 10 basis points.

謝謝你，史蒂夫。在過去一年中，我們持續看到國防承包商對新的或增量空間的強勁需求，以支持任務計劃和合同，其中很大一部分需要 SCIF（保密資訊設施）。正如我們預期的那樣，我們整體投資組合的入住率環比下降了 10 個基點，但租金率上升了 10 個基點。

More importantly, the leased rate in our Defense/IT portfolio increased 20 basis points to 97%. The short-term occupancy decline over the quarter was driven primarily by two known nonrenewals totaling less than 80,000 square feet. This expiring area has already been leased to defense contractors with occupancy commencing in the first half of next year.

更重要的是，我們國防/IT投資組合的租賃率提高了20個基點，達到97%。本季短期入住率下降的主要原因是兩筆已知的不續租交易，總面積不到 80,000 平方英尺。這塊即將到期的區域已經租給了國防承包商，並將於明年上半年開始投入使用。

In the Fort Meade BW corridor, we leased the space related to 41,000 square foot nonrenewal by a financial services tenant in Columbia Gateway to Realm 1, a rapidly growing cybersecurity innovator. Realm 1 is expanding its footprint in the park from a little over 10,000 square feet to over 50,000 square feet.

在 Fort Meade BW 走廊，我們租賃了與哥倫比亞門戶 (Columbia Gateway) 一家金融服務租戶不再續租的 41,000 平方英尺空間相關的空間，該空間被迅速發展的網路安全創新者 Realm 1 收購。Realm 1 正在將其在園區內的佔地面積從略超過 10,000 平方英尺擴大到超過 50,000 平方英尺。

This is a continuation of our successful effort to increase the concentration of defense and cyber tenants in our Columbia Gateway portfolio. And in Huntsville, we leased the space related to a 37,000 square foot nonrenewal resulting from M&A activity to Georgia Tech Research Institute, or GTRI, for its expansion.

這是我們持續努力提高哥倫比亞門戶專案組合中國防和網路安全租戶集中度的另一個成功舉措。在亨茨維爾，我們將因併購活動而導致的 37,000 平方英尺的未續租空間租賃給了佐治亞理工學院研究所 (GTRI)，用於其擴張。

GTRI is doubling its footprint to 75,000 square feet, and we'll fully occupy 8,800 Redstone Gateway. GTRI is a DoD-sponsored university affiliated Research Center, which serves missions at the Redstone Arsenal, including Army Air Defense Systems and the Missile Defense Agency. We continue to outperform in terms of vacancy leasing as we leased 78,000 square feet during the quarter -- in the quarter and 432,000 square feet during the first nine months of the year.

GTRI 的佔地面積將擴大一倍，達到 75,000 平方英尺，我們將完全佔用 Redstone Gateway 8,800 號。GTRI 是一個由美國國防部贊助的大學附屬研究中心，為紅石兵工廠的任務提供服務，包括陸軍防空系統和飛彈防禦局。我們在空置物業租賃方面繼續表現出色，本季度租賃了 78,000 平方英尺，而今年前九個月的租賃面積為 432,000 平方英尺。

Our third quarter volume exceeded our plan as we anticipated activity in the back half of the year would moderate due to the delayed appropriation, which wasn't passed until July. Despite the late appropriation approval, we have seen some contractors move forward and execute leases. Currently, we have another 110,000 square feet of deals in advanced negotiations, which led us to raise our full year target, again, to 500,000 square feet.

由於撥款延遲（直到 7 月才通過），我們預計下半年的業務活動將會放緩，因此我們第三季的業務量超過了我們的計劃。儘管撥款審批較晚，但我們已經看到一些承包商繼續推進並簽訂了租約。目前，我們還有 11 萬平方英尺的交易正在進行深入談判，這促使我們再次將全年目標提高到 50 萬平方英尺。

Moving to renewal leasing. We executed nearly 800,000 square feet in the third quarter and achieved an exceptional tenant retention rate of 82%. During the first nine months of the year, we executed 1.7 million square feet, also achieving a tenant retention rate of 82%, which is right in line with the midpoint of our full year guidance range of 82.5%. On Slide 23 of the flip book, we provide an update on our lease expirations in the fourth quarter, which totaled 1.7 million square feet in our Defense/IT portfolio.

轉為續租。我們在第三季完成了近 80 萬平方英尺的裝修工程，並實現了 82% 的卓越租戶留存率。今年前九個月，我們完成了 170 萬平方英尺的建設，租戶留存率達到 82%，與我們全年指導範圍 82.5% 的中點完全一致。在翻頁書的第 23 頁，我們更新了第四季度租賃到期情況，其中國防/IT 投資組合的租賃到期面積總計達 170 萬平方英尺。

All but 75,000 square feet of these expirations are US government leases and nearly 1.4 million square feet or 80% of these expirations are in secure full building leases to the US government. We are working with the government on these renewals and expect 100% retention on these leases. Our retention rate guidance assumes that we renew roughly 700,000 square feet of this US government space by year-end and the remaining 660,000 square feet in 2026.

在這些到期租賃的面積中，除 75,000 平方英尺外，其餘均為美國政府租賃；其中近 140 萬平方英尺（佔到期租賃面積的 80%）是美國政府簽訂的整棟建築安全租賃合約。我們正在與政府合作進行這些續約事宜，並預計這些租約將有100%續約。我們的續租率預期是，到今年年底，我們將續租約 70 萬平方英尺的美國政府辦公空間，剩餘的 66 萬平方英尺將在 2026 年續租。

Turning to large leases expiring between third quarter of 2024 and through year end of 2026, as shown on Slide 24 of the flip book, we renewed five large leases in the quarter, totaling 640,000 square feet at a 100% retention rate. This included a secure full building lease with the US government in Maryland, a lease with Boeing in Alabama in their defense base and security business, and three data center shell leases in Northern Virginia, of which we own 10%, where cash rent spreads increased 91%. Over the last five quarters, we've renewed 1.9 million square feet of large leases at a 97% retention rate.

如翻頁書第 24 頁所示，在 2024 年第三季至 2026 年底期間到期的大宗租賃合約中，我們在本季度續簽了五份大宗租賃合同，總面積達 640,000 平方英尺，續租率達 100%。這包括與美國政府在馬裡蘭州簽訂的一份完整的建築物租賃協議，與波音公司在阿拉巴馬州的國防基地和安全業務簽訂的一份租賃協議，以及在北弗吉尼亞州簽訂的三份數據中心外殼租賃協議（我們擁有其中 10% 的股份），這些協議的現金租金差額增長了 91%。在過去的五個季度裡，我們續簽了 190 萬平方英尺的大型租賃合同，續約率高達 97%。

We have 2 million square feet of large leases expiring over the next five quarters, and we continue to expect a 95% retention rate on the full set of large lease expirations. Cash rent spreads on renewals were up 7.5% during the quarter and up 2.4% during the first nine months of the year. the outperformance in cash rent spreads during the quarter was driven by the extension of a lease with the US government on our secure parcel in Huntsville, which was not contemplated in our previous guidance.

未來五個季度，我們將有 200 萬平方英尺的大型租賃合約到期，我們仍然預計所有到期的大型租賃合約的續約率將達到 95%。本季續租現金租金差額上漲7.5%，今年前九個月上漲2.4%。本季度現金租金差額的優異表現主要得益於與美國政府續簽了我們在亨茨維爾安全地塊的租賃合同，而這並未在我們之前的業績預期中有所體現。

The 210,000 square foot lease was extended for another 10 years, and will now expire in 2040. We are increasing the midpoint of full year guidance for cash rent spreads by 200 basis points, which takes into account this lease and some early renewals expected in the fourth quarter, which were not previously anticipated.

這份面積為 21 萬平方英尺的租約又延長了 10 年，將於 2040 年到期。我們將全年現金租金價差預期中位數上調 200 個基點，其中考慮了此次租賃以及預計在第四季度提前續租的部分租約，這些租約此前並未預料到。

With respect to capital commitments, during the quarter, we executed a 101,000 square foot lease with Yulista and commenced construction on 7,700 Advanced Gateway, a $27 million development project. The tenant serves DoD missions at the Redstone Arsenal, including the US Army Aviation and Missile Center. Our relationship with Yulista began in 2020 when we delivered their three-building campus in Huntsville, totaling nearly 370,000 square feet.

在資本承諾方面，本季我們與 Yulista 簽訂了一份 101,000 平方英尺的租賃協議，並開始建造 7,700 Advanced Gateway，這是一個價值 2700 萬美元的開發項目。該租戶為紅石兵工廠的國防部任務提供服務，包括美國陸軍航空和飛彈中心。我們與 Yulista 的合作關係始於 2020 年，當時我們為他們在亨茨維爾交付了三棟建築組成的園區，總面積近 37 萬平方英尺。

This expansion strengthens our relationship as Yulista is currently our 14th largest tenant and will occupy nearly 0.5 million square feet in our Redstone Gateway portfolio. Yesterday, we received more good news regarding Huntsville. We signed a 32,000 square foot lease with a defense contractor at 8500 Advanced Gateway.

此次擴張鞏固了我們之間的關係，因為 Yulista 目前是我們第 14 大租戶，將在我們的 Redstone Gateway 物業組合中佔據近 50 萬平方英尺的面積。昨天，我們收到了更多關於亨茨維爾的好消息。我們與一家國防承包商簽訂了一份位於 8500 Advanced Gateway 的 32,000 平方英尺的租賃合約。

This active development project, which we commenced only two quarters ago is now 20% preleased. The tenant also serves DoD missions at the Arsenal, including the Missile Defense Agency and its technology is central to the Golden Dome initiative. This is our first new lease tied to Golden Dome, which was funded in July.

這個我們僅在兩個季度前啟動的積極開發項目，目前已有 20% 的房源被預租。該租戶也為美國國防部在阿森納的任務提供服務，包括飛彈防禦局，其技術是「金色穹頂」計畫的核心。這是我們與金穹頂相關的第一份新租賃合同，該項目於 7 月獲得資金。

We also have a strong pipeline of demand on the remaining availability in this building with over 300,000 square feet of prospects on 125,000 square feet of space, and we anticipate additional pre-leasing activity in the coming quarters. On Slide 13 of the flip book, we provide an overview of the $40 million acquisition in the Westfield submarket in Chantilly, Virginia, completed just yesterday, which meets all of our investment criteria.

對於該建築剩餘的可用空間，我們也有強勁的需求，超過 30 萬平方英尺的潛在租戶正在洽談租賃該建築 12.5 萬平方英尺的空間，我們預計在接下來的幾個季度裡會有更多預租活動。在翻頁書的第 13 張幻燈片中，我們概述了昨天剛完成的位於維吉尼亞州尚蒂伊韋斯特菲爾德子市場的 4000 萬美元收購案，該收購案符合我們所有的投資標準。

Stonegate 1 is a 142,000 square foot building that is 100% leased to the 16th largest US defense contractor in terms of defense revenue with 10 years of lease term remaining. We acquired the building at a 9% initial cash NOI yield, which exceeds our development yield threshold. The tenant's Mission Group serves defense demand drivers in the Westfield submarket. The mission set has been executed out of this space for the last 25 years, and the property contains significant security enhancements.

Stonegate 1 是一棟 142,000 平方英尺的建築，100% 出租給了美國國防收入排名第 16 的國防承包商，剩餘租期為 10 年。我們以 9% 的初始現金淨營業收入收益率收購了該建築，這超過了我們的開發收益率門檻。該租戶的 Mission Group 服務於 Westfield 子市場的國防需求驅動因素。過去 25 年來，該任務一直在此空間執行，並且該物業擁有重要的安全改進措施。

This building is a natural extension of our deep concentration in this important submarket. We own 10 buildings totaling over 1.5 million square feet that are over 94% leased, all within a 1-mile radius of Stonegate. We are the dominant landlord in the supply-constrained submarket as we now own roughly one-third of the 4 million square feet of office inventory, and the bulk of our current tenants serve the same demand drivers as the tenant in this building.

這棟建築是我們深耕這個重要細分市場的自然延伸。我們擁有 10 棟建築，總面積超過 150 萬平方英尺，出租率超過 94%，所有建築均位於 Stonegate 方圓 1 英里內。在供應受限的細分市場中，我們是占主導地位的房東，因為我們現在擁有大約 400 萬平方英尺辦公大樓庫存的三分之一，而且我們目前的大部分租戶都滿足與這棟大樓的租戶相同的需求驅動因素。

In addition, Cushman & Wakefield identifies the Westfield submarket as the tightest submarket in Northern Virginia at 94% leased with Class A office rents increasing 25% over the past five years. Moving to our development pipeline. We have 1.3 million square feet of opportunities, which we consider 50% likely to win or better within two years or less. Beyond that, we are tracking another 1 million square feet of potential development opportunities.

此外，高緯環球指出，韋斯特菲爾德子市場是北維吉尼亞租賃市場最緊張的子市場，出租率高達 94%，A 級辦公室租金在過去五年上漲了 25%。進入我們的開發流程。我們有 130 萬平方英尺的投資機會，我們認為在兩年或更短的時間內，有 50% 的可能性能夠成功拿下或取得更好的成果。除此之外，我們也正在追蹤另外100萬平方英尺的潛在開發機會。

100% of this 2.3 million square feet of development demand is at our Defense/IT locations. Overall, our leasing results continue to surpass our expectations, and our recent accretive capital deployment initiatives serve to further expand our dominant footprint in two of our highly leased and supply-constrained submarkets, strategically expand our relationships with our top defense tenants and above all, drive FFO per share growth and create shareholder value. With that, I'll hand it over to Anthony.

這 230 萬平方英尺的開發需求 100% 都位於我們的國防/IT 場所。總體而言，我們的租賃業績繼續超出預期，我們最近採取的增值資本部署舉措有助於進一步擴大我們在兩個租賃率高且供應受限的子市場的領先地位，戰略性地擴大我們與頂級國防租戶的關係，最重要的是，推動每股FFO增長並創造股東價值。這樣，我就把它交給安東尼了。

Thank you, Britt. We reported third quarter FFO per share as adjusted for comparability of $0.69, which was $0.02 above the midpoint of guidance and represents a year-over-year increase of 6.2%. The outperformance versus the midpoint of our guidance was a combination of higher-than-anticipated same-property cash NOI, lower-than-anticipated interest expense as well as a $0.01 gain on an alternative investment.

謝謝你，布里特。我們公佈的第三季經可比性調整後的每股FFO為0.69美元，比預期中位數高出0.02美元，年增6.2%。業績超出預期中點的原因包括：同店現金淨營業收入高於預期、利息支出低於預期，以及一項另類投資獲得 0.01 美元的收益。

During the quarter, our same-property cash NOI increased 4.6%. The growth was driven primarily by the benefit from a 40 basis points increase in average occupancy in the same property portfolio, lower-than-anticipated net operating expenses, including receipt of a nonrecurring real estate tax refunds and the burn-off of free rent on development leases placed into service in 2023 and on leases that commenced later in 2024.

本季度，我們的同店現金淨營業收入成長了 4.6%。成長主要得益於同一物業組合平均入住率提高 40 個基點，淨營運支出低於預期（包括收到非經常性房地產稅退款），以及 2023 年投入使用的開發租賃和 2024 年稍後開始的租賃的免租期到期。

The outperformance for the quarter was driven primarily by the net operating expense savings. Based on our achievement year-to-date, we are increasing the midpoint of our full year guidance for same-property cash NOI by 75 basis points to 4%. With 4.6% growth during the first nine months of the year, there are two offsetting factors to note in the fourth quarter.

本季業績超預期主要得益於淨營運費用的節省。根據我們今年迄今的業績，我們將全年同店現金淨營業收入預期中位數上調 75 個基點至 4%。今年前九個月成長了 4.6%，但第四季有兩個抵銷因素需要注意。

The first is $1 million of real estate tax refunds in the fourth quarter of last year that will not recur this year. And the second is the impact to NOI from a few previously discussed nonrenewals in the Fort Meade BW Corridor, each of which are under 30,000 square feet. Despite these nonrenewals, we are increasing the midpoint of our year-end same-property occupancy by 20 basis points to 94.2% due to a few earlier-than-anticipated lease commencements now expected late in the fourth quarter.

首先是去年第四季100萬美元的房地產稅退稅，今年不會再有這筆退稅。第二個影響因素是先前討論過的米德堡商業走廊幾個專案不續約對淨營業收入的影響，每個專案的面積不到 30,000 平方英尺。儘管有這些不續租的情況，但由於一些租賃合約的生效時間比預期提前，預計將在第四季度末生效，因此我們將年底同店入住率的中點值提高了 20 個基點，達到 94.2%。

We've been very active in the capital markets over the past few months. When we established 2025 guidance in February, our forecast assumed we would prefund the capital required to repay our $400 million, 2.25% bond in the fourth quarter. We are very pleased to report that we've had great success on this front along with two other financings, all of which demonstrate the tremendous support we have from both fixed income investors and the banking community.

過去幾個月，我們在資本市場非常活躍。當我們在 2 月制定 2025 年業績指引時，我們的預測假設我們將在第四季度預先籌集償還 4 億美元、利率為 2.25% 債券所需的資金。我們非常高興地報告，我們在這一領域取得了巨大成功，同時也完成了另外兩項融資，所有這些都表明我們得到了固定收益投資者和銀行界的大力支持。

On the bond issuance, in late September, we announced a $300 million five-year unsecured bond offering at an initial credit spread of 125 to 130 basis points. The order book surpassed $3 billion, more than 10 times oversubscribed. As a result of this tremendous investor demand, we upsized the offering to $400 million and priced the offering at a credit spread of 95 basis points and a yield to maturity of 4.6%.

關於債券發行，我們在 9 月下旬宣布發行 3 億美元的五年期無擔保債券，初始信用利差為 125 至 130 個基點。訂單總額超過30億美元，超額認購10倍以上。由於投資者需求旺盛，我們將發行規模擴大至 4 億美元，並將發行價格定為信用利差 95 個基點，到期收益率 4.6%。

The credit spread achieved was tighter than the trading levels of all of our equal and higher-rated office peers and these bonds continue to trade at levels that are tighter than those peers. We sincerely appreciate the support from the fixed income investor base and strongly believe this execution and the credit spread achieved is a testament to their appreciation of the resiliency of our cash flows and the strength of our strategy, portfolio, operations and balance sheet.

所實現的信用利差比我們所有同等及更高評級的辦公大樓同業債券的交易水準都要窄，而且這些債券的交易水準也繼續比這些同業債券要窄。我們衷心感謝固定收益投資者的支持，並堅信此次交易的執行情況和所取得的信用利差證明了他們對我們現金流的韌性以及我們策略、投資組合、營運和資產負債表的實力的認可。

In October, we recast our revolving credit facility. The last time we recast this facility was in the fall of 2022, a period when the debt capital markets were particularly constrained for office companies, which resulted in a downsized facility from $800 million to $600 million. With this new facility, we upsized the capacity by $200 million back to $800 million, extended the maturity by three years to 2030, expanded our bank group and most importantly, attained pricing at BBB flat BAA 2 spread levels as opposed to our current BBB-, BAA3 rating.

10月份，我們對循環信貸額度進行了調整。我們上一次調整這項融資安排是在 2022 年秋季，當時辦公大樓公司的債務資本市場受到特別限制，導致融資規模從 8 億美元縮減至 6 億美元。憑藉這項新舉措，我們將產能提高了 2 億美元，恢復到 8 億美元，將到期日延長了三年至 2030 年，擴大了我們的銀行集團，最重要的是，我們獲得了 BBB 級 BAA 2 級利差水平的定價，而不是我們目前的 BBB- 級、BAA3 級評級。

As a result, the SOFR spread on the credit facility declined by 20 basis points to 85 basis points. The SOFR spread on the term loan declined by 25 basis points to 105 basis points and we eliminated the 10 basis points for transition charge on both loans. Also in October, we closed on a $200 million four-year secured revolving credit facility.

因此，此信貸安排的SOFR利差下降了20個基點，至85個基點。定期貸款的 SOFR 利差下降了 25 個基點至 105 個基點，我們取消了兩筆貸款的 10 個基點過渡費用。同樣在 10 月份，我們完成了一筆 2 億美元的四年期有擔保循環信貸安排。

This facility can be used to fund any investment or for general corporate purposes. However, we plan on using the capital to fund the construction of our development projects. Needless to say, we are very pleased with the $400 million of additional capital capacity from the line of credit and a new development facility and thankful for the commitment and support from existing and new lenders to the company.

該資金可用於任何投資或一般公司用途。但是，我們計劃利用這筆資金來資助我們的開發項目建設。毋庸置疑，我們對透過信貸額度和新的開發設施獲得的 4 億美元額外資本能力感到非常滿意，並感謝現有和新的貸款機構對公司的承諾和支持。

With respect to guidance, we are increasing the midpoint of 2025 FFO per share by $0.03 to $2.70, while narrowing the overall range. This increase is a result of our $0.02 of outperformance in the quarter and $0.01 from better-than-anticipated rate on the bond offering and the acquisition of Stonegate 1.

關於業績指引，我們將 2025 年每股 FFO 的中位數上調 0.03 美元至 2.70 美元，同時縮小整體範圍。這一成長是由於我們本季業績超額收益 0.02 美元，以及債券發行利率優於預期和收購 Stonegate 1 帶來的 0.01 美元收益。

We are establishing fourth quarter guidance for FFO per share as adjusted for comparability in a range of $0.67 to $0.69, which is a $0.01 sequential decline based on the $0.01 nonrecurring gain in the third quarter, a $0.01 drag from the bond offering in the fourth quarter as the proceeds will be held as cash until maturity. These items are partially offset by the impact of Stonegate 1.

我們對第四季度每股 FFO 的預期（經調整以降低可比性）設定為 0.67 美元至 0.69 美元，較上一季度下降 0.01 美元，原因是第三季度非經常性收益為 0.01 美元，第四季度債券發行收益將以現金形式持有至到期，因此將造成 0.01 美元的拖累。這些項目的影響部分被 Stonegate 1 項目的影響所抵銷。

In 2026, pre-funding the March maturity will result in a $0.01 drag in the first quarter until the repayment on March 15 and a $0.07 refinancing drag over the remainder of the year based on the roughly 235 basis points negative spread between a new bond and the maturing bond. This refinancing headwind is partially offset by the acquisition of Stonegate 1, which is expected to be accretive to FFO per share by nearly $0.005 in 2025 and nearly $0.02 in 2026.

2026 年，提前為 3 月到期的債券融資，將導致第一季 0.01 美元的拖累，直到 3 月 15 日償還為止；並且根據新債券和到期債券之間約 235 個基點的負利差，將導致今年剩餘時間的再融資拖累 0.07 美元。此次再融資的不利因素部分被收購 Stonegate 1 所抵消，預計該收購將在 2025 年使每股 FFO 增加近 0.005 美元，在 2026 年增加近 0.02 美元。

With successful financing activities over the past few weeks generated the capital to repay our March 2026 bond maturity and puts us in an even stronger position to capitalize on external growth opportunities and deliver shareholder value.

過去幾週成功的融資活動為我們提供了償還 2026 年 3 月到期債券所需的資金，使我們更有能力抓住外部成長機會，為股東創造價值。

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

這樣，我就把電話轉回給史蒂夫了。

So we achieved great results, highlighted by our strong leasing and recent capital deployment. We delivered FFO per share growth of 6.2% year-over-year, marking our 21st consecutive quarter of year-over-year growth. We expect 2025 to be our seventh consecutive year of FFO growth per share and our revised guidance implies an annual increase of 5.1%. We increased the midpoint of 2025 guidance for six key metrics. We committed $72 million of capital to two new investments, both of which are fully leased, and we expect additional activity in the fourth quarter.

因此，我們取得了優異的成績，其中租賃業務強勁，近期資本投入也十分強勁。我們實現了每股 FFO 年成長 6.2%，連續第 21 個季度實現同比增長。我們預計 2025 年將是我們連續第七年實現每股 FFO 成長，我們修訂後的預期意味著年增長率為 5.1%。我們提高了六項關鍵指標 2025 年預期值的中位數。我們已投入 7,200 萬美元資金用於兩項新投資，這兩項投資均已全部出租，我們預計第四季度將有更多投資活動。

And notably, we had great success on free financings, increasing our liquidity by $400 million and achieving a sector-leading credit spread on our bond offering. Finally, we continue to anticipate self-funding the equity capital invested in development and acquisitions on a leverage-neutral basis and compound annual FFO per share growth of over 4% between 2023 and 2026. So we are well on track to deliver another successful full year. Operator, please open the call for questions.

值得一提的是，我們在免息融資方面取得了巨大成功，流動性增加了 4 億美元，並且在債券發行中實現了行業領先的信用利差。最後，我們繼續預計，在槓桿中性的基礎上，我們將能夠自籌資金用於開發和收購的股權資本，並在 2023 年至 2026 年期間實現每股 FFO 複合年增長率超過 4%。因此，我們完全有信心再創一個成功的全年。接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great, thanks. Steve, can you give us an update on how you're thinking about how long of a lag there could be before we start to see the increased budget once approved and other positive policy decisions to really start impacting leasing decisions and activity mainly outside of Huntsville, which I think has its own demand driver dynamics?

太好了，謝謝。史蒂夫，你能否給我們更新一下，你認為在預算增加獲得批准以及其他積極的政策決定真正開始影響租賃決策和活動（主要是在亨茨維爾以外地區，我認為亨茨維爾有其自身的需求驅動因素）之前，可能會有多長時間的滯後？

Yes. So I'll kind of pick up on your last point. Remember, the Golden Dome activities are already funded or the initial down payment through the one big, beautiful Bill Act, and we see demand building right away. I wish I had a more specific answer for the first part of the question, which is when will the appropriation get approved. Clearly, the shutdown is not helping things.

是的。所以我打算接著你最後一點再說。請記住，金穹頂的活動已經通過一項宏偉的法案獲得了資金或首付款，我們看到需求立即開始增長。我希望能夠對問題的第一部分，也就是撥款何時獲得批准，給出更具體的答案。顯然，停擺並沒有起到任何幫助。

And before the shutdown was expected to do a continuing resolution into the end of November and then appropriate nine budgets in December. I'm not exactly sure. It's not clear to us how that might be affected by the extended shutdown.

在政府停擺之前，預計將通過一項持續決議，持續到 11 月底，然後在 12 月批准九項預算。我不太確定。我們尚不清楚長時間的停工會對這種情況產生怎樣的影響。

That's helpful. I guess once approved, would you expect kind of the six-month lag, a nine-month lag? How do you think this cycle compares with others that you've been through and what was the lag that you've experienced in the past?

那很有幫助。我想一旦獲得批准，您預計會有六個月的滯後，還是九個月的滯後？你認為這個週期與你經歷過的其他週期相比如何？你過去遇到的滯後情況是什麼？

I got it. I would say this one, you'll start to see activity I would think no later than six months. And I only say that which is in contrast to our usual comments that demand arises nine to 12 and sometimes 18 months after appropriation because we've had so many discussions with tenants that are contract contingent, they're planning for an expected win of a contract, and they need that appropriation for contract awards flow. So I would think it'd be quicker this time around. There is pent-up need and expectation.

我得到了它。我認為，最晚六個月內你就會開始看到效果。我之所以這麼說，是因為我們通常認為需求會在撥款後 9 到 12 個月，有時甚至 18 個月才會出現，因為我們已經與許多以合約為前提條件的租戶進行了討論，他們正在為預期中標做準備，他們需要撥款來確保合約授予的順利進行。所以我認為這次會更快。人們積壓了大量的需求和期望。

Great. That's really helpful. Second question with respect to the acquisition of Stonegate I, I guess when I look at the aerial view in your presentation, this property seems to be just a little bit outside of the cluster that you've historically owned in that market. So without asking details on the seller, I'm just wondering if this acquisition might lead to more opportunities to acquire in that market and whether you'd be interested in growing -- continuing to grow your market share there.

偉大的。這真的很有幫助。關於收購 Stonegate I 的第二個問題，我想從您簡報中的空拍圖來看，該物業似乎稍微偏離了您在該市場歷史上擁有的集群範圍。因此，在不詢問賣方詳情的情況下，我只是想知道此次收購是否會為在該市場帶來更多收購機會，以及您是否有興趣繼續擴大在該市場的份額。

Well, first, I'll take a little exception to your analysis. We have two buildings immediately across the street from this building and a secure campus kitty corner on that intersection. And it fits quite nicely into the geographical footprint of our portfolio in that market. And you'll come out of a tour, and I'll show you that in person. With regard to expanding our concentration in that market, I've been interested in doing that for a long period of time.

首先，我對你的分析有些不同意見。我們在這棟大樓的街對面有兩棟大樓，在那個十字路口斜對面還有一個安全的校園。而且它與我們在該市場的投資組合的地理佈局非常契合。參觀結束後，我會親自帶你去看。關於擴大我們在該市場的份額，我一直很感興趣。

It's a -- we have key demand drivers in the market. It's one of the markets where although we have -- we're now up to about one-third of the inventory that's relatively low for our deep concentration in the submarkets that we tend to have. So there are other good assets and there are significant amount of defense contractors in buildings we don't own. And if the opportunity arose to acquire them with the kind of returns we achieved on this one, I would strongly look to do so.

這是——我們在市場上擁有關鍵的需求驅動因素。這是少數市場之一，雖然我們目前擁有大約三分之一的庫存，但考慮到我們在子市場的深度集中，這個庫存水準相對較低。所以還有其他一些不錯的資產，而且還有很多國防承包商的辦公大樓不屬於我們。如果將來有機會以我們這次所取得的回報來收購它們，我一定會認真考慮這樣做。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Thanks. Just on that Stonegate, I guess, Steve, given the location, the tenant kind of the work they put in. I guess I'm a little surprised at how good the yield is for you. Obviously, that's a great outcome for you guys. But I guess, why is the yield so high on this? It just strikes me as kind of an above-market return for what seems like little risk. So is there something we're missing here?

謝謝。我想，就 Stonegate 而言，史蒂夫，考慮到地理位置，租戶投入的工作量也算不錯了。我有點驚訝你的產量這麼高。顯然，這對你們來說是個非常好的結果。但我很好奇，為什麼它的收益率這麼高？我覺得這就像是以很小的風險獲得高於市場平均的回報。所以，是不是我們忽略了什麼？

There are three factors that really play into it. One, the seller had a specific timeline to sell this asset. And they were delayed in getting their renewal done. We started looking at this building, I think, late 2024. So there was a pressure time frame to execute. We were, by no means the lowest better, but the strength of our bid was clearly superior in terms of surety of capital and time to execute the transaction. So that was the second major factor.

這其中有三個因素起著決定性作用。第一，賣方有明確的出售該資產的時間表。他們的續約手續辦理被耽擱了。我想，我們大概是在 2024 年底開始關注這棟建築的。因此，執行時間非常緊迫。我們雖然出價並非最低，但就資金保障和交易執行時間而言，我們的報價明顯更勝一籌。所以這是第二個主要因素。

The third is the tenant was involved in influencing the outcome because they had a very strong preference that the asset be transferred to us because of our deep relationship with them. As I mentioned in our remarks, this is the ninth lease we have with the tenant in the building. And so all those three factors worked in our favor.

第三，租戶參與影響了結果，因為他們非常希望將資產轉移給我們，因為我們與他們有著深厚的關係。正如我在發言中提到的，這是我們與該樓租戶簽訂的第九份租約。因此，這三個因素都對我們有利。

Okay. And I know I can't remember if it was Britt or Anthony had talked about page 23, where you have the 1.7 million square feet of space rolling and I know you're highly confident that basically all the space is going to get renewed. But you do have this one purple box where you're basically, I guess, expecting about 660,000 feet to effectively get pushed into the first quarter of '26, which is understandable.

好的。我知道我不記得是布里特還是安東尼談到了第 23 頁，那裡有 170 萬平方英尺的空間正在更新，我知道你非常有信心基本上所有的空間都會更新。但你確實有一個紫色方框，你基本上，我猜，預計大約 660,000 英尺的積雪將有效地推到 2026 年第一季度，這是可以理解的。

Just from an accounting standpoint, what happens if that lease expires, but does it get renewed? Does that go into holdover rent? Does it just stay at the same rent? What sort of happens from, I guess, your financials on that space?

僅從會計角度來看，如果租賃合約到期但又續約了，會發生什麼情況？這筆費用計入逾期租金嗎？租金就一直維持不變嗎？我想，從你們的財務狀況來看，這方面會發生什麼變化？

So on our financials, Steve, we execute holdover agreements standstill agreements with the government. In the term of the exploration through the expected renewal date. So based on the standstill agreements, they continue to pay us rent at the expiring cash rent level. And that's what we will recognize as NOI during that standstill period. And then once the renewal is executed, we will catch up in that quarter for the impact on the straight-line rent of the term of the renewal.

所以，史蒂夫，就我們的財務狀況而言，我們會與政府簽訂延期協議和凍結協議。在勘探期內，直至預期續約日期。因此，根據這些停租協議，他們將繼續按照到期現金租金水準向我們支付租金。而這就是我們在停滯期內所認定的營業淨收入。然後，一旦續約完成，我們將在該季度計算續約期限內直線租金的影響。

Got it. So basically, there's -- you're just cheated a little bit in terms of the uplift, you'll get that in the first quarter, but there's no negative impact in the fourth quarter from that holdover.

知道了。所以基本上來說，你只是在成長方面稍微被騙了一點，你會在第一季得到成長，但這種延續不會對第四季產生負面影響。

That's correct.

沒錯。

Great, thank you. That's it for me.

太好了，謝謝。就這些了。

Good. Thank you.

好的。謝謝。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

Alright, thanks for taking my question. With the Missile Defense Agency or Redstone Arsenal, do you kind of view the Golden Dome opportunity creating any near-term development opportunities? Or does this -- do you kind of currently view that as just driving leasing demand for that real estate?

好的，謝謝你回答我的問題。您認為飛彈防禦局或紅石兵工廠的「金色穹頂」計畫能否在近期創造任何發展機會？或者說—您目前是否認為這只會推動該房地產的租賃需求？

Well, the answer is, yes, our portfolio is so well occupied now. Any additional leases got to go in through a new development. We literally have no operating or minimal operating square footage to lease. The lease that we did execute yesterday. That's a new development.

答案是肯定的，我們的投資組合現在非常充裕。任何新增租賃都必須透過新的開發項目進行。我們實際上沒有任何或只有極少的營業面積可供出租。我們昨天簽署的那份租賃合約。這是個新情況。

And certainly, there are conversations with several contractors that contemplate much bigger commitments that would require build-to-suit or significant pre-leases to accommodate. So in essence, I think all of that Golden Dome incremental opportunity will be manifested in new developments.

當然，我們也與幾家承包商進行了洽談，他們正在考慮更大的項目，這需要客製化建造或大量的預租才能滿足需求。所以從本質上講，我認為金穹頂帶來的所有這些增量機會都將體現在新的發展中。

And is that kind of contemplated in the potential development square footage bucket? Or is that further out where that would be kind of incremental to what you've kind of outlined?

潛在開發面積是否已考慮？或者說，這是更遠方面的發展，是對你已概述的內容的一種漸進式補充？

So the way we develop that pipeline, those are known opportunities where we've had conversations with specific tenants. There is no speculative kind of allowance put into that. So yes, there's quite a few of them in the active -- those prospects we expect 50% likely to win in two years or less as well as some in the next 1 million square feet.

因此，我們開發這條管道的方式是，這些都是我們已經與特定租戶進行過洽的已知機會。這其中沒有任何投機性的考量。所以，是的，目前有很多這樣的項目正在積極推進——我們預計這些項目在兩年或更短的時間內有 50% 的可能性會成功，還有一些項目將在未來 100 萬平方英尺內取得成功。

Okay, great. Thanks.

好的，太好了。謝謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks. Good afternoon, everyone. So Steve, can you talk a little bit about the process with Space Command moving from Peterson to Huntsville. I mean it's the worst kept secret perhaps. But was that a lobbying effort by you, by the government because they like Huntsville.

嘿，謝謝。大家下午好。史蒂夫，你能談談太空司令部從彼得森遷往亨茨維爾的過程嗎？我的意思是，這或許已經是公開的秘密了。但這是你們還是政府為了支持亨茨維爾而進行的遊說活動呢？

Like who drove the initial thought about moving it there? And what did you have to do as an organization to push that through to the point we're at now where you've kind of got it to happen? Can you just talk about that process?

是誰最先提出要把它搬到那裡去的？身為組織，你們做了哪些工作才推動這件事發展到現在的階段，使其得以實現？您能談談這個過程嗎？

Sure. The process is really quite protracted. Under Trump's first time, he created a space force. And then that kind of led to the natural creation of an integrated combatant command. We're talking about space command relocating threats on Arsenal space for us, to be clear.

當然。這個過程確實相當漫長。在川普第一次執政期間，他創建了太空部隊。然後，這就自然而然地促成了綜合作戰司令部的成立。需要明確的是，我們討論的是太空司令部為我們轉移阿森納空間中的威脅。

At that point in time, the Air Force was charged with determining the best location for the combatant command. And they went through a very comprehensive process. Many states and other facilities were competing to be the worthy. And that process determined Redstone Arsenal was the optimal location for the command. Subsequent to that decision, other locations filed protests.

當時，空軍的任務是確定作戰司令部的最佳位置。他們經歷了一個非常全面的過程。許多州和其他機構都在競相爭取成為最合適的機構。經過一番考量，最後確定紅石兵工廠是該指揮部的最佳選址。該決定之後，其他地區也提出了抗議。

It was reviewed by oversight in the DoD. It was adjudicated is properly awarded one time, then it was challenged, again, based on changes in criteria. You went through that process. It came out first again. It was readjudicated a second time.

它已由國防部監督部門審查。該案件曾被裁定判決正確，但後來由於評判標準發生變化，判決再次受到質疑。你經歷過那個過程。它再次第一個發布。該案進行了第二次重審。

These last two events occurred during the Biden administration to Redstone Arsenal and then President of Biden signed an executive order freezing it in Colorado. In the current administration, the executive order was overturned, and the proper decision is determined by the DoD process was allowed to be awarded to Redstone Arsenal. I'd love to think I have influence to make that kind of stuff happen.

最後這兩件事都發生在拜登執政期間，拜登總統簽署了一項行政命令，凍結了位於科羅拉多州的紅石兵工廠。在本屆政府的領導下，該行政命令被推翻，國防部程序確定了正確的決定，並允許將該項目授予雷德斯通兵工廠。我真希望自己有能力促成這類事情的發生。

But the reality is I rather -- or we are rather inconsequential. Now with regard to the opportunity coming to us, we're an integrated value proposition with the Command on Redstone Arsenal. Remember, the Army is our indirect joint venture partner because we leased the space from them.

但現實是，我——或者說我們——都無關緊要。現在，就擺在我們面前的機會而言，我們與紅石兵工廠指揮部有著一體化的價值主張。請記住，陸軍是我們的間接合資夥伴，因為我們是從他們那裡租賃的場地。

And our purpose is to serve our shareholders, of course, but we're also there to help the missions on Redstone Arsenal succeed. So we're part of that value proposition, and we actually represent the quickest way to establish the proper mission operability for the United States government and taxpayer and that's why we're getting the opportunity.

當然，我們的宗旨是服務股東，但我們也致力於幫助紅石兵工廠的任務成功。所以，我們是這項價值主張的一部分，我們實際上代表了為美國政府和納稅人建立適當任務可操作性的最快途徑，這就是我們獲得這個機會的原因。

And Rich, this is Britt. I mean just one extra thing on that. I mean they really need to be behind the fence, and they can't wait for (inaudible). So the ability for us to control that secured parcel through an enhanced used lease behind the fence, that's really -- and there's really no other option that could meet their speed requirements and achieve the security they need.

Rich，這位是Britt。我的意思是，關於這件事，我還有一點補充。我的意思是，他們真的需要待在圍欄後面，他們等不及了。（聽不清楚）因此，我們能夠透過加強圍欄後的二手租賃來控制那塊受保護的地塊，這確實是——而且確實沒有其他選擇能夠滿足他們的速度要求並達到他們需要的安全保障。

So it sounds like 450,000 directly, 2x contractor to tail. So call it, 1.5 million square feet eventually associated with this effort. Is that Chapter 1? Or is there like a kind of a big growth story behind that in your mind?

所以聽起來像是直接支付 45 萬，然後透過承包商支付 2 倍。所以，姑且稱之為與此相關的150萬平方英尺吧。這是第一章嗎？或者，在你看來，這背後是否隱藏著某種宏大的發展故事？

So in my mind, I think that's the book. Chapter 1 is to command. Chapter 2 is growth in the support of the command. Certainly, in the command's importance and challenges are going to increase over time is the progression of defense activities further moves in the space and certainly Golden Dome, it's going to be a huge component of developing new capabilities that, that command will have to coordinate.

所以在我看來，這就是那本書。第一章是指揮。第二章是指揮部支持的成長。當然，隨著國防活動在太空領域的進一步發展，指揮部的重要性和挑戰也會隨著時間的推移而增加，而金頂（Golden Dome）無疑將成為發展新能力的重要組成部分，該指揮部必須協調這些能力。

So it's one of the reasons why it makes so much sense to put the command, there are the agencies that are building the systems, the command is going to rely upon.

所以，將指揮部設在這些機構中就顯得非常有意義，因為這些機構正在建構指揮部將依賴的系統。

That step was my next question. The interplay between Golden Dome, Missile Command and Space Command, I guess, is an obvious part of the selling point as well. Is that fair to say?

接下來我要問的就是這個問題。我想，金頂大樓、飛彈司令部和太空司令部之間的相互作用，也是其賣點之一。這樣說公平嗎？

That's very fair. And remember, there's also NASA in a 50-year history of missile, rocket and space activities and a deep pool of PhD level workers that support those activities in Huntsville, Alabama.

這很公平。此外，別忘了美國國家航空暨太空總署（NASA）在阿拉巴馬州亨茨維爾擁有 50 年的飛彈、火箭和太空活動歷史，以及大量博士級的工作人員為這些活動提供支援。

Okay. And my second question is perhaps not as cool and exciting but just as equally as important. You had some really great success in terms of your debt issuance, bank -- interplay with the banks that 10 times oversupply that you talked about, Anthony. What do you think is driving -- what is -- what are the fixed income investor community is getting that the equity investor community is not getting?

好的。我的第二個問題或許沒有第一個問題那麼酷炫刺激，但同樣重要。安東尼，你在債務發行方面取得了非常大的成功，銀行——與那些你提到的供應過剩 10 倍的銀行互動。你認為是什麼因素導致固定收益投資者群體獲得了股票投資者群體沒有獲得的權益？

Because oftentimes, we see this, we do a lot of work on fixed income investing, how that might foreshadow fortunes for the stock. Why is the fixed income community so sort of willing to be so supportive of you whereas not that you've been -- your people aren't turning their back on the story, but you still haven't had the same type of performance in the equity markets that you had in the fixed income markets. Anything you can sort of talk about in terms of your conversations?

因為我們經常看到這種情況，我們在固定收益投資方面做了很多工作，研究這如何預示著股票的命運。為什麼固定收益市場如此願意支持你，而你——你的團隊並沒有放棄你的故事，但你在股票市場的表現仍然不如你在固定收益市場的表現。你們聊天的時候有什麼可以聊聊的嗎？

Well, the fixed income investor community and the conversations we've had leading up to the offering as well as interactions that we have with them throughout the year, focus on really the things that we mentioned for the reasons for the success of the transaction. They look a little bit backward more than forward.

嗯，固定收益投資者群體，以及我們在發行前與他們進行的對話，還有我們全年與他們進行的互動，都集中在我們提到的那些促成交易成功的原因上。他們看起來有點懷舊，而不是前衛。

They look at how the company has performed during the cycles, and they look at how the company performed during COVID, how they -- we performed during the high inflationary environment of the last several years during the higher interest rate environment. And they -- from that, they see that the strategy that has been executed has created an incredibly resilient cash flow base. And that -- when you think about fixed income investors, typically, they would look at development and sort of turn their noses to it.

他們會檢視公司在各週期的表現，檢視公司在新冠疫情期間的表現，以及我們在過去幾年高通膨和高利率環境下的表現。他們由此看出，已執行的策略創造了一個極具韌性的現金流基礎。而且—當你想到固定收益投資者時，他們通常會對開發案嗤之以鼻。

The fixed income investors actually have a deep appreciation for the development pipeline that we execute because they see it in terms of the high level of pre-leasing and build-to-suit as incremental EBITDA in the future, that's contractual that will continue to support the unsecured bonds. So how that then translates into how an equity investor might view the company? I'm not quite sure. But the fixed income community absolutely depreciates the strength of the strategy and the performance of the company over the past several years.

固定收益投資者實際上非常欣賞我們執行的開發項目，因為他們認為高水準的預租和客製化建造將在未來帶來增量 EBITDA，這是有合約約束的，將繼續支持無擔保債券。那麼，股權投資者會如何看待這家公司呢？我不太確定。但固定收益市場完全低估了該策略的優勢以及該公司過去幾年的表現。

Okay, great, very interesting color. Thanks very much.

好的，很棒，顏色很漂亮。非常感謝。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Hi guys, thanks for taking the question and great to hear that the leasing story continues to play out. I guess just one thing that we were curious about -- I think it was last week, a week before the Trump administration or there's an article that the Trump administration has been making cuts to cyber defense and US Cyber Command. So just sort of curious if that's having any sort of impact on the leasing demand prospects in the Fort Meade area given the prominence of the cyber demand there?

大家好，謝謝你們回答這個問題，很高興聽到租賃的故事還在繼續發展。我想我們唯一好奇的是——我想是上週，或者說是川普政府削減網路防禦和美國網路司令部預算的前一周，有一篇文章報導了此事。所以，我只是有點好奇，鑑於網路安全需求在米德堡地區的重要性，這是否會對該地區租賃需求前景產生任何影響？

Well, I'm not familiar with the article you're looking at, so I can't really address that question specifically. But Cyber Command got a huge type of funding than the one big beautiful bill and their expected increase is significant for FY26. I'm kind of shocked at the tone of the article as you describe it. I don't know if he's looking at some overhead in cyber activities outside of the DoD. But I can't really answer questions.

嗯，我對你正在看的那篇文章不太了解，所以無法具體回答這個問題。但網路司令部獲得的資金遠不止是那筆巨額撥款，而且預計 2026 財年的撥款還會大幅增加。按照你描述的方式，我對這篇文章的語氣感到有些震驚。我不知道他是否在考慮國防部以外的網路活動中的一些額外開支。但我真的無法回答問題。

Dylan. I've seen some of that, too, and it's -- I've seen it more on the CISA side and less -- not really on cyber command. In fact, there's a number of -- I mean there's a number of different efforts going on from a leasing perspective here that we're actually very encouraged about from Cyber Command and some of the related contractors. So I have heard some of that with CISA, but not Cyber Command, but --

迪倫。我也看過一些這樣的例子，而且──我在 CISA 方面看到的比較多，在網路司令部方面看到的比較少。事實上，從租賃的角度來看，網路司令部和一些相關承包商正在進行許多不同的努力，我們對此感到非常鼓舞。我聽過CISA那邊也有一些類似的說法，但沒聽過網路司令部那邊有。--

Remember, Cyber Command is DoD activity. CISA is the rest of the government, and we don't serve is.

請記住，網路司令部是國防部的下屬機構。CISA 是政府其他部門，我們不為他們服務。

Okay. That makes sense. And as I just look at it, sometimes these headlines just only talk about the high-level stuff rather than getting into the details. So those comments are appreciative. That's really all I had today thanks guys.

好的。這很有道理。在我看來，有時候這些新聞標題只談一些高層次的內容，而沒有深入細節。這些評論令人讚賞。今天就這些了，謝謝大家。

Okay, thank you.

好的，謝謝。

And I'm not showing any further questions at this time. I would like to turn the call back over to Mr. Budorick for closing remarks.

我目前不會再提出其他問題。我謹將電話交還給布多里克先生，請他作總結發言。

Thank you all for joining our call today. We are in our offices this afternoon, so please coordinate the event again, if you like, a follow-up call, and enjoy your Halloween.

感謝各位今天參加我們的電話會議。我們今天下午都在辦公室，所以如果您願意，請再次協調活動事宜，或進行後續電話溝通，祝您萬聖節快樂。

Thank you for participating in today's COPT Defense Properties third-quarter 2025 results conference call. This concludes the presentation. You may now disconnect. Good day.

感謝您參加今天 COPT Defense Properties 2025 年第三季業績電話會議。演講到此結束。您現在可以斷開連線了。再會。