Copt Defense Properties (CDP) 2026 Q1 法說會逐字稿

Welcome to the COPT Defense Properties first quarter 2026 results conference call. As a reminder, today's call is being recorded. At this time, I will turn the call over to Venkat Kommineni, COPT Defenses Vice President of Investor Relations, Mr. Kommineni. Please go ahead.

歡迎參加 COPT Defense Properties 2026 年第一季業績電話會議。提醒各位，今天的電話會議將被錄音。現在我將把電話交給 COPT Defense 投資人關係副總裁 Venkat Kommineni 先生。請開始。

Thank you, Dee. Good afternoon, and welcome to COPT Defense's conference call to discuss first 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.

謝謝你，Dee。各位下午好，歡迎參加 COPT Defense 的電話會議，討論第一季業績。今天與我一同出席的有總裁暨執行長 Steve Budorick；執行副總裁暨營運長 Britt Snider；以及執行副總裁暨財務長 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. As a reminder, forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed in our SEC filings.

管理層在今天會議中討論的 GAAP 與非 GAAP 財務衡量指標之調節表，可於我們網站上的業績新聞稿與簡報，以及補充資訊套件中取得。提醒各位，今天電話會議中的前瞻性陳述受風險與不確定性影響，相關內容已於我們向 SEC 提交的文件中說明。

Actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update them. Steve?

實際事件與結果可能與這些前瞻性陳述有重大差異，公司亦不承擔更新其內容之義務。Steve？

Good afternoon, and thank you for joining us. We're off to a solid start in 2026, and all aspects of the business are on track to achieve our objectives for the year, based on our strong results in 2025 and our outlook for 2026. In February, we recommended and our Board approved an increase in our annual dividend of $0.06 per share or 4.9%, marking our fourth consecutive year of dividend increases.

各位下午好，感謝各位加入我們。我們在 2026 年有一個穩健的開局；基於 2025 年的強勁表現以及對 2026 年的展望，業務各方面皆按計畫推進，可望達成今年的目標。2 月，我們提出建議並獲董事會核准，將年度股利每股提高 0.06 美元（或 4.9%），這也標誌著我們連續第四年提高股利。

Since 2022, our dividend has increased 16.4% and our FFO per share has increased 15.3%, demonstrating our attractive total return investment profile, all while maintaining a conservative AFFO payout ratio below 65% and continuing to have the capacity to self-fund the equity required for our external investments.

自 2022 年以來，我們的股利已增加 16.4%，每股 FFO 已增加 15.3%，展現我們具吸引力的總報酬投資特性；同時維持保守的 AFFO 配息率低於 65%，並持續具備自籌外部投資所需股權資金的能力。

For the first quarter, FFO per share was $0.69, which is $0.01 above the midpoint of guidance and represents a 6.2% year-over-year increase. Same-property cash NOI increased 5.4% year-over-year driven in part by a 70 basis point increase in our average active. We executed 1.2 million square feet of renewal leasing and achieved a 91% retention rate. This included the full renewal of our nearly 1 million square foot campus leased to the US government near Lakeland Air Force Base in San Antonio.

第一季每股 FFO 為 0.69 美元，較指引中點高出 0.01 美元，並較去年同期成長 6.2%。同物業現金 NOI 年增 5.4%，部分受惠於我們平均在租率提升 70 個基點。我們完成 120 萬平方英尺的續租簽約，續租留存率達 91%。其中包括位於聖安東尼奧、靠近 Lakeland 空軍基地、出租給美國政府的近 100 萬平方英尺園區全數續租。

These renewals address the significant portion of our maturity risk in 2026 reducing our annual -- our expiring annualized rental revenue from 21% at the beginning of the year to 11%. We executed 92,000 square feet of vacancy leasing and we are right on track to meet our full year target of 400,000 square feet.

這些續租處理了我們 2026 年到期風險中的重要部分，使我們年度到期的年化租金收入占比，從年初的 21% 降至 11%。我們完成 92,000 平方英尺的空置出租，並且完全按計畫達成全年 400,000 平方英尺的目標。

We executed 384,000 square feet of investment leasing, which consists of two previously announced full building leases at the National Business Park. Year-to-date, we've committed nearly $250 million of capital to new investments consisting of 620 Guardian Way, which is fully leased full-suite project at the National Business Park and two new investments totaling nearly $100 million. Based on these strong results, we're elevating forward guidance metrics, and Anthony will provide additional details in his section.

我們完成 384,000 平方英尺的投資出租，包含先前已公告、位於 National Business Park 的兩筆整棟大樓租賃。年初至今，我們已承諾近 2.5 億美元資本投入於新投資，包括位於 National Business Park、已全數出租的整棟專案 620 Guardian Way，以及另外兩項合計近 1 億美元的新投資。基於這些強勁成果，我們上調前瞻指引指標，Anthony 將在他的部分提供更多細節。

Regarding these two new investments, first, we committed $55 million to 150,000 square foot development project at Redstone Gateway, which sits inside the fence within our secure parcel and Redstone Arsenal. This investment creates antiterrorism force protected inventory or ATFP, for the United States government in advance of expected requirements. We're currently seeing demand for multiple government missions experiencing growth related to missile defense and space activities, which, in aggregate, exceeds capacity of the building.

關於這兩項新投資，第一，我們承諾 5,500 萬美元投入 Redstone Gateway 一項 150,000 平方英尺的開發專案，該專案位於我們安全地塊與 Redstone Arsenal 圍欄內。此投資將為美國政府提前建立符合反恐部隊防護（ATFP）的供給庫存，以因應預期需求。我們目前看到多項政府任務的需求正在成長，與飛彈防禦與太空活動相關；合計需求已超過該建築的容量。

Second, we committed roughly $43 million to the acquisition of 17 acres of land in a ground lease in the Westfield submarket Shentel, Virginia. The ground lease has very attractive long-term economics, which are supported by two highly strategic 100% leased office buildings, known as Mission Rich. These buildings are occupied by the FBI's Technology division, including their cyber group, and two leading defense contractors who are among our top 20 defense IT tenants.

第二，我們承諾約 4,300 萬美元，收購位於維吉尼亞州 Shentel 的 Westfield 次市場一筆 17 英畝土地之地上權（ground lease）。該地上權具備非常具吸引力的長期經濟效益，並由兩棟高度策略性、100% 出租的辦公大樓所支撐，稱為 Mission Rich。這些大樓的承租戶包括 FBI 科技部門（含其資安／網路小組），以及兩家領先的國防承包商，皆為我們前 20 大國防 IT 租戶之一。

This transaction provides us with essentially perpetual control of a strategic land parcel and run our priority submarkets in which we currently have a dominant market share and importantly, the senior position in the capital structure, which should lead to an opportunity to acquire the leasehold interest in attractive terms sometime in the future.

此交易使我們幾乎永久掌控一塊位於我們優先次市場的策略性土地地塊；在該等次市場中，我們目前擁有主導性的市占率。更重要的是，我們在資本結構中處於優先順位，這應可在未來某個時間點，帶來以具吸引力條件收購該租賃權益（leasehold interest）的機會。

Recall last quarter, we acquired Stonegate 1 in this same Westfield submarket, which was a $40 million purchase of 140,000 square foot building that is fully leased to a top 20 US bench count director. As shown on Slide 15 of our foot book, Stonegate Mission Ridge are located within 0.5 mile of each other in the same rich ecosystem of trench contractors supporting the adjacent US government demand drivers.

回顧上一季，我們在同一 Westfield 次市場收購了 Stonegate 1，交易金額 4,000 萬美元，為一棟 140,000 平方英尺的大樓，且已全數出租給一家前 20 大的美國承租戶（以席位數計）。如我們資料手冊第 15 頁所示，Stonegate 與 Mission Ridge 相距 0.5 英里以內，位於同一個由國防承包商構成的成熟生態系中，支撐鄰近美國政府需求驅動因素。

In March, we are very pleased to receive the news that Moody's upgraded our investment grade rating by 1 level to Baa2 with a stable outlook. Over the past 5 years, we've issued $1.8 billion of unsecured debt in 4 separate offerings. We achieved stellar pricing in each of those transactions with a weighted average credit spread of 120 basis points and a maturity of nearly nine years.

3 月，我們非常高興收到穆迪（Moody's）將我們的投資等級評等上調 1 級至 Baa2，展望穩定的消息。過去 5 年，我們已在 4 次不同發行中，發行 18 億美元的無擔保債務。我們在每一筆交易中都取得極佳的定價，加權平均信用利差為 120 個基點，平均到期年限接近 9 年。

Clearly, our fixed income investors recognize the inherent strength of our strategy and our portfolio, and we're pleased to receive that recognition for Moody's as well. We are one of only three office REITs with the Baa2 rating, which we believe acknowledges our proven performance over the last six years, which encompass the global COVID pandemic, significant increase in both inflation and interest rates, along with factors that led to the highest US office national vacancy rate in over 40 years.

顯然，我們的固定收益投資人認可我們策略與投資組合的內在強度；我們也很高興同樣獲得穆迪的肯定。我們是僅有三家獲得 Baa2 評等的辦公室 REIT 之一；我們認為這反映了我們在過去六年的已證實表現，期間涵蓋全球 COVID 疫情、通膨與利率的大幅上升，以及導致美國辦公室全國空置率創 40 多年新高的各項因素。

Turning to the defense budget. Earlier this month, President of Trump submitted the FY 2027 budget, which the administration describes as a historic paradigm shift for investment in our national security infrastructure. The top line figure for defense budget request is a record $1.5 trillion, which is nearly a 45% increase year-over-year. And it's comprised of a base budget of $1.1 trillion and anticipated reconciliation funding of $350 billion.

接著談國防預算。本月稍早，川普總統提交了 2027 會計年度（FY 2027）預算案，政府將其描述為對我國國家安全基礎設施投資的歷史性典範轉移。國防預算請求的總額為創紀錄的 1.5 兆美元，年增近 45%。其由 1.1 兆美元的基本預算，以及預期的 3,500 億美元協調（reconciliation）資金所構成。

Our business has really driven off the proposed base budget of $1.1 trillion, which has been described as the new baseline by the Chairman of the House Farm Services Committee, Mike Rogers. The FY 2027 proposed budget represents nearly 30% increase over last year and nearly 50% increase over the last five years.

我們的業務實際上主要受所提基本預算 1.1 兆美元所驅動；眾議院軍事服務委員會主席 Mike Rogers 將其稱為新的基準線。FY 2027 的提案預算較去年增加近 30%，較過去五年增加近 50%。

The defense-based budget request includes a $16 billion increase for Intelligence or 14%, which is the largest year-over-year increase in over 20 years, a $4 billion increase for DoD cyber funding or 25%, which is the largest increase in the history of DoD cyber funding, an additional $18 billion for Golden Dome, which brings appropriations and requests to date for this program to roughly $40 billion of the $185 billion total.

以國防為基礎的預算請求包括：情報（Intelligence）增加 160 億美元（或 14%），為 20 多年來最大的年增幅；國防部（DoD）網路（cyber）資金增加 40 億美元（或 25%），為 DoD 網路資金史上最大增幅；另為 Golden Dome 增加 180 億美元，使該計畫迄今的撥款與請求合計約 400 億美元（總額 1,850 億美元的一部分）。

$21 billion was appropriate for Golden Dome in FY 2026. But only a small portion of this amount has actually been awarded to date, which bodes well for emerging demand through the end of the year. And there is still more than $160 billion yet to be appropriated.

在 FY 2026，Golden Dome 已撥款 210 億美元。但截至目前，實際授予的金額僅占其中一小部分，這對於今年底前的新興需求而言是正面訊號。而且仍有超過 1,600 億美元尚待撥款。

This current and anticipated funding should provide a long runway of tenant demand that will develop and support the Golden Dome initiative in the coming years as there is typically a 12- to 18-month lag time between appropriations and lease executions.

這些現有與預期的資金，應可在未來數年為將開發並支援 Golden Dome 計畫的承租需求提供長期跑道，因為撥款與租約簽署之間通常存在 12 至 18 個月的落後期。

The FY 2027 defense budget is a continuation of a 12-year trend of growth in defense spending and represents one of the few areas of public policy that garner strong bipartisan support. The country's significant investment on the priority missions, which are location support should result in a favorable demand backdrop for our portfolio over the near and medium term and provide additional opportunities for external growth. With that, I'll turn the call over to Britt.

2027 財政年度國防預算延續了國防支出連續 12 年成長的趨勢，並且是少數能獲得強勁兩黨支持的公共政策領域之一。國家對優先任務（其中包含區位支援）的重大投資，應可在短期與中期為我們的投資組合帶來有利的需求環境，並提供更多外部成長的機會。接下來我把電話會議交給 Britt。

Thank you, Steve. We finished the quarter with strong occupancy at 94.4% in the total portfolio and 95.6% in the Defense IT portfolio. Year-over-year occupancy increased in both portfolios by 80 basis points and 30 basis points, respectively. During the first quarter, we executed 92,000 square feet of vacancy leasing, nearly 70% of which is tied to cyber activity. Year-to-date, we have signed 152,000 square feet of vacancy leasing, which equates to 38% of our full year target of 400,000 square feet.

謝謝你，Steve。我們在本季結束時，整體投資組合的入住率維持強勁，達 94.4%，而國防 IT 投資組合為 95.6%。兩個投資組合的入住率年增分別提高 80 個基點與 30 個基點。第一季期間，我們完成 92,000 平方英尺的空置出租，其中近 70% 與資安業務相關。截至目前，我們已簽署 152,000 平方英尺的空置出租，約相當於全年 400,000 平方英尺目標的 38%。

We have approximately 115,000 square feet of prospects in advanced negotiations, which we define as over 90% likely to execute. Taken together, we have over 265,000 square feet of leases either executed or in advanced negotiations, which amounts to two thirds of our full year target.

我們目前約有 115,000 平方英尺的潛在客戶正處於深度談判階段，我們將其定義為執行可能性超過 90%。綜合而言，我們已有超過 265,000 平方英尺的租約已簽署或處於深度談判中，約占全年目標的三分之二。

In April, we leased the remaining floor at 8,100 Rideout Road in Huntsville to a top 20 US defense contractor. This lease doubles the tenant's footprint in the building to over 50,000 square feet and brings the property to 100% leased. 23 of the 24 operating buildings in our Redstone Gateway Park are now 100% leased, bringing this nearly 2.5 million square foot campus to 99.6% leased with only one 10,000 square foot suite available.

4 月，我們在亨茨維爾（Huntsville）的 8,100 Rideout Road 將剩餘樓層出租給一家美國前 20 大國防承包商。此租約使該租戶在該大樓的使用面積倍增至超過 50,000 平方英尺，並使該物業達到 100% 出租。我們位於 Redstone Gateway Park 的 24 棟營運中大樓已有 23 棟達到 100% 出租，使這座近 250 萬平方英尺的園區整體出租率達 99.6%，僅剩一間 10,000 平方英尺的套房可供出租。

Also in April, we signed a 12,000 square foot expansion lease at the Franklin Center in Columbia Gateway with a top 10 US defense contractor. This lease increases the tenant's footprint in the building to 60,000 square feet and we are tracking 155,000 square feet of prospects on the remaining 55,000 square feet of availability.

同樣在 4 月，我們在 Columbia Gateway 的 Franklin Center 與一家美國前 10 大國防承包商簽署 12,000 平方英尺的擴租租約。此租約使該租戶在該大樓的使用面積增加至 60,000 平方英尺；而針對剩餘 55,000 平方英尺的可用面積，我們正在追蹤 155,000 平方英尺的潛在需求。

Turning to renewal leasing. We executed 1.2 million square feet in the quarter with tenant retention of 91% and cash rent spreads of 3.8% and GAAP rent spreads up 12%. Our quarterly volume was driven by the full renewal of our US government campus near Lakeland Air Force Base in San Antonio, which totaled 953,000 square feet and accounted for over 40% of our annualized rental revenue expiring in 2026 at the beginning of the year.

接著談續租。我們本季完成 120 萬平方英尺的續租，租戶留存率為 91%，現金租金價差為 3.8%，GAAP 租金價差上升 12%。本季的量主要來自我們在聖安東尼奧、靠近 Lakeland 空軍基地的美國政府園區全數續租，總計 953,000 平方英尺；而在年初，該園區占我們 2026 年到期年化租金收入的 40% 以上。

Cash rent spreads on the San Antonio renewals increased 4.2% with annual rent bumps of 3%. Once we include these four large lease renewals in San Antonio, our track record for retention on leases in excess of 50,000 square feet becomes even more impressive. For large leases that expire between mid-2024 and year-end 2026, we have renewed nearly 3 million square feet with a retention rate of 97%. We have eight leases remaining, totaling 950,000 square feet, all with the US government. We expect 100% retention on these leases with execution anticipated in 2027.

聖安東尼奧續租的現金租金價差提高 4.2%，且每年租金調升 3%。將聖安東尼奧這四筆大型續租納入後，我們在超過 50,000 平方英尺租約的留存紀錄更顯亮眼。對於 2024 年年中至 2026 年底到期的大型租約，我們已續租近 300 萬平方英尺，留存率達 97%。目前尚有 8 份租約、合計 950,000 平方英尺，皆為美國政府租約。我們預期這些租約可達 100% 留存，並預計於 2027 年完成簽署。

Additionally, since we started providing this disclosure nearly four years ago, we have renewed over 5 million square feet of large leases with a retention rate of over 97%. Moving on to development, we commenced two projects in the first quarter, and our active pipeline now totals over 1 million square feet that is 73% pre-leased and amounts to over $0.5 billion in capital commitments.

此外，自我們近四年前開始提供此項揭露以來，我們已續租超過 500 萬平方英尺的大型租約，留存率超過 97%。接著談開發案，我們在第一季啟動兩個專案，目前在建管線合計超過 100 萬平方英尺，預租率為 73%，資本承諾金額超過 5 億美元。

Each of these seven projects are on schedule and on budget, and five of the seven are 100% pre-leased. The two developments with available space are both inventory buildings in Huntsville, one inside defense, targeting government tenancy and one outside defense for defense contractors. We commenced construction of 410 Goss Road in the first quarter, which is designed for the government inside defense and we are tracking demand that exceeds the availability in the building from multiple missions, all of which require secure facilities at our ATFP compliant.

這 7 個專案皆按進度且在預算內，其中 7 個之中有 5 個已達 100% 預租。仍有可用面積的兩個開發案皆為亨茨維爾的庫存型大樓：一個位於「防區內」（inside defense），目標為政府承租；另一個位於「防區外」（outside defense），目標為國防承包商。第一季我們已動工 410 Goss Road，該案為防區內、面向政府需求而設計；我們正在追蹤來自多項任務的需求，總量超過該大樓可供面積，且這些需求皆需要符合 ATFP 的安全設施。

We achieved substantial completion of 8,500 Advanced Gateway earlier this month, which is outside defense and is currently 20% leased to a defense contractor. We are finalizing a lease for a full floor, which we expect to execute imminently that will increase the lease rate to 40%, and we're working on another deal for two fold floors, which would increase the lease rate to over 80%.

本月稍早，我們已使 8,500 Advanced Gateway 達到實質完工（substantial completion）。該案位於防區外，目前已以 20% 出租給一家國防承包商。我們正在敲定一份整層租約，預期將於近期完成簽署，使出租率提高至 40%；同時我們也在推進另一筆兩層樓的交易，若成交將使出租率提高至 80% 以上。

We've already planned the next inventory building, RG 6300 and expect to commence development once we approach that 80% threshold. Our development leasing pipeline, which we define as opportunities we consider 50% likely to win or better within two years or less, currently stands at nearly 1 million square feet.

我們也已規劃下一棟庫存型大樓 RG 6300，並預期在出租率接近 80% 的門檻後啟動開發。我們的開發出租管線（我們定義為在兩年內或更短期間、勝出機率達 50% 或以上的機會）目前接近 100 萬平方英尺。

Beyond that, we are tracking an additional 600,000 square feet of potential development opportunities. With that, I'll hand it over to Anthony.

此外，我們還在追蹤另外 600,000 平方英尺的潛在開發機會。接下來我把話筒交給 Anthony。

Thank you, Britt. We reported first quarter FFO per share of $0.69, which was $0.01 above the midpoint of guidance and represents a 6.2% increase year-over-year. The quarter benefited from the earlier than budgeted commencement of several leases, strong renewal leasing, the timing of certain R&M projects and unbudgeted real estate tax refunds from continued successful assessment appeals.

謝謝你，Britt。我們公布第一季每股 FFO 為 0.69 美元，較財測區間中點高出 0.01 美元，並較去年同期成長 6.2%。本季受惠於多筆租約較預算更早開始起租、續租表現強勁、部分維修與保養（R&M）專案的時點安排，以及因持續成功提出估值申訴而取得的未列入預算之不動產稅退稅。

These favorable items were partially offset by higher-than-forecasted net winter weather-related expenses. Same-property cash NOI increased 5.4% year-over-year, driven by the burn-off of free rent on development and acquisition leases, which commenced in prior years and a 70 basis point increase in same-property average occupancy. We received $2 million less of nonrecurring real estate tax refunds in 2026, which muted this quarter's strong growth by approximately 200 basis points.

上述有利因素部分被冬季天候相關費用高於預期所抵銷。同店（same-property）現金 NOI 年增 5.4%，主要由先前年度開始起租之開發與收購租約的免租期到期（free rent burn-off），以及同店平均入住率提高 70 個基點所帶動。2026 年我們取得的非經常性不動產稅退稅較少 200 萬美元，使本季強勁成長幅度約被壓低 200 個基點。

Same-property occupancy ended the quarter at 94.2%, which is a 60 basis point increase over the year and was driven by a 500 basis point increase in the other segment. With respect to capital transactions, on March 16, we repaid our $400 million bond, which carried an interest rate of 2.25%. Recall that we prefunded the capital for this maturity roughly seven months ago, when we issued $400 million of five-year unsecured notes at 4.5% at a sector-leading credit spread of 95 basis points.

同店入住率於季末為 94.2%，較年初提高 60 個基點，主要由其他（other）分部入住率提高 500 個基點所帶動。就資本交易而言，3 月 16 日我們償還了 4 億美元、票面利率 2.25% 的公司債。請回想，我們約在七個月前已為該到期債務預先籌資，當時發行 4 億美元、五年期無擔保票據，利率 4.5%，信用利差為同業領先的 95 個基點。

The increased interest on this $400 million of debt results in $0.09 of higher financing costs in 2026. We have no significant near-term refinancing risk as our next bond maturity is not until the fall of 2028. As Steve mentioned, Moody's upgraded our investment grade credit rating in March to Baa2. In its press release, Moody's highlighted the strong operating performance of our specialized office portfolio, our solid EBITDA to interest expense ratio and income growth from assets under development. I would like to give a special recognition to our team who worked diligently to achieve this important milestone, which represents the culmination of years of effort and outreach.

這筆 4 億美元債務的利息上升，將使 2026 年融資成本增加 0.09 美元。我們短期內沒有顯著再融資風險，因為下一筆債券到期要到 2028 年秋季。如 Steve 所提，穆迪（Moody's）於 3 月將我們的投資級信用評等上調至 Baa2。穆迪在新聞稿中強調了我們專業化辦公資產組合的強勁營運表現、穩健的 EBITDA 對利息費用比率，以及在建資產帶來的收入成長。我也要特別表揚我們的團隊，大家為達成這項重要里程碑而不懈努力；這是多年投入與對外溝通的成果。

We appreciate that Moody's recognizes the strength and specialized nature of our strategy, platform, portfolio and tenants. With respect to guidance, we increased the midpoint for several items.

我們感謝穆迪認可我們策略、平台、投資組合與租戶的優勢與專業特性。就財測而言，我們上調了數個項目的中點。

We increased the midpoint of FFO per share guidance by $0.01 to $2.76, which is driven by the contribution from both the outperformance during the quarter and the Mission Ridge land acquisition, partially offset by the accounting treatment for the dilution from our exchangeable notes.

我們將每股 FFO 指引的中位數上調 0.01 美元至 2.76 美元，主要受惠於本季表現優於預期以及 Mission Ridge 土地收購的貢獻，但部分被我們可交換票據稀釋效應的會計處理所抵銷。

We increased the midpoint of same-property cash NOI growth by 50 basis points to 3% due to stronger renewal leasing and unanticipated real estate tax refunds. We increased the midpoint of tenant retention guidance by 250 basis points to 82.5%, we increased the midpoint of capital committed to new investment guidance by $40 million to $290 million due to the Mission Ridge land acquisition. And finally, we're establishing second quarter guidance for FFO per share in a range of $0.68 to $0.70. With that, I'll turn the call back to Steve.

由於續租租賃表現更強，以及意外取得不動產稅退稅，我們將同物業現金 NOI 成長的中位數上調 50 個基點至 3%。我們將租戶留存率指引的中位數上調 250 個基點至 82.5%；由於 Mission Ridge 土地收購，我們將新投資資本承諾指引的中位數上調 4,000 萬美元至 2.90 億美元。最後，我們建立第二季每股 FFO 指引區間為 0.68 至 0.70 美元。接下來我把電話交回給 Steve。

So in closing, we're off to a great start to the year with leasing volume right on track with full year plan. We delivered FFO per share growth of 6.2% year-over-year, marking our 23rd consecutive quarter of year-over-year growth. We increased the midpoint of 2026 guidance for four key metrics. We increased the dividend again in the first quarter by 4.9% and have increased it over 16% over the last four years. We committed nearly $250 million of capital to three new investments year-to-date.

最後總結，我們今年開局良好，租賃量與全年計畫完全一致。我們實現每股 FFO 年增 6.2%，這是我們連續第 23 個季度達成年對年成長。我們上調了 2026 年四項關鍵指標指引的中位數。我們在第一季再次將股利提高 4.9%，過去四年累計提高超過 16%。今年迄今我們已承諾近 2.50 億美元資本投入三項新投資。

And since beginning of 2025, the strength of our strategy has resulted in over $0.5 billion of capital commitments to new investments consisting of eight projects in five different markets. 80% of the dollar value is for 100% pre-leased projects and 20% of the dollar value is there much needed inventory to meet the demand we're seeing from both the US government and defense contractors in parks where we have little to no availability.

自 2025 年初以來，我們策略的強勁表現已帶來超過 5 億美元的新投資資本承諾，涵蓋五個不同市場的八個專案。其中 80% 的金額投入於 100% 預先出租的專案，另有 20% 的金額用於補足急需的庫存，以滿足我們在幾乎沒有可用空間的園區中，來自美國政府與國防承包商所見到的需求。

These investments combined with the expected additional opportunities from the substantial increase in the proposed defense budget. We will support continued -- the continued track record of growth we've delivered in NOI and shareholder value. With that, operator, please open the call for questions.

這些投資，加上擬議國防預算大幅增加所帶來的額外機會，將支持我們持續——支持我們在 NOI 與股東價值方面已交出的持續成長紀錄。接下來，請接線員開放提問。

(Operator Instructions)

（接線員指示）

Seth Bergey, Citi.

Seth Bergey，花旗。

Just kind of wanted to ask, you have a slide in the foot book on just kind of the long-term growth rate of like 4.5% kind of FFO per share CAGR. Just with the kind of increase in defense spending, is that kind of how you think about the long-term kind of earnings power? Or do you kind of see a path to that accelerating as the defense spending increases and the development pipeline kind of continues to mature?

我想問一下，你們在簡報附錄裡有一張投影片，提到長期成長率大約是每股 FFO 4.5% 的複合年成長率（CAGR）。在國防支出增加的背景下，這是否就是你們看待長期獲利能力的方式？或者隨著國防支出增加、開發管線逐步成熟，你們是否看到成長加速的路徑？

Sure. The slide sets referring to demonstrates the 4.5% growth rate we've compounded at for the last seven or eight years. Looking forward, Seth, this year, our growth is a little muted because of the $0.09 of additional interest expense, Anthony referred to in his comments. So we expect to get somewhere around 1.5% of growth.

當然。你提到的那張投影片，展示的是我們過去七到八年複利成長約 4.5% 的成長率。往前看，Seth，今年我們的成長會稍微偏弱，因為 Anthony 在評論中提到的額外 0.09 美元利息費用。因此我們預期成長大約在 1.5% 左右。

Looking forward, we generally expect that we can return to the growth path that we've experienced recently. And hypothetically, there could be upside to that from the increase in defense spending. I remind you that Bill has not even been pass an appropriated yet. So it's aspirational, but it certainly supports the continued trend we referred to over the last 12 years of increases in investment which will be good for our business and potentially lead to a better outlook.

再往前看，我們一般預期可以回到近期所經歷的成長軌道。假設而言，國防支出增加可能帶來上行空間。我也提醒你，該法案甚至尚未通過並完成撥款，所以目前仍屬願景，但它確實支持我們過去 12 年所提到的投資增加趨勢，這將有利於我們的業務，並可能帶來更好的展望。

Great. And then with the acquisition kind of the second acquisition you've made in that submarket. Are there any other types of kind of buildings or ground leases that you're looking at in that market? And then just kind of the business improves, defense spending increases, are you seeing any kind of changes to other players in this space?

很好。接著關於這次收購，算是你們在該次級市場的第二筆收購。你們在那個市場是否還在看其他類型的建物或地上權租約（ground leases）？另外，隨著業務改善、國防支出增加，你們是否看到這個領域的其他參與者出現任何變化？

So to speak to the first one, if you look at the area on slide 15, you'll see that market is, as we described it a rich ecosystem of defense contractors supporting low commissions. And we control -- well, we own about 28% of that market now. There are certainly buildings that have great tenants with characteristics that would be compatible with us. that under the right price or terms, we'd be very interested in buying. There are none currently available, but it's certainly one of the top 30 markets we've staked out and we keep pretty sharp eye appeal on opportunities there.

先回答第一個問題，如果你看第 15 頁投影片的區域，你會看到那個市場如我們所描述，是一個由國防承包商所構成、支撐低空置率的豐富生態系。我們控制——也就是我們目前大約擁有該市場 28% 的份額。確實有一些建物擁有優質租戶，其特性與我們相當契合；在合適的價格或條件下，我們會非常有興趣收購。目前沒有可供出售的標的，但那確實是我們鎖定的前 30 大市場之一，我們也會非常密切地關注那裡的機會。

Second part of the question referred to -- Seth, any other --

你問題的第二部分是——Seth，還有其他——

Yes, just increased competition that are also kind of seeing the increase in defense spending and getting more interested in taking a look at the space.

是的，就是是否有更多競爭者也看到國防支出增加，因此更有興趣進來看看這個領域。

Nothing meaningful that I could talk about. -- there are several investment groups that are considerably smaller they like to invest in Northern Virginia in similar assets. And I think their interest will remain high as it has been in the past. But I can't say that I can identify any new entrants.

沒有什麼重大變化是我可以談的——目前有幾個規模小得多的投資團體，喜歡在北維吉尼亞投資類似資產。我認為他們的興趣會像過去一樣維持在高檔。但我不能說我辨識到任何新的進入者。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Steve, I'm just wondering if you're sort of thinking about the development pipeline and development starts kind of any differently today, just given all of the positive sort of backdrop and tailwinds that you talked about, are you kind of willing in sub markets to have a little bit more spec product? And is the tenancy changing given some of the, I guess, new entrants into the defense contracting business?

Steve，我想請教你們是否在今天對開發管線與開工（development starts）的思考方式有所不同？考量到你提到的正面背景與順風，你們是否願意在某些次級市場增加一些投機性產品（spec product）？另外，隨著一些新的參與者進入國防承包業務，租戶結構是否正在改變？

So we're not yet ready to start accumulating more inventory than we traditionally have. But we are certainly for the last year and increasingly so putting ourselves in a past year to move extremely quickly by predesigning and in some cases, addressing land conditions in advance of the opportunity to cut our delivery time frame.

我們目前還沒有準備好去累積比傳統水準更多的庫存。不過在過去一年、而且愈來愈明顯的是，我們一直在讓自己處於能夠非常快速行動的狀態，透過預先設計，並在某些情況下提前處理土地條件，以便在機會出現時縮短交付時程。

To the extent that demand ramps up, particularly in Huntsville, where we expect it to ramp up to support Golden Dome. We're prepared to move more aggressively, but we need to see that demand really materialized a little more formally than it has been.

如果需求升溫，特別是在 Huntsville——我們預期那裡的需求會升溫以支援 Golden Dome——我們已準備好更積極行動，但我們需要看到需求以更正式的方式真正落地，而不只是目前這種程度。

Got it. And then I guess as you just think about vacancy leasing, maybe just talk about kind of where the I guess, focal points are? And I guess, what are the prospects for, I guess, driving occupancy even higher from kind of current levels?

了解。那接著談到空置招租（vacancy leasing），可否說明一下目前的焦點大概在哪些地方？以及從目前水準來看，把入住率（occupancy）再往上推的前景如何？

Yes, this is Britt, Steve. So I think in terms of the prospects that we're seeing in Northern Virginia, if you look at some of the buildings and deals that we've done recently, we've been able to actually push some cash rents there, too. And so I think that's a good sign for the tenants that are in that market looking for at our buildings there. And I would also say, I mean, the growth in the cyber funding in the BW Corridor, I think, is an area that we're starting to see some more activity after, I would just say a little bit, I mean, a little bit quieter period, but all of a sudden, we're starting to see a lot more inquiries there.

好的，Steve，我是 Britt。我認為就我們在北維吉尼亞看到的前景而言，如果你看我們最近完成的一些建物與交易，我們其實也能在那裡推升一些現金租金（cash rents）。因此我認為這對於該市場、正在尋找我們那裡建物的租戶來說，是個好跡象。另外我也想說，BW Corridor 的資安（cyber）資金成長，我認為是一個在經歷一段相對——我會說稍微安靜的期間後——突然開始看到更多活動的區域；我們開始看到那裡出現更多詢問。

And if you really look at how the funding is being allocated, it's really for the missions that we support in our buildings and looking at the cyber emission force which is a key part of where the dollars are flowing for cyber. I think those are two areas, another Virginia and BW Corridor, where we're going to see heightened vacancy leasing. We've certainly seen it in Columbia Gateway as well at the beginning of this year.

如果你仔細看資金配置方式，資金其實是投入在我們建物所支援的任務上，並聚焦於資安任務部隊（cyber mission force），這是資安資金流向的關鍵部分。我認為這兩個區域——北維吉尼亞與 BW Corridor——將出現更活躍的空置招租。我們在今年年初於 Columbia Gateway 也確實看到了這種情況。

And we don't have any vacancy the lease in a last week.

而且我們在上週的租賃上也沒有任何空置。

That's it for me.

我這邊就到這裡。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

The 2027 budget request at roughly $1.5 trillion is clearly a major positive Steve, assuming that goes through, given that the increase is so substantial. Do you think your tenant base will need to start leasing a bit earlier and get out ahead of all of those funds coming in? Or do you think the normal kind of 12- to 18-month lag rule probably still holds steady?

2027 年的預算申請約為 1.5 兆美元，顯然是個重大利多，Steve，前提是它能順利通過，因為增幅相當可觀。你認為你們的租戶基礎是否需要更早開始租賃、提前因應這些資金的到位？還是你認為一般 12 到 18 個月的落後期規律大概仍會維持不變？

Well, remember, you got to break that $1.5 trillion down into $350 billion, that's going to be a reconciliation appropriation. And if you break that down, that's really going for things that would not be -- that would not affect leases in our portfolio. So increased inventory munitions, shipbuilding, we've got a breakdown that could go through it with you off-line. The -- almost 30% increase in the base budget, that certainly should affect our tenant base and hypothetically could and would influence their need for space.

嗯，記得你得把那 1.5 兆美元拆開來看，其中有 3,500 億美元會是和解（reconciliation）撥款。若再進一步拆解，那其實是用在一些不會——不會影響我們投資組合租約的項目上。所以像是增加彈藥庫存、造船等；我們有一份拆解明細，可以在會後再跟你逐項說明。——而基礎預算將近 30% 的增幅，確實應該會影響我們的租戶基礎，理論上也可能、也會影響他們對空間的需求。

But again, it's too early. It hasn't been passed yet nor appropriated. And then once it's appropriated, it's got to flow through to the contractors. So I think the 12 to 18 months is still going to hold that.

但再說一次，現在還太早。它尚未通過，也尚未完成撥款。而且即便撥款了，資金還得流向承包商。所以我認為 12 到 18 個月的時間差仍然會成立。

Got it. Very helpful. And then we noticed your potential future opportunities in the development pipeline team down by about 400,000 square feet from last quarter. Was there any specific driver behind that reduction? Any projects that might have fell out of that bucket? And any color you can provide around those situations?

了解，很有幫助。另外我們注意到，你們開發管線團隊中「潛在未來機會」相較上季減少了大約 40 萬平方英尺。這個下降背後有沒有特定原因？是否有任何專案從那個範疇中移出？你能否就這些情況提供一些說明？

Well, we harvested some with deals that we announced last quarter. And we made the decision on one particular mission to reduce the possibility of future demand because they look pretty committed to a mill can solution.

嗯，我們把其中一些透過上季宣布的交易「收割」掉了。另外，針對某一個特定任務，我們做了決定，降低未來需求的可能性，因為他們看起來相當投入於採用「mill can」方案。

Tom Catherwood, BTIG.

Tom Catherwood，BTIG。

Maybe going back to Steve's question on the leasing. Britt, in the past, you've talked about dialing back on tenant improvements and free rent, and that's clearly shown up in the numbers for the last few quarters. So two questions around that. Kind of how much growth are you getting on a net effective basis now? And second, as availabilities get tighter in your portfolio, how much more do you think you can pull back on concessions?

也許回到 Steve 關於租賃的問題。Britt，過去你談到過要降低租戶裝修（tenant improvements）與免租期，而這在過去幾季的數字上也很明顯反映出來。所以我有兩個相關問題：第一，目前以淨有效（net effective）基礎來看，你們大概取得了多少成長？第二，隨著你們投資組合的可租空間愈來愈緊，你認為你們還能在優惠條件（concessions）上再收回多少？

Well, I think on the NER front, I mean, it's something that we're very focused on, on every deal we look at. And so I don't have the exact percentage about how we've grown that. But it certainly -- we have an enhanced focus on that, I would say, over the past couple of years. And then I think it's -- in certain markets, certainly, in Northern Virginia, in particular, we've been able to pull back on the concessions more so than we have in the past.

嗯，我想在 NER（淨有效租金）方面，這是我們在看每一筆交易時都非常關注的重點。所以我沒有確切的百分比可以說我們成長了多少。但可以肯定的是——我會說，過去幾年我們對這件事的關注度確實提高了。然後我認為——在某些市場，當然，特別是在北維吉尼亞，我們比過去更能把優惠條件收回一些。

So I mean, for the folks that need mission-critical space, they are willing to pony up more dollars to build out and upgrade their skills, whereas we're staying generally at the same level, if not pulling back, and certainly, in the free rent area is where we're really trying to pull back.

也就是說，對於需要任務關鍵（mission-critical）空間的客戶，他們願意多掏一些錢來做裝修與升級他們的設施，而我們一般維持在差不多的水準，甚至還在收回一些；而且在免租這一塊，我們真的在努力把它縮減。

Do you think that's low single digits? Do you think it's high single digits on a net effective basis? I mean, just kind of general book ends, do you have a sense of what that might look like over the past year?

你覺得那是低個位數？還是高個位數的淨有效成長？我的意思是，大概的上下限，你對過去一年可能會長什麼樣子有概念嗎？

Yes, probably mid-single digits.

是的，可能是中個位數。

You're talking about the growth rate, Tom?

你說的是成長率，Tom？

Yes.

對。

Yes, that's about right.

對，那差不多。

Perfect. And then, Steve, kind of going back to something that you alluded to in your response to Blaine's question, but like traditionally, we thought of CDP with a focus on defense intelligence markets and then you've shied away from markets that we're more focused on defense manufacturing or deployment. But with the push to modernize defense capabilities, it seems like those lines are blurring.

很好。然後，Steve，回到你在回覆 Blaine 問題時提到的一點：傳統上我們認為 CDP 著重於國防情資市場，而你們也避開了那些更偏向國防製造或部署的市場。但隨著推動國防能力現代化，看起來這些界線正在變得模糊。

Does that A, is that a fair comment? And if so, is that driving you to look at other markets that maybe you hadn't looked at before?

A，這樣的評論是否公平？如果是，這是否正驅動你們去看一些以前可能不會看的其他市場？

Well, if we're going to bridge into the realm of defense we've not traditionally served. It would be in conjunction with one of our tenants and a specific opportunity to support them with third-party capital to support their needs. We have had conversations in the past with some of our tenants to move to other markets. We've not yet made that decision. I can't say that's accelerating now.

嗯，如果我們要跨入我們過去傳統上未服務的國防領域，那會是與我們某個租戶合作，並且針對一個特定機會，透過第三方資本來支持他們的需求。我們過去確實曾與一些租戶談過要移往其他市場，但我們尚未做出那個決定。我不能說現在有在加速。

But on an individual basis, we consider it.

但就個別案件而言，我們會納入考量。

Richard Anderson, Cantor Fitzgerald.

Richard Anderson，Cantor Fitzgerald。

So speaking of other markets, what about Des Moines, -- what's the latest and greatest there as you sort of look to build out data shells data center shells in that market?

既然談到其他市場，那 Des Moines 呢——你們在那邊的最新進展是什麼？你們在評估於該市場建置資料中心殼體（data center shells）時，目前的狀況如何？

It's going to be a great core craft this year. No real update. We're at an impasse on power. We're waiting for the power situation to materialize. I think we told you in prior calls that to move forward today, the economic terms were too burdensome.

今年會是很棒的核心工藝（core craft）。沒有什麼實質更新。我們在電力上陷入僵局，正在等電力問題明朗化。我想我們在之前的電話會議也提過，如果今天要往前推進，經濟條件太沉重。

We elected to step side, let others lead in that market and away for the power company to adjust to the new elevated demand for power for the data in the market. So we continue to three to four years out.

我們選擇先退一步，讓其他人在那個市場領跑，並等待電力公司因應該市場資料需求帶來的新增、提高的用電需求而做出調整。所以我們仍以三到四年後的時間軸來看。

So for now, no corn on the comp, is that what you're saying?

所以目前先不「corn on the comp」，你是這個意思嗎？

Sorry, Corn on the comp, that is impressive Rich.

抱歉，「corn on the comp」，這個梗很厲害，Rich。

So as far as Huntsville, you mentioned 99.6% leased, [10,000] square feet available, excuse me, in a single suite. That campus has the potential to be twice the size in terms of your buildings? I assume I have that correct. When you talk about all the golden dome initiatives that are going on, what's the chance that you could have a very high-class problem of just not having enough space there when it's all said and done?

至於 Huntsville，你提到出租率 99.6%，可用面積是 [10,000] 平方英尺，抱歉，是在單一套間。那個園區就你們的建物而言，潛力可以做到現在的兩倍大？我想我理解正確。當你談到目前正在推進的各種「golden dome」倡議時，最後會不會出現一個很高級的煩惱：就是那邊空間不夠用的機率有多大？

Well, that's a long runway away. So we have at least 2.5 million, really more like 3 million square feet of capacity. And to the extent that we have that great news, and we're gobbling it up, you recall that our partner in essence, is the US government released land from them. It's an extraordinarily large parcel of property in the US, the Redstone Arco and certainly believe in light of that kind of success, we can find a way to expand our enhanced used lease and continue to support the growth of the missions on the Aircel.

嗯，那還有很長的跑道。所以我們至少有 250 萬——其實更接近 300 萬平方英尺的容量。而如果我們真的有那樣的好消息、而且我們把它快速消化掉，你會記得我們的合作夥伴本質上是美國政府，他們釋出土地給我們。那是一塊在美國非常大的地產用地，也就是 Redstone Arco；我們當然相信，若有那種成功，我們能找到方式擴大我們強化的使用租賃（enhanced used lease），並持續支持 Aircel 上任務的成長。

So that's the least of my concerns when I go to bed at night.

所以這不是我晚上睡覺會擔心的事。

Okay. And then finally for me, on the vacancy leasing, I know you're tracking to $400,000, but you've -- you're guilty of your own past success on that topic. In the past couple of years, you kind of blew away your vacancy leasing targets over the course of the year. You're sort of tracking in line now. Is that a vestige of just the more you get occupy, the harder it is to execute on vacancy leasing.

好。最後一個問題，關於空置去化租賃（vacancy leasing），我知道你們目前朝 40 萬平方英尺在走，但你們——在這個議題上算是被自己過去的成功「害」到。過去幾年你們在一年內大幅超越空置去化目標。現在看起來比較是跟目標一致。這是否只是因為你們入住率愈高，空置去化就愈難執行？

So we should probably not expect the $400,000 target to go up meaningfully from here over the course of the year. Is that a fair way to think about it?

所以我們大概不該期待今年接下來 40 萬平方英尺的目標會有顯著上修。這樣理解公平嗎？

Yes. I think generally, that's fair. As our properties get as full as they are, it becomes more difficult to have inventory that matches the exact demand that's emerging. We've done a really good job of continuing to attack it. And of course, we get some space back even with our extraordinary real retention that we can bring to market.

是的。我想整體而言，這樣說是公平的。當我們的物件像現在這麼滿時，要有能精準匹配新出現需求的庫存就更困難。我們一直持續積極推進，做得很好。當然，即便我們有非常出色的續租留存率，我們仍會收回一些空間，然後把它推向市場。

And then the wildcard is can we make some hay with our other assets where we have more vacancy? We like to set a target and beat it. So we fully plan to do our best to beat this $400,000 square foot gold, but we're comfortable we're going to make it.

然後還有一個不確定因素是：我們能否在其他空置率較高的資產上有所斬獲？我們喜歡設定目標並超越它。因此，我們完全計畫盡最大努力超越這個每平方英尺 40 萬美元的目標，但我們也有信心能達成。

Sorry, one that's great. One quick last one for me. On the defense budget yet to be appropriate, given its sheer size, is it not reasonable to assume that it will take longer for that to pass just because it's such a big commitment? Or is it because it's bipartisan, you might actually get to a final budget pretty soon after October 1.

抱歉，這點很棒。我最後再快速問一個。關於尚未完成撥款的國防預算，考量其規模龐大，是否合理推測它會因為承諾金額太大而需要更久才能通過？還是因為它具兩黨共識，反而可能在 10 月 1 日之後不久就能敲定最終預算？

Well, that's a tough question to indicate. We seem to find ourselves in new circumstances continually trying to get things appropriated and funded. So I would think it's going to be difficult, not because it doesn't have bipartisan support but because we have -- let's face some adversarial objectives in the overall direction of country. And it seems like anything is a potential for a bargaining chip as we're seeing right now with Farman Homeland Security unfunded and a point in time where we absolutely need the funding for so many reasons.

嗯，這是個很難判斷的問題。我們似乎總是處在新的情勢下，不斷嘗試讓事情完成撥款與資金到位。所以我認為會很困難，不是因為它沒有兩黨支持，而是因為我們——坦白說——在國家整體方向上存在一些對立的目標。而且看起來任何事情都可能成為談判籌碼，就像我們現在看到的，國土安全部的資金尚未到位，而在某個時間點上我們又因為許多原因絕對需要這筆資金。

Anyway, I won't editorialize. Anything is possible.

總之，我就不發表評論了。一切皆有可能。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Most of my questions have been asked. But I guess since you guys called out sort of activity picking up or maybe not picking up, but potential for vacancy leasing to accelerate in BW corridor and Northern Virginia. I mean just curious, it looks like Navy Support still remain sort of the most underleased within the portfolio, albeit still at a high level. So just sort of curious what vacancy leasing prospects are there for this part of the portfolio?

我的大多數問題都已經被問過了。不過既然你們提到 BW 走廊和北維吉尼亞的活動正在回升——或許不是已經回升，但空置出租可能加速——我只是好奇，從表面上看，海軍支援（Navy Support）在你們的投資組合中仍然是出租率相對最低的部分，雖然整體仍在高水準。所以想請教，這一塊投資組合的空置出租前景如何？

Yes. I mean it has a lot to do with the cyber prospects, I think we were seeing them pop up again after, like I said, a little bit of a quiet period, smaller cyber-related companies.

是的。我想這很大程度與資安（cyber）的前景有關；我認為我們又開始看到它們冒出來了，就像我說的，在一段較安靜的期間之後，一些規模較小、與資安相關的公司。

Really thank you looking for Navy support.

真的謝謝你，想問的是海軍支援。

Navy support., I'm sorry. Yes. Navy support actually -- it's a small -- much smaller portfolio for us, but Navy Support, we are actually seeing some improvements down in especially the Pax River area. There's a lot of autonomous vehicle and drone work happening down there. So as you might imagine, there's been some pickup there.

海軍支援。抱歉，是的。海軍支援其實——對我們來說是一個較小、規模小得多的投資組合——但在海軍支援方面，我們確實看到一些改善，特別是在 Pax River 一帶。那邊有很多自動化車輛與無人機的工作正在進行。所以如你所想，那裡確實有一些回升。

And then certainly with our buildings next to the DC Navy Yard at Maritime Plaza. Those have also seen quite a bit of activity and pretty significant increases in occupancy over the past year. There's a lot of activity going on the DC Navy Yard and the contractor support there is critical.

另外，當然還有我們在 DC Navy Yard 旁邊、Maritime Plaza 的那些大樓。過去一年它們也看到相當多的活動，入住率也有相當顯著的提升。DC Navy Yard 那邊有很多活動，而承包商的支援在那裡至關重要。

So yes, I would say Pax River and the DC Maritime Plaza are two areas where we're seeing real prospect activity increase.

所以是的，我會說 Pax River 和 DC Maritime Plaza 這兩個區域，我們看到實質的潛在客戶活動正在增加。

Great. And then I know this question gets asked every so often, and I know it's tough because acquisitions are tough to pencil. But sort of just curious what you're seeing in terms of the acquisition pipeline today. I mean any notice will pick up at all? Or is it still sort of one-off opportunities that you guys are looking at?

很好。然後我知道這個問題每隔一段時間就會被問到，而且我也知道很難回答，因為收購案很難算得過來。但我想了解你們目前看到的收購案管線情況。你覺得會開始回升嗎？還是你們仍然只是在看一些零星的一次性機會？

So we're currently not looking at anything and it continues to be one off. Remember, we've got a very, very focused investment strategy. So in the broader market, I'm sure there's more activity that we're paying attention to. So within the small set of assets we would invest in, there's nothing currently that we're tracking.

所以我們目前沒有在看任何案子，而且仍然是一次性的機會。請記得，我們有非常、非常聚焦的投資策略。因此在更廣泛的市場上，我相信有更多活動是我們在關注的。但在我們會投資的那一小部分資產範圍內，目前沒有任何我們正在追蹤的標的。

Great.

很好。

(Operator Instructions)

（接線員指示）

Anthony Paolone, JPMorgan.

Anthony Paolone，JPMorgan。

I know you touched on this a little bit, but that 1 million square foot of these development leasing pipeline for what's basically about 180,000 square feet that you have? Like how much of that pipeline is for that specific space versus requirements that you might consider for incremental starts? And to the extent like you don't accommodate them, where do these folks tend to go?

我知道你稍微提到過，但那個開發出租管線的 100 萬平方英尺，對應到你們實際大概只有 18 萬平方英尺的空間：這個管線裡有多少是針對那個特定空間的需求，多少是你們可能會考慮用來啟動額外新案的需求？另外，如果你們無法承接這些需求，這些客戶通常會去哪裡？

So many of the things in that development pipeline anticipate new projects. I'd say 25% to 30% are for things that were actually building currently. Some is overflow for the next set of buildings that would follow what comes behind it. It's where is the demand, where is the market? And we're in the business to make sure we have inventory when it's ready to move forward.

開發管線中的很多需求都預期是新專案。我會說其中 25% 到 30% 是針對我們目前實際正在興建的案子。有一部分是為接下來那一批、會在其後推出的大樓所做的溢出需求。重點在於需求在哪裡、市場在哪裡？而我們的工作就是確保在市場準備好往前推進時，我們有可供的庫存。

Okay. And then just a second question on the regional office portfolio. I know it's small when there's not much expiring this year, but so look out the next couple of years, the exploration starts to get heavier. I mean any updated thoughts on how to mitigate that or the risk of that getting in the way of what's otherwise been just a lot of growth in the core?

了解。第二個問題是關於區域辦公室投資組合。我知道它規模不大，而且今年到期的不多，但往後幾年到期量會變得更重。對於如何緩解這點、或避免它干擾到核心業務原本強勁的成長，你們有沒有更新的想法？

I think the team is already starting to address some of those -- those expirations that are in the next several years with the tenants and they're working on transactions to try and pull those forward and get those done early. So in order to mitigate that risk. So I think what we're trying to do is to make sure that our headline remains where it belongs, which is in our Defense/IT portfolio and not on any blips within the other portfolio.

我認為團隊已經開始與租戶著手處理未來幾年到期的那些合約，他們正在推動交易，嘗試把續約提前、提早完成，以降低那個風險。所以我想我們要做的是確保外界關注的重點仍然在它應該在的位置——也就是我們的國防／IT 投資組合——而不是其他投資組合中的任何小波動。

Thank you.

謝謝。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Yes. Just one quick follow-up. Steve, I know you've talked about selling some of those noncore office assets at sort of the right time. And I realize office -- traditional office has been a little bit of a dirty word, but we have seen some, I think, successful new developments take place in Washington, DC, what are, I think, considered exceptionally high rents. And I'm just curious, does that make 2100 L Street kind of a more viable disposition candidate today?

是的，我再快速追問一個。Steve，我知道你談過在合適的時點出售一些非核心辦公資產。我也理解辦公室——傳統辦公——近來有點成了「不受歡迎的詞」，但我們確實看到華盛頓特區有一些我認為相當成功的新開發案，以我認為是非常高的租金成交。我想問的是，這是否讓 2100 L Street 在今天成為更可行的處分候選標的？

I realize Baltimore might be a different story, but where does the Washington, DC asset fall?

我知道巴爾的摩可能是另一回事，但華盛頓特區那個資產的定位如何？

Well, I think those benchmark trends certainly support an increased expectation of value for the asset. Those have really been driven by a relatively small component of the demand that's very well-funded tenants, that want true trophy space in a market that doesn't have any available. I don't think the investment cash flow is quite picked up enough where it would make sense to market that. I don't think we're that far away. Certainly, I think that opportunity comes quicker than we'll see Ballpark Tysons quarter.

嗯，我認為那些標竿趨勢確實支持對該資產價值有更高的期待。那些趨勢主要是由需求中相對小的一部分所驅動：資金非常充裕、想要真正頂級（trophy）空間的租戶，而市場上又沒有可用供給。我不認為投資端的現金流回升到足以讓我們有理由把它拿去市場上出售。我不覺得我們離那一步還很遠。當然，我認為那個機會會比我們看到 Ballpark Tysons 那一季來得更快。

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

我現在把電話交回給 Budorick 先生作結語。

So thanks for joining our call today. We are in the office. So please coordinate with then get if you've got a follow-up question you'd like to discuss. Thanks again.

感謝各位今天參加我們的電話會議。我們人在辦公室，所以如果你有想進一步討論的追問，請協調聯繫。再次感謝。

Thank you for your participation today in the COPT Defense Properties first quarter 2026 results conference call. This concludes the presentation, and you may now disconnect. Good day.

感謝您今天參與 COPT Defense Properties 2026 年第一季業績電話會議。本次簡報到此結束，您現在可以掛線。祝您有美好的一天。