Cousins Properties Inc (CUZ) 2023 Q2 法說會逐字稿

Good day, and welcome to Cousins Properties Second Quarter Conference Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎來到 Cousins Properties 第二季度電話會議。 （操作員說明）請注意，該事件正在被記錄。

Now I'd like to turn the call over to Ms. Pamela Roper, General Counsel.

現在我想將電話轉給總法律顧問帕梅拉·羅珀女士。

Thank you. Good morning, and welcome to Cousins Properties Second Quarter Earnings Conference Call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; and Gregg Adzema, our Chief Financial Officer. The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K. In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. If you did not receive a copy, these documents are available through the quarterly disclosures and supplemental SEC information links on the Investor Relations page of our website, cousins.com.

謝謝。早上好，歡迎參加 Cousins Properties 第二季度收益電話會議。今天與我在一起的有我們的總裁兼首席執行官科林·康諾利 (Colin Connolly)； Richard Hickson，我們的運營執行副總裁；以及我們的首席財務官 Gregg Adzema。新聞稿和補充材料已於昨天下午分發，並以 8-K 表格形式提供。在補充方案中，公司已根據 Reg G 要求將所有非 GAAP 財務指標與最直接可比的 GAAP 指標進行了調整。如果您沒有收到副本，可以通過我們網站 couchs.com 投資者關係頁面上的季度披露和補充 SEC 信息鏈接獲取這些文件。

Please be aware that certain matters discussed today may constitute forward-looking statements within the meaning of federal securities laws, and actual results may differ materially from these statements due to a variety of risks and uncertainties and other factors including the risk factors set forth in our annual report on Form 10-K and our other SEC filings. The company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events or otherwise. The full declaration regarding forward-looking statements is available in the supplemental package posted yesterday, and a detailed discussion of some potential risks is contained in our filings with the SEC.

請注意，今天討論的某些事項可能構成聯邦證券法含義內的前瞻性陳述，由於各種風險和不確定性以及其他因素，包括我們在我們的報告中列出的風險因素，實際結果可能與這些陳述存在重大差異。 10-K 表格的年度報告和我們向 SEC 提交的其他文件。公司不承擔更新任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。有關前瞻性陳述的完整聲明可在昨天發布的補充包中找到，對一些潛在風險的詳細討論包含在我們向 SEC 提交的文件中。

With that, I'll turn the call over to Colin Connolly.

這樣，我會將電話轉給科林·康諾利。

Thank you, Pam, and good morning, everyone. We had a strong second quarter at Cousins. On the earnings front, the team delivered $0.68 per share in FFO and same-property net operating income increased 3.7% on a cash basis. We leased 435,000 square feet during the quarter with a 7.9% cash rent roll-up. New leases and expansions totaled 343,000 square feet representing 79% of total leasing activity. These are terrific results.

謝謝你，帕姆，大家早上好。我們在考辛斯的第二節表現強勁。在盈利方面，該團隊在 FFO 中實現了每股 0.68 美元的收益，相同財產的淨營業收入按現金計算增長了 3.7%。本季度我們租賃了 435,000 平方英尺，現金租金上漲 7.9%。新租賃和擴建面積總計 343,000 平方英尺，佔租賃活動總額的 79%。這些都是很棒的結果。

I will start with a few observations on the macro environment. The Federal Reserve has rapidly raised interest rates to fight inflation. As a result, the economy is moderating, and financial conditions have tightened. Real estate debt is less available and significantly more expensive. A meaningful bid-ask spread has frozen the investment sales market, but none of this should be a surprise. This is all typical behavior in a tightening cycle.

我將從對宏觀環境的一些觀察開始。美聯儲迅速加息以對抗通貨膨脹。結果，經濟放緩，金融狀況收緊。房地產債務的可用率較低，而且成本也高得多。有意義的買賣價差已經凍結了投資銷售市場，但這一切都不足為奇。這是緊縮週期中的所有典型行為。

Over the short term, the macro narrative for the office sector is likely to get worse before it gets better. The media will highlight rising vacancy rates and accelerating loan defaults. This reporting will not be wrong. However, this news will not be all that relevant to Cousins. Why do I say this? Because as they say, where you invest matters. At Cousins, we own a fantastic collection of lifestyle office properties located in vibrant Sun Belt neighborhoods with terrific amenities. Our assets are entirely differentiated from traditional office, in older downtowns and nondescript suburban locations. Importantly, we are seeing green shoots in our portfolio.

短期內，寫字樓行業的宏觀形勢在好轉之前可能會變得更糟。媒體將強調空置率上升和貸款違約加速。這個報導不會有錯。然而，這個消息與考辛斯無關。我為什麼這麼說呢？因為正如他們所說，投資地點很重要。在 Cousins，我們擁有一系列精彩的生活方式辦公物業，位於充滿活力的陽光地帶社區，設施一流。我們的資產與位於老城區和不起眼的郊區的傳統辦公室完全不同。重要的是，我們在我們的投資組合中看到了萌芽。

I'll highlight the trends. First, the return to work is accelerating in our properties. As it turns out, lifestyle office properties are occupied by ambitious professionals who value an in-person experience with maybe the Friday exception. Collaboration, mentorship and serendipitous encounters are key to advancing their careers. Come visit one of our properties and you will see a very different story than the next [casual] headline. Importantly, as the return to work process plays out, we have seen instances where our customers realize that they do not have enough space to support the hiring of the past several years. Richard will touch on an exciting example of this at our Domain 8 property in Austin this quarter.

我將重點介紹趨勢。首先，我們的企業正在加速復工。事實證明，生活方式辦公物業被雄心勃勃的專業人士佔據，他們重視面對面的體驗，也許週五除外。合作、指導和偶然的邂逅是推進他們職業生涯的關鍵。來參觀我們的一處房產，您會看到一個與下一個[休閒]標題截然不同的故事。重要的是，隨著重返工作流程的展開，我們已經看到客戶意識到他們沒有足夠的空間來支持過去幾年的招聘。 Richard 本季度將在我們位於奧斯汀的 Domain 8 物業中介紹一個令人興奮的例子。

Second, the flight to quality is becoming more pronounced. The net absorption and vacancy numbers prove this out. To illustrate, according to JLL 75% of the vacancy in Atlanta is in just 20% of the inventory. That statistic is probably eye-opening to some.

其次，追求質量的趨勢變得更加明顯。淨吸納量和空置數量證明了這一點。舉例來說，根據 JLL 的數據，亞特蘭大 75% 的空置率僅佔庫存的 20%。這一統計數據可能讓一些人大開眼界。

Third, the flight to capital is increasingly more important. Historically, landlords evaluated the credit of prospective customers. Today, it goes both ways. Prospective customers and their brokers are now evaluating the credit of their landlords, not surprising, owners with sound capital structures like Cousins that can fund leasing costs and invest in their properties are growing market share.

第三，資本外逃變得越來越重要。從歷史上看，房東會評估潛在客戶的信用。如今，情況是雙向的。潛在客戶及其經紀人現在正在評估房東的信用，這並不奇怪，像 Cousins 這樣擁有健全資本結構的業主可以為租賃成本提供資金並投資於其房產，其市場份額正在不斷增長。

Fourth, there is little to no capital availability for older vintage, lower-quality office properties for speculative new development. So what are the implications for the office sector? It is not a one-size-fits-all answer. The lowest quality, traditional offices and uninspiring locations are emptying and will stagnate until they are re-purposed or torn down. At the same time, the lifestyle office is filling up and it will thrive. As I said last quarter, the office is not dead, obsolete office is dead. The market and the media continues to underappreciate this. We believe that there is great opportunity for investors who do.

第四，對於較舊的老式、低質量的辦公物業，幾乎沒有可用的資金來進行投機性的新開發。那麼這對辦公行業有何影響？這不是一個一刀切的答案。質量最低的傳統辦公室和平淡無奇的地點正在被清空，並且將停滯不前，直到它們被重新利用或拆除。與此同時，生活方式辦公室正在不斷充實，並將蓬勃發展。正如我上個季度所說，辦公室沒有消亡，過時的辦公室已經消亡。市場和媒體仍然低估了這一點。我們相信，對於這樣做的投資者來說，這是一個巨大的機會。

So what are the implications for Cousins? Silver linings are taking shape for our Sun Belt Trophy portfolio. Our customers are returning in greater force, accelerated obsolescence is reducing competition. The pipeline of new construction is shrinking, and demand remains firmly focused on the best lifestyle properties in the best submarkets. Just yesterday, JLL announced that the inventory of U.S. office space is on track to shrink in 2023 for the first time on record. Supply and demand are rebalancing. We believe this process will lead to tightening market conditions for lifestyle office. These are clearly positive tailwinds for Cousins.

那麼這對考辛斯來說意味著什麼呢？我們的陽光腰帶獎杯產品組合的一線希望正在形成。我們的客戶正在以更大的力量回歸，加速的淘汰正在減少競爭。新建築正在萎縮，需求仍然集中在最好的子市場中最好的生活方式房產。就在昨天，仲量聯行宣布，美國辦公空間庫存有望在 2023 年出現有記錄以來首次萎縮。供給和需求正在重新平衡。我們相信這一過程將導致生活方式辦公室的市場狀況收緊。這些對於考辛斯來說顯然是積極的推動力。

In closing, we are mindful of the potential impact of higher interest rates in an economy that could slow. However, we built Cousins to thrive during all phases of the economic cycle. And today, we are in an advantageous position. We operate in leading innovation, growth-oriented markets. We own a Trophy portfolio of lifestyle office properties with modest near-term lease expirations. We have a fortress balance sheet with minimal near-term debt maturities, and we have a well-covered dividend.

最後，我們注意到利率上升對經濟可能放緩的潛在影響。然而，我們打造的 Cousins 能夠在經濟周期的各個階段蓬勃發展。今天，我們處於有利地位。我們在領先的創新、增長型市場中運營。我們擁有一系列生活方式辦公物業的獎杯組合，近期租賃到期時間適中。我們擁有堅固的資產負債表，短期債務期限極短，而且股息支付良好。

Importantly, we have significant liquidity and capacity to pursue compelling new investments in a dislocated market when many peers now lack capital to compete. However, the downward repricing of assets in the private market is still playing out. Thus, we will remain patient, disciplined and continue to prioritize driving cash flow and maintaining a strong balance sheet. We are watching closely for new opportunities, though, and we will be ready when it's time.

重要的是，當許多同行現在缺乏競爭資本時，我們擁有大量的流動性和能力，可以在混亂的市場中尋求引人注目的新投資。然而，私募市場資產的向下重新定價仍在上演。因此，我們將保持耐心、遵守紀律，並繼續優先考慮推動現金流和維持強勁的資產負債表。不過，我們正在密切關注新的機會，時機成熟時我們會做好準備。

Before turning the call over to Richard, I want to thank our employees at Cousins who provide excellent service to our customers. Their dedication, resilience and hard work continues to propel us forward. Thank you. Richard?

在將電話轉給理查德之前，我要感謝 Cousins 的員工，他們為我們的客戶提供了優質的服務。他們的奉獻精神、韌性和辛勤工作繼續推動我們前進。謝謝。理查德？

Thanks, Colin. Companies spanning all sizes, industries and geographies are now decidedly brining employees back to the office for more frequent in-person work and our encouraging second quarter operational results are reflective of that positive trend. Before reviewing results, I want to provide an update on the bankruptcy of SVB Financial Group, the entity on our 205,000 square foot lease at Hayden Ferry 1 in Phoenix.

謝謝，科林。各種規模、行業和地區的公司現在都明確地讓員工回到辦公室進行更頻繁的面對面工作，我們令人鼓舞的第二季度運營業績反映了這一積極趨勢。在審查結果之前，我想先介紹一下 SVB 金融集團破產的最新情況，該實體擁有我們位於鳳凰城 Hayden Ferry 1 的 205,000 平方英尺的租約。

We have considerably more clarity on the situation now as the bankruptcy court has approved SVB's rejection of our lease with a targeted expiration date of no later than September 30, 2023. Upon SVB's move out, we plan to remove Hayden Ferry 1 from operations in connection with the redevelopment of the overall Hayden Ferry project. We believe this redevelopment will redefine the standard of quality in the Tempe submarket and are excited about the opportunity to backfill Hayden Ferry 1, especially given SVB's average expiring rent is below market. While it is early, a number of prospects have already looked at the space. Gregg will walk through the financial details around the situation in his remarks.

我們現在對情況有了更清晰的了解，因為破產法院已批准SVB 拒絕我們的租約，目標到期日不晚於2023 年9 月30 日。SVB 搬出後，我們計劃將Hayden Ferry 1 號從相關運營中刪除隨著整個海登渡輪項目的重建。我們相信這次重建將重新定義 Tempe 子市場的質量標準，並對能夠回填 Hayden Ferry 1 的機會感到興奮，特別是考慮到 SVB 的平均到期租金低於市場水平。雖然現在還為時過早，但許多潛在客戶已經開始關注這一領域。格雷格將在講話中詳細介紹有關情況的財務細節。

On the operating results. Our total office portfolio weighted average occupancy increased 0.5% this quarter to 87.7%, and our end-of-period lease percentage remained unchanged at 90.8%. Our largest percent increases in occupancy were in Phoenix and Houston, though nearly every one of our markets saw some level of improvement. Looking forward, we still expect to maintain occupancy through 2023, absent Hayden Ferry 1 and Promenade Central redevelopment projects. We are also hopeful we can begin to build occupancy during 2024, subject to the timing of the commencement of new leasing activity.

關於經營業績。本季度，我們的辦公樓投資組合加權平均入住率增長了 0.5%，達到 87.7%，期末租賃率保持在 90.8% 不變。我們的入住率增幅最大的是菲尼克斯和休斯頓，儘管我們幾乎每個市場都出現了一定程度的改善。展望未來，在沒有 Hayden Ferry 1 和 Promenade Central 重建項目的情況下，我們仍預計到 2023 年都能保持入住率。我們還希望能夠在 2024 年期間開始增加入住率，具體取決於新租賃活動開始的時間。

In the second quarter, we executed a solid 40 office leases totaling 435,000 square feet with a weighted average lease term of 7 years. This quarter's volume was a significant increase compared to the first quarter. Also notable is that new and expansion leasing volume this quarter accounted for 79% of our total activity, a level not seen since 2021. Average net rent was exceptionally strong this quarter at $38.65, the second highest quarterly level in the company's history. In addition, average leasing concessions, defined as the sum of free rent and tenant improvements moderated relative to the last couple of quarters coming in just below what we reported for the full year of 2022.

第二季度，我們簽署了 40 個辦公室租賃合同，總面積為 435,000 平方英尺，加權平均租賃期限為 7 年。本季度的成交量較第一季度有大幅增長。另外值得注意的是，本季度新增和擴建租賃量占我們總活動量的79%，這是自2021 年以來的最高水平。本季度平均淨租金異常強勁，達到38.65 美元，是公司歷史上第二高的季度水平。此外，平均租賃優惠（定義為免費租金和租戶改善的總和）相對於過去幾個季度有所放緩，略低於我們報告的 2022 年全年水平。

The lower concessions this quarter were principally aided by the previously disclosed 102,000 square foot expansion of a large publicly traded technology company at Domain 8 in Austin, which was completed on an as-is basis with no tenant improvement allowance and no downtime. As Colin mentioned, this is an example of a company that concluded that they simply did not have enough space to accommodate the hiring they did over the past several years.

本季度的減讓主要得益於先前披露的一家大型上市科技公司在奧斯汀 Domain 8 擴建 102,000 平方英尺的項目，該項目按原樣完成，沒有租戶改善津貼，也沒有停機時間。正如科林提到的，這是一家公司的例子，該公司得出的結論是，他們根本沒有足夠的空間來容納過去幾年的招聘。

Nevertheless, with record-breaking net rents and lower concessions, our average net effective rents this quarter were also exceptionally strong at $28.20 again, the second highest quarterly level in the company's history. I would note that even when excluding the large as-is expansion in Austin, our average net effective rents were impressive, with only 1 quarter proving better since the start of the pandemic. Healthy second-generation net rent growth also continued this quarter coming in at 7.9% on a cash basis.

儘管如此，憑藉破紀錄的淨租金和較低的優惠，本季度我們的平均淨有效租金也異常強勁，再次達到 28.20 美元，這是公司歷史上第二高的季度水平。我要指出的是，即使排除奧斯汀的大規模擴張，我們的平均淨有效租金也令人印象深刻，自大流行開始以來，只有 1 個季度的租金表現更好。本季度第二代淨租金也繼續健康增長，按現金計算達到 7.9%。

Our late-stage leasing pipeline consisting of leases in negotiation has backfilled nicely as we converted leases to sign during the quarter and currently stands at 620,000 square feet. As a reminder, our late-stage pipeline is still almost double what it was in the beginning of 2023. We are also pleased with the momentum in our medium and early-stage pipelines, with overall total activity up relative to last quarter.

我們的後期租賃渠道（包括正在談判的租賃）已經很好地回滿，因為我們在本季度將租賃轉換為簽約，目前面積為 620,000 平方英尺。提醒一下，我們的後期管道仍幾乎是 2023 年初的兩倍。我們也對中期和早期管道的勢頭感到滿意，總體活動總量相對於上季度有所增加。

One particularly important area of positive leasing momentum is at our Neuhoff mixed-use development in Nashville. This quarter, we completed our first 2 office leases at Neuhoff, totaling just under 50,000 square feet. Bringing the office and retail component of this project to 11% lease. The bulk of this newly lease space is expected to commence in mid-2024, although about 7,000 square feet should commence in the fourth quarter of this year. We remain pleased with our growing list of prospective office and retail customers with over 150,000 square feet of active proposals outstanding as of today. We are optimistic that we will convert several of those through lease negotiations in the weeks ahead. The creative and unique nature of this project is coming into full view and it is resonating with prospects.

積極租賃勢頭的一個特別重要的領域是我們位於納什維爾的 Neuhoff 綜合用途開發項目。本季度，我們完成了 Neuhoff 的前兩處辦公室租賃，總面積略低於 50,000 平方英尺。使該項目的辦公和零售部分的租賃率達到 11%。大部分新租賃空間預計將於 2024 年中期開始使用，但約 7,000 平方英尺的空間應於今年第四季度開始使用。我們對不斷增長的潛在辦公和零售客戶名單感到滿意，截至目前，活躍提案面積已超過 150,000 平方英尺。我們樂觀地認為，我們將在未來幾週內通過租賃談判轉換其中一些。該項目的創造性和獨特性正在得到充分展現，並引起潛在客戶的共鳴。

As we look across the Sun Belt, we continue to see firsthand in our portfolio at the highest quality office buildings that provide its occupants with a superior work lifestyle continue to strongly outperform the broader market. Cushman & Wakefield has recently noted vacancy in office assets built in the past 10 years in prime locations with plentiful amenities and services as more than 500 basis points below the overall average and asking rents are 34% higher. While interest rate hikes and economic uncertainty persists, our Sun Belt markets should continue to outperform.

當我們放眼整個陽光地帶時，我們繼續在我們的投資組合中親眼看到，為居住者提供卓越工作生活方式的最高品質辦公樓繼續強勁跑贏大盤。高緯環球 (Cushman & Wakefield) 最近注意到，過去 10 年在設施和服務豐富的黃金地段建造的辦公資產出現空置，比總體平均水平低 500 個基點以上，租金要價高出 34%。儘管加息和經濟不確定性依然存在，但我們的陽光地帶市場應該會繼續跑贏大盤。

For instance, according to Oxford Economics, Austin ranks #1 nationally for projected job growth through 2027. In our Austin portfolio, we signed 8 leases totaling 161,000 square feet this quarter, including the sizable technology company expansion in the domain that I mentioned earlier. I would note that our late-stage pipeline in Austin has moderated over the course of the summer. At the end of the second quarter, our Austin portfolio was 94.4% leased, with relatively little availability to lease and no material near-term expirations and enjoys 5.9 years of weighted average lease term. Our Austin portfolio is very well positioned to weather any near-term cyclical challenges.

例如，根據牛津經濟研究院的數據，到2027 年，奧斯汀的預計就業增長在全國排名第一。在我們的奧斯汀投資組合中，我們本季度簽署了8 份租賃合同，總面積達161,000 平方英尺，其中包括我之前提到的該領域的大規模科技公司擴張。我要指出的是，我們在奧斯汀的後期管道在整個夏天已經放緩。截至第二季度末，我們的奧斯汀投資組合的出租率為 94.4%，可供出租的空間相對較少，且近期沒有重大到期情況，加權平均租賃期限為 5.9 年。我們的奧斯汀投資組合非常有能力應對任何近期的周期性挑戰。

In Atlanta, leasing activity remains resilient with JLL reporting the quarterly leasing activity remained positive at over 1.3 million square feet with the average deal size, 23% larger than in the first quarter. Also notable, was that while net absorption in the Atlanta office market was negative this quarter, a sizable portion of it was driven by AT&T's known move-out at the Lenox Park campus in Buckhead. However, AT&T has since re-leased a 120,000 square foot building at that project as they implement new return to office policies. In our Atlanta portfolio, we signed 21 leases totaling 147,000 square feet this quarter with most of the activity in Midtown and Buckhead.

在亞特蘭大，租賃活動保持彈性，仲量聯行報告稱，季度租賃活動仍然積極，超過 130 萬平方英尺，平均交易規模比第一季度增加 23%。同樣值得注意的是，雖然本季度亞特蘭大寫字樓市場的淨吸納量為負值，但其中很大一部分是由 AT&T 搬出巴克海特萊諾克斯公園園區的舉動所推動的。然而，隨著 AT&T 實施新的重返辦公室政策，該項目已重新租用了該項目的一棟 120,000 平方英尺的建築。在我們的亞特蘭大投資組合中，本季度我們簽署了 21 份租賃合同，總面積達 147,000 平方英尺，其中大部分活動位於市中心和巴克海特。

Our recently redeveloped Promenade campus in Midtown, which includes Promenade Tower and Promenade Central, continue to see outsized activity with over 180,000 square feet of leases signed so far this year. As a quick reminder, the renewal of our largest 2023 expiry customer, aside from SVB and about 120,000 square feet in Buckhead has still not been signed, but it does remain on track.

我們最近重新開發的中城 Promenade 園區，包括 Promenade Tower 和 Promenade Central，今年迄今已簽署超過 180,000 平方英尺的租約，繼續開展大規模活動。快速提醒一下，除了 SVB 和巴克海特約 120,000 平方英尺之外，我們最大的 2023 年到期客戶的續約尚未簽署，但仍在按計劃進行。

As we look forward, we are encouraged by our second quarter results amid an uncertain economic environment. It remains clear that regardless of which data or methods you use to track physical utilization, more people are back in the office more often. Cousins remains well positioned to outperform going forward with exceptionally high-quality properties in the best Sun Belt markets, a strong and diversified customer base and an extremely attractive near-term lease expiration profile with only 18.6% of annual contractual rent expiring through the end of 2025.

展望未來，在經濟環境不確定的情況下，我們對第二季度的業績感到鼓舞。很明顯，無論您使用哪種數據或方法來跟踪物理利用率，更多的人會更頻繁地返回辦公室。 Cousins 仍處於領先地位，憑藉在最佳陽光地帶市場中的優質房產、強大且多元化的客戶群以及極具吸引力的近期租賃到期情況，年合同租金僅 18.6% 到年底到期。 2025 年。

Before handing it off to Gregg, I want to thank our best-in-class operations team for all they do. The team's level of excellence and dedication to our customers is evident across the entire Cousins portfolio. Gregg?

在將其交給 Gregg 之前，我要感謝我們一流的運營團隊所做的一切。該團隊的卓越水平和對客戶的奉獻精神在整個 Cousins 產品組合中顯而易見。格雷格？

Thanks, Richard. Good morning, everyone. I'll begin my remarks by providing a brief overview of our results as well as some details on our same property performance and our parking revenues. Then I'll move on to our capital markets activity and our development pipeline, followed by a quick discussion of our balance sheet, for closing my remarks with an update on our earnings outlook for the balance of 2023.

謝謝，理查德。大家，早安。我將首先簡要概述我們的業績以及我們相同酒店業績和停車收入的一些細節。然後，我將繼續討論我們的資本市場活動和我們的開發渠道，然後快速討論我們的資產負債表，最後介紹我們 2023 年盈利前景的最新情況。

Overall, as Colin stated upfront, our second quarter earnings were solid, and the operating economics behind them were encouraging. Second-generation cash leasing spreads were positive for the 34th straight quarter. Leasing velocity was strong and same property year-over-year cash NOI increased. There were 2 unusual items during the second quarter that I'd like to highlight for just a minute.

總體而言，正如科林之前所說，我們第二季度的收益穩健，其背後的運營經濟狀況令人鼓舞。第二代現金租賃利差連續 34 個季度為正。租賃速度強勁，同一房產的現金 NOI 同比增加。第二季度有兩個不尋常的項目，我想強調一下。

First, we recognized $6.6 million in termination fees during the quarter. 2 customers LiveRamp at our 100 Mill property in Tempe and Meta at our Domain 8 property in Austin, comprised over 95% of these fees. Both move-outs were initiated by us and both have been fully backfilled at equal or higher rents and extended lease terms. Both transactions were also previously disclosed. I talked about the LiveRamp fee on last quarter's earnings call and we provided details on the Meta fee in the 8-K we filed in early June.

首先，我們在本季度確認了 660 萬美元的終止費。 2 位客戶在我們位於坦佩的 100 Mill 物業和 Meta 在我們位於奧斯汀的 Domain 8 物業的 LiveRamp 佔了這些費用的 95% 以上。兩次搬遷都是由我們發起的，並且都已以同等或更高的租金和延長的租賃期限完全回填。這兩筆交易此前也已披露。我在上個季度的財報電話會議上談到了 LiveRamp 費用，我們在 6 月初提交的 8-K 中提供了有關 Meta 費用的詳細信息。

Second, as Richard discussed earlier, in connection with their ongoing bankruptcy case, SVB Financial has rejected their lease at our Hayden Ferry property with an effective date no later than September 30th. As a result, we recognized a $1.6 million reduction in revenues during the quarter related to the write-down of net assets associated with this lease, primarily straight-line rent.

其次，正如理查德之前所討論的，就其正在進行的破產案件而言，SVB Financial 已拒絕其對我們海登費里 (Hayden Ferry) 物業的租約，生效日期不晚於 9 月 30 日。因此，我們確認本季度收入減少了 160 萬美元，原因是與該租賃（主要是直線租金）相關的淨資產減記。

Focusing on same-property performance for a moment GAAP NOI increased 6.3% and cash NOI increased 3.7% during the second quarter compared to last year. This continues a string of improvements that began in early 2022, with the most recent quarterly gains, largely driven by increased occupancy at our Buckhead Plaza, Colorado Tower and Domain 2 properties. As Richard also discussed, we're going to take Hayden Ferry 1 off-line and reposition it once SVB moves out. As a result, we have removed Hayden Ferry 1 from our same property pool. This building is part of a 3-building campus, and we have left in both of the other Hayden Ferry properties. If we had included Hayden Ferry 1 in our second quarter same-property results, year-over-year cash NOI growth would have increased from 3.7% to 3.8%.

暫時關注同物業業績，與去年同期相比，第二季度公認會計原則 NOI 增長 6.3%，現金 NOI 增長 3.7%。這是自 2022 年初開始的一系列改善的延續，最近一個季度的增長主要是由於我們的 Buckhead Plaza、Colorado Tower 和 Domain 2 物業的入住率增加所致。正如 Richard 還討論的那樣，一旦 SVB 搬出，我們將讓 Hayden Ferry 1 離線並重新定位。因此，我們已將 Hayden Ferry 1 從同一房產池中刪除。該建築是由 3 棟建築組成的校園的一部分，我們已經離開了海登費里的其他兩棟建築。如果我們將 Hayden Ferry 1 納入第二季度同物業業績中，現金 NOI 同比增長率將從 3.7% 增至 3.8%。

Among our markets, Austin remains the strongest based on same property performance. Over the last 5 quarters, same property cash NOI growth has averaged 8.5% in Austin, and the trend is moving upward. First quarter growth was 9.9% and second quarter growth was 11.8%. As Colin mentioned earlier, physical utilization at our properties has continued to increase, and our parking revenues have grown along with it. Parking revenues during the second quarter increased over 6% compared to the prior quarter, and were the highest they have been since the first quarter of 2020, just prior to the COVID pandemic.

在我們的市場中，基於相同的房地產表現，奧斯汀仍然是最強勁的。過去 5 個季度，奧斯汀的同等房地產現金 NOI 平均增長率為 8.5%，並且趨勢呈上升趨勢。第一季度增長9.9%，第二季度增長11.8%。正如科林之前提到的，我們物業的實際利用率持續增加，我們的停車收入也隨之增長。第二季度的停車收入比上一季度增長了 6% 以上，是自 2020 年第一季度（即新冠疫情大流行之前）以來的最高水平。

Turning to our capital markets activity. We completed 2 previously announced transactions during the second quarter. First, we closed the refinancing of our medical offices at Emory Hospital property in Atlanta, which is owned in a 50-50 joint venture with Emory University. The new mortgage matures in June 2032, and has a fixed interest rate of 4.8%. Second, we entered into a floating to fixed interest rate swap on $200 million of our outstanding $400 million term loan that matures in March of 2025. Fixing the underlying daily SOFR rate at approximately 4.3% through maturity.

轉向我們的資本市場活動。我們在第二季度完成了兩筆先前宣布的交易。首先，我們完成了亞特蘭大埃默里醫院醫療辦公室的再融資，該醫院由與埃默里大學 50:50 的合資企業擁有。新抵押貸款將於2032年6月到期，固定利率為4.8%。其次，我們對 2025 年 3 月到期的未償還 4 億美元定期貸款中的 2 億美元進行了浮動利率互換至固定利率互換。到期前將基本每日 SOFR 利率固定在約 4.3%。

Looking at our development efforts, our current development pipeline is comprised of a 50% interest in Neuhoff in Nashville and a 100% interest for Domain 9 in Austin. Our share of the remaining development costs is $107 million, $72 million of which will be funded by our Neuhoff construction loan leaving only $35 million to be funded by our operating cash flow as these projects are completed.

看看我們的開發工作，我們目前的開發管道包括納什維爾 Neuhoff 50% 的權益和奧斯汀 Domain 9 100% 的權益。我們在剩餘開發成本中所佔的份額為 1.07 億美元，其中 7200 萬美元將由我們的 Neuhoff 建設貸款提供資金，在這些項目完成後，只剩下 3500 萬美元由我們的運營現金流提供資金。

Looking at our balance sheet. Net debt-to-EBITDA is an industry-leading 4.9x, our liquidity position remains strong with only $148.5 million outstanding on our $1 billion unsecured credit facility, and our debt maturity schedule is well laddered with no remaining maturities in 2023. Looking at 2024 and beyond, our debt maturity schedules 3 pieces of debt with extension options. First, we have a $350 million term loan with an initial maturity in August 2024. It has 4, 6-month extension options. Second, we have a $400 million term loan with an initial maturity in March of 2025 that also has 4, 6-month extension options. And third, our Neuhoff construction loan has an initial maturity in September of '25 and has a single 1-year extension option. When taking all these 3 extensions into account, our next significant debt maturity is not until July of 2025. Our debt maturity schedule is laid out, including all extension options on Page 28 of our financial supplement.

看看我們的資產負債表。淨債務與EBITDA 的比值為行業領先的4.9 倍，我們的流動性狀況依然強勁，我們的10 億美元無擔保信貸額度中只有1.485 億美元未償還，而且我們的債務到期日安排良好，2023 年沒有剩餘到期日。展望2024 年及之後，我們的債務到期安排了 3 筆債務，並有延期選擇。首先，我們有一筆 3.5 億美元的定期貸款，初始到期日為 2024 年 8 月。它有 4 個月、6 個月的延期選項。其次，我們有一筆 4 億美元的定期貸款，初始到期日為 2025 年 3 月，還有 4 個月、6 個月的延期選項。第三，我們的 Neuhoff 建設貸款的初始到期日為 25 年 9 月，並具有單一的 1 年期延期選擇權。考慮到所有這 3 次延期，我們的下一個重大債務到期日要到 2025 年 7 月。我們的債務到期時間表已列出，包括財務補充第 28 頁上的所有延期選項。

I'll close by updating our '23 earnings guidance. We currently anticipate full year 2023 FFO between $2.57 and $2.65 per share with a midpoint of $2.61 per share. This is up from our previous midpoint of $2.60 per share and represents the second quarter in a row that we've increased the midpoint of our guidance. No property acquisitions, property dispositions or development starts are included in this guidance. The increase is primarily driven by 2 items. First, as I outlined earlier in the call, SVB Financial has formally rejected their lease at Hayden Ferry. Their rejection has an effective date of no later than September 30th. As of today, SVB is current on the financial obligations of their lease, they have paid July rent, and they paid August rent in full, and indications are they will pay September rent as well. This is the assumption we have used in our earnings guidance, and it is an improvement over our previous assumption of a June 30th effective date.

最後，我將更新我們 23 年的盈利指引。我們目前預計 2023 年全年 FFO 介於每股 2.57 美元至 2.65 美元之間，中點為每股 2.61 美元。這高於我們之前每股 2.60 美元的中點，並且代表我們連續第二個季度提高了指導中點。本指南不包括任何財產收購、財產處置或開發啟動。這一增長主要由兩個項目推動。首先，正如我之前在電話會議中概述的那樣，SVB Financial 已正式拒絕其在 Hayden Ferry 的租約。拒絕的生效日期不晚於 9 月 30 日。截至今天，SVB 正在履行其租賃的財務義務，他們已經支付了 7 月的租金，並且全額支付了 8 月的租金，有跡象表明他們也將支付 9 月的租金。這是我們在盈利指引中使用的假設，比我們之前 6 月 30 日生效的假設有所改進。

As before, our earnings guidance does not include payment of any portion of our unsecured claim in the SVB Financial bankruptcy case, which we currently estimate to be approximately $9.3 million, up from our earlier estimate of $8.8 million. The amount and timing of recovery against this claim is not yet known, but unsecured SVB Financial bonds are currently trading between $0.70 and $0.75 on the dollar. So we anticipate there will be significant value in this claim.

和以前一樣，我們的盈利指引不包括支付 SVB Financial 破產案中無擔保索賠的任何部分，我們目前估計約為 930 萬美元，高於我們之前估計的 880 萬美元。該索賠的收回金額和時間尚不清楚，但無擔保 SVB Financial 債券目前的交易價格為 0.70 至 0.75 美元。因此，我們預計這一主張將具有重大價值。

The second component of our increased guidance is higher than budgeted parking income driven by a continued return to the office. Parking revenues have consistently exceeded our expectations in 2023, and they remain a reliable indicator of the physical utilization within our portfolio. Bottom line, our second quarter results were solid. Our strong leverage and liquidity position remains intact, and we're raising FFO guidance.

我們增加的指導的第二個組成部分是由於持續返回辦公室而導致的停車收入高於預算。 2023 年停車收入持續超出我們的預期，並且仍然是我們投資組合中實際利用率的可靠指標。最重要的是，我們第二季度的業績很穩健。我們強大的槓桿率和流動性狀況保持不變，並且我們正在提高 FFO 指導。

With that, I'll turn it back over to the operator.

這樣，我會將其轉回給操作員。

(Operator Instructions) Our question will be from Blaine Heck, Wells Fargo.

（操作員說明）我們的問題將由富國銀行的 Blaine Heck 提出。

So Colin, your commentary over the past few quarters is focused on building up dry powder for investment opportunities that you expect to emerge. Can you just -- can you provide some more color on whether deals are emerging that you find interesting? How you think the current stress on the market is going to play out and maybe where are the best opportunities are likely to emerge?

因此，科林，您過去幾個季度的評論重點是為您期望出現的投資機會積累乾粉。您能否就您感興趣的交易是否正在出現提供更多信息？您認為當前市場壓力將如何發揮？也許最好的機會可能出現在哪裡？

Blaine. It's -- we continue to highlight, we do have significant dry powder and leasing capacity to pursue new investment opportunities. As I mentioned in my prepared remarks, while I'd say a significant repricing has played out in the public markets and perhaps fit too much. On the private market, that process is still playing out and still, there's downward pressure on repricing, and we're just -- we're finding that private sellers are not yet willing to accept -- probably the -- where market clearing pricing is today, unless they absolutely have to, but we have not seen that pressure fully applied. But as interest rates continue to stay higher for longer, we do think in time that will force some opportunities, hopefully, in the not-too-distant future. But there's a bit outspread today.

布萊恩。我們繼續強調，我們確實擁有巨大的干粉和租賃能力來尋求新的投資機會。正如我在準備好的發言中提到的，雖然我想說公開市場上已經發生了重大的重新定價，而且可能不太合適。在私人市場上，這一過程仍在上演，重新定價仍然存在下行壓力，我們只是 - 我們發現私人賣家還不願意接受 - 可能是 - 市場出清定價就是今天，除非他們絕對必須這樣做，但我們還沒有看到壓力得到充分施加。但隨著利率繼續在較長時間內保持較高水平，我們確實認為這將在不久的將來帶來一些機會。但今天有點蔓延。

I think in the interim, perhaps where we might see some interesting opportunities is on the debt side, whether that's in mortgage debt or preferred equity, I think there, the bid-ask spread is a bit less relevant. And we are starting to see some situations there as owners or developers of new construction, try to refinance their existing construction loans. So we're hard at work. Kennedy Hicks, our Chief Investment Officer and her team are hard at work and in a lot of conversations. But as I said, we continue to be patient and thoughtful and wait for the right pitch, but we'll be ready.

我認為，在此期間，也許我們可能會在債務方面看到一些有趣的機會，無論是抵押貸款債務還是優先股，我認為在那裡，買賣價差的相關性有點小。我們開始看到一些情況，新建築的業主或開發商試圖為其現有的建築貸款再融資。所以我們都在努力工作。我們的首席投資官肯尼迪·希克斯 (Kennedy Hicks) 和她的團隊工作努力，進行了大量對話。但正如我所說，我們將繼續保持耐心和深思熟慮，等待合適的推介，但我們會做好準備。

Great. That's really helpful. And just related to that, there's been some speculation, I guess, can you talk about your appetite for investing outside of your traditional Sun Belt markets and specifically touch on whether anything on the West Coast would be attractive and whether a move like that or -- to any additional market for that matter, would need to be done with a larger investment in a portfolio? Or would you consider single assets?

偉大的。這真的很有幫助。與此相關的是，我想，有一些猜測，您能否談談您對傳統陽光地帶市場之外的投資的興趣，特別是西海岸的任何東西是否有吸引力，以及是否採取類似的舉措，或者- - 對於任何其他市場而言，是否需要對投資組合進行更大的投資？或者您會考慮單一資產嗎？

Look, again, at the moment, we do not feel opportunity constrained at all in our existing Sun Belt markets. And the growth profile in our existing markets, the migration trends have all continued to provide positive tailwinds for Cousins. And again, I think we're going to see some meaningful opportunities. I do think there's a certain sense that quality is incredibly important to the future of office. We're certainly mindful perhaps at some of the repricing that has taken place outside of our existing markets. We certainly pay attention to that and evaluate. But again, I think the current priority for us is to focus on our Sun Belt markets where we've got great platforms and a real competitive advantage. But we're opportunistic. And so as I said, if there's instances -- where kind of the intersection of price and quality, intersects. We'll look at those for shareholders and try to make decisions that ultimately drive value for our investor base.

再說一次，目前我們並不覺得現有的陽光地帶市場的機會受到限制。我們現有市場的增長狀況、移民趨勢都繼續為考辛斯提供積極的推動力。我認為我們將再次看到一些有意義的機會。我確實認為質量對於辦公室的未來極其重要。我們當然會注意到現有市場之外發生的一些重新定價。我們當然會關注並評估。但我再次強調，我們當前的首要任務是專注於我們的陽光地帶市場，在那裡我們擁有強大的平台和真正的競爭優勢。但我們是機會主義者。正如我所說，如果存在價格和質量交叉的情況。我們將為股東著眼，並努力做出最終為我們的投資者群體帶來價值的決策。

Question will be from Nick Thillman of Baird.

問題將由貝爾德 (Baird) 的尼克·蒂爾曼 (Nick Thillman) 提出。

Thanks for the update on the late-stage pipeline. Just wondering if we could get a little bit more color on just the breakout between new and expansion leases and renewals and then kind of where the markets -- where you're seeing the most activity?

感謝您對後期管道的更新。只是想知道我們是否可以對新租約和擴建租約與續租之間的突破以及市場活動最多的市場進行更多了解？

Sure, Nick. This is Richard. We do have more activity on the renewal side in the late-stage pipeline than we had in our completed activity this quarter. But frankly, that's a result of being really focused on taking care of expirations that may not be directly in front of us and being proactive. But again that new expansion activity is still encouraging.

當然，尼克。這是理查德.我們在後期管道中的更新方面的活動確實比本季度已完成的活動更多。但坦率地說，這是我們真正專注於處理可能不會直接出現在我們面前的到期問題並採取積極主動的結果。但新的擴張活動仍然令人鼓舞。

In terms of the late-stage pipeline, kind of breakout among the markets, we're seeing continued strength in Atlanta. It's been a very strong market for us over the -- a number of quarters from a volume perspective. And interestingly, Tampa and Phoenix are very active.

就後期管道而言，市場的突破，我們看到亞特蘭大的持續強勁。從銷量角度來看，這幾個季度對我們來說一直是一個非常強勁的市場。有趣的是，坦帕和菲尼克斯非常活躍。

That's helpful. And then maybe just on Neuhoff, sounds like a little bit pickup in demand there of like the 150,000 square feet of active proposals, what's like the average space size people are looking there?

這很有幫助。然後，也許就在 Neuhoff，聽起來好像那裡的需求有所增加，比如 150,000 平方英尺的活躍提案，人們在那裡尋找的平均空間大小是多少？

I'd say it's a little around probably 25,000 square feet on average, but it's fairly consistent with what we completed today.

我想說，平均面積約為 25,000 平方英尺，但與我們今天完成的情況相當一致。

And then just a quick cleanup question. Of the 700,000 square feet expiring, that's inclusive of the SVB termination, correct?

然後是一個快速清理問題。在即將到期的 700,000 平方英尺中，這包括 SVB 終止，對嗎？

Yes. For 2023, what we're showing includes SVB.

是的。 2023 年，我們展示的內容包括 SVB。

Next question will be from Anthony Powell of Barclays.

下一個問題將由巴克萊銀行的安東尼·鮑威爾提出。

Question on AI and office leasing. There's been some speculation that we're starting to see some metric capital on AI-related leasing in San Francisco? Is that something you've seen in Austin or do you expect that in Austin going forward?

關於人工智能和辦公室租賃的問題。有人猜測，我們開始在舊金山看到一些與人工智能相關的租賃的計量資本？這是您在奧斯汀看到的嗎？或者您預計奧斯汀未來會出現這種情況嗎？

I think in time, you'll see -- AI is a powerful part of the economy that many expect. I think in time, you'll see that activity play out in strong tech hubs like Atlanta and like Austin. I think in the -- here and now, I think the predominance of that activity is likely in San Francisco. But again, like the technology sector has migrated over time, we would anticipate in the future to see some of that demand.

我想，隨著時間的推移，你會發現——正如許多人所期望的那樣，人工智能是經濟的一個強大組成部分。我認為，隨著時間的推移，你會看到這種活動在亞特蘭大和奧斯​​汀等強大的科技中心展開。我認為此時此地，我認為該活動的主導地位可能是在舊金山。但同樣，就像技術行業隨著時間的推移而遷移一樣，我們預計未來會看到一些需求。

And maybe on parking fees. How the actual key levels change over the pandemic? And is there an opportunity to maybe increase those fees as people start becoming back to work more often?

也許還有停車費。疫情期間實際關鍵水平如何變化？隨著人們開始更頻繁地重返工作崗位，是否有機會增加這些費用？

Could you repeat the question? I had trouble hearing.

你能重複一下這個問題嗎？我聽力有困難。

Yes. Just on parking fees, I know the parking revenue was a source of upside in the quarter. I'm just curious about the actual fees and if you can increase those over time? As more people come back to work.

是的。僅就停車費而言，我知道停車收入是本季度上漲的一個來源。我只是好奇實際費用以及您是否可以隨著時間的推移增加這些費用？隨著越來越多的人重返工作崗位。

That's a great question. The answer is yes. We have been able to and have been proactive about raising where we can, parking rates through the pandemic. It's been -- I wouldn't call it broad-based, but there have been opportunities. At the same time, we do have some constraints in our leases as to how much we can raise them in any given year or how often, so a lot of times those rate increases will only apply to transient parking generally.

這是一個很好的問題。答案是肯定的。在疫情期間，我們已經能夠並且一直積極主動地提高停車費。我不會稱之為基礎廣泛，但也有機會。與此同時，我們的租約確實有一些限制，即我們可以在任何特定年份提高多少租金或多久提高租金，因此很多時候這些費率上漲通常僅適用於臨時停車。

Next question from John Kim, BMO Capital Markets.

下一個問題來自 BMO 資本市場部的 John Kim。

This is Regan Sweeney on for John. You highlighted some strong leasing in Atlanta alternatives in this market. There have been some reports related to NCR Corp lifting its space for sublease. Can you just comment on if you're working with them on marketing this space and then the ultimate potential mark-to-market of their current space?

我是裡根·斯威尼（Regan Sweeney）為約翰發言。您強調了亞特蘭大市場上一些強大的租賃替代方案。有一些報導稱 NCR Corp 提高了轉租空間。您能否評論一下您是否正在與他們合作營銷這個空間以及他們當前空間的最終潛在市場營銷？

It's Colin. NCR is in the process of splitting the company into 2 separately publicly traded companies, one a software company and one kind of the ATM and hardware components. So as a part of that, corporate restructuring, they have put on the sublease market, the smaller of the 2 buildings in that Midtown Atlanta urban campus and that's approximately 250,000 square feet. We've had active discussions with NCR as they attempt to move forward with that sublease. We do have quite a bit of term left on that lease. And so if there's an opportunity for them to bring in a subtenant and if they were interested in going direct, if the economics work for us and our shareholders, we absolutely consider that and to work with NCR in that future prospect.

是科林。 NCR 正在將公司拆分為兩家獨立的上市公司，一家是軟件公司，另一家是 ATM 和硬件組件公司。因此，作為公司重組的一部分，他們進入了轉租市場，即亞特蘭大中城區城市園區兩棟建築中較小的一座，面積約為 250,000 平方英尺。當 NCR 試圖推進轉租時，我們與他們進行了積極的討論。我們的租約確實還有相當長的期限。因此，如果他們有機會引進轉租人，如果他們有興趣直接轉租，如果經濟對我們和我們的股東有利，我們絕對會考慮這一點，並在未來的前景中與 NCR 合作。

But the economics would again have to make sense. We do believe that, that rent is below market today. And so again, I think it's an opportunity. And over time, we think it could be a great outcome for our shareholders in the sense of -- similar to what we've done at 300 Colorado and Austin, we can effectively multi-tenant a really terrific Trophy building in Midtown while we continue to collect rent from NCR.

但經濟學必須再次有意義。我們確實相信，租金低於今天的市場價格。再說一次，我認為這是一個機會。隨著時間的推移，我們認為這對我們的股東來說可能是一個很好的結果，就像我們在科羅拉多州300 號和奧斯汀所做的那樣，我們可以有效地對中城一座非常棒的獎杯建築進行多租戶出租，同時我們繼續向 NCR 收取租金。

I appreciate the color. And then just one follow-up question on Neuhoff. Has there been any impact to leasing there due to Oracle's delayed HQ opening? And then is there any expected shift in the tenant pipes going forward with what you're currently trading paper with?

我很欣賞它的顏色。然後是關於諾伊霍夫的一個後續問題。甲骨文總部推遲開業對那裡的租賃有影響嗎？那麼，與您目前交易的票據相比，租戶管道是否會發生任何預期的變化？

The really -- the Oracle's delay in building out their campus, again, that's across the river from us and would really be kind of new jobs international is given kind of coming out of the pandemic, that has slowed a bit. They are still planning to move forward with building the bridge across the river from their project to Neuhoff. So it has not impacted us at all. Again, that's going to be 100% user owner-occupied building with Oracle. But we continue to see really positive demand at Neuhoff. Nashville is a market that continues to benefit from in migration and Neuhoff is by -- without question, the most differentiated product that exists in Nashville today.

真正的——甲骨文再次推遲了他們的園區建設，那是在我們河對岸的，這確實是一種新的國際就業機會，因為大流行已經結束了，這已經放緩了一點。他們仍在計劃繼續建設從他們的項目到諾伊霍夫的跨河大橋。所以它對我們根本沒有影響。同樣，這將是 100% 用戶擁有的 Oracle 建築。但我們繼續看到諾伊霍夫的真正積極需求。納什維爾是一個持續受益於移民的市場，毫無疑問，諾伊霍夫是納什維爾當今最具差異化的產品。

Our next question will be from Jay Poskitt of Evercore.

我們的下一個問題將來自 Evercore 的 Jay Poskitt。

I was wondering if you could just provide a little bit more of a breakdown just in tenant type and tenant size, just in the leasing pipeline and kind of how that breakdown has changed throughout the year?

我想知道您是否可以提供更多有關租戶類型和租戶規模、租賃渠道的詳細信息，以及該細分在一年中的變化情況？

Sure. This is Richard. Honestly I don't see that this changed all that much. Again, I would comment -- similar to what I said earlier. We do have some renewal activity in our late-stage pipeline that is a little bit larger as we look forward to some of our expirations next year and even a little bit further out. But generally speaking, I think we've been fairly consistent on average transaction size.

當然。這是理查德.老實說，我不認為這有多大改變。我再次發表評論——與我之前所說的類似。我們的後期管道中確實有一些更新活動，規模更大一些，因為我們期待明年甚至更遠的時間裡有一些產品到期。但總的來說，我認為我們的平均交易規模相當一致。

Okay. That's great. And then just on the expiration front, do you have any update on kind of you have a larger lease expiration, I believe, in the [fourth quarter] do you have any update on that as well?

好的。那太棒了。然後就到期而言，您是否有任何關於您有更大的租賃到期的更新，我相信，在[第四季度]您也有任何更新嗎？

In terms of larger lease expirations, again, we have SVB, which we've already covered is now a new 2023 expiration. I gave a quick update on the other expiration that has been pending and in lease negotiations. Again, that's on track here in Atlanta. And then really, we don't have any other large expirations until the latter half of 2024. We have about 100,000 square foot customer at Domain 4 in Austin that expires in August of next year. We're actually having dialogue right now with them.

就較大的租賃到期而言，我們再次有 SVB，我們已經介紹過，現在新的到期日期是 2023 年。我快速介紹了其他待定到期日和租賃談判中的最新情況。同樣，這在亞特蘭大也已步入正軌。事實上，我們直到 2024 年下半年才會有任何其他大型到期。我們在奧斯汀的 Domain 4 擁有約 100,000 平方英尺的客戶，將於明年 8 月到期。我們現在實際上正在與他們進行對話。

But I think we've mentioned in the past, that property is a low rise, it's creative office, really good product and an interesting product for the right user. But could be more compelling for us over time as a development site. So time will tell what we end up doing there, but a full renewal may not necessarily be the right option for Cousins. We also have 113,000 square foot customer expiring at the very end of '24 at Hayden Ferry 2 in Phoenix, and we are in advanced discussions with them right now about a partial renewal.

但我想我們過去已經提到過，該物業是一棟低層建築，是創意辦公室，是真正好的產品，也是適合合適用戶的有趣產品。但隨著時間的推移，作為一個開發網站，對我們來說可能會更具吸引力。所以時間會告訴我們最終會做什麼，但全面續約對於考辛斯來說不一定是正確的選擇。我們還有 113,000 平方英尺的客戶，位於鳳凰城的 Hayden Ferry 2，將於 24 年底到期，我們現在正在與他們就部分續約事宜進行深入討論。

Next question will be from Camille Bonnel, Bank of America.

下一個問題將由美國銀行的 Camille Bonnel 提出。

Hello. In our Austin channel checks. We've been hearing that the tech is not very active, and there are really no large tenants in the market. Yet as you highlighted at Domain 8 and also the news of TikTok taking back sublease space in 1 of your buildings. I was just hoping to get a little bit more color on the Austin markets given your comments of the moderating demand. Do you think this moderation is driven by a summer lull or are you expecting it to continue throughout the year?

你好。在我們的奧斯汀頻道檢查中。我們聽說該技術不是很活躍，而且市場上確實沒有大租戶。然而，正如您在 Domain 8 上強調的那樣，以及 TikTok 收回您一棟大樓的轉租空間的消息。鑑於您對需求放緩的評論，我只是希望對奧斯汀市場有更多了解。您認為這種放緩是由夏季的平靜造成的還是您預計這種情況會持續一整年？

Camille. Broadly speaking, we've seen a bit of a pause in tech leasing not just in Austin, but really around the country. And that shouldn't really come as a surprise as you look at kind of the latter half of last year and into this year, where a lot of those businesses were retrenching, [preaching] years of efficiency. And as a part of that, typically, real estate decisions get delayed. Though over the course of this year, you started to see some of those businesses pick back up. You're seeing their equity valuations do a whole lot better. And we are starting to see some signs of tech kind of reemerging.

卡米爾。從廣義上講，我們不僅在奧斯汀，而且在全國范圍內都看到了科技租賃的暫停。從去年下半年到今年，很多企業都在緊縮開支，[宣揚]多年來的效率，這並不令人感到意外。作為其中的一部分，房地產決策通常會被推遲。儘管今年以來，您開始看到其中一些業務有所復甦。你會發現他們的股票估值要好得多。我們開始看到一些科技重新出現的跡象。

You touched on the 100,000 square foot lease that we did with one of the largest tech companies in the world at Domain 8, and we're seeing kind of other smaller examples, full floor of tech examples of large tech users across our portfolio, in particular here in Atlanta. As we look at Austin over the next several years, demand is over the medium and long term is really never something that we worry too much about in Austin. It will continue to attract businesses from different parts of the country, their economic development arm is hard at work, and there are some several potential large relocations, circling, Austin, so any slowdown in demand, I think, will be short-lived in Austin.

您提到了我們與世界上最大的科技公司之一在 Domain 8 簽訂的 100,000 平方英尺的租賃合同，我們看到了其他一些較小的例子，我們的投資組合中大型科技用戶的整層科技例子，在特別是在亞特蘭大。當我們展望奧斯汀未來幾年時，中長期需求確實不是我們在奧斯汀過於擔心的事情。它將繼續吸引來自全國各地的企業，他們的經濟發展部門正在努力工作，並且有一些潛在的大型搬遷，環繞奧斯汀，因此我認為需求的任何放緩都將是短暫的奧斯汀.

The challenge for the city over the next year or 2 will just be -- there's a good amount of supply. Perhaps folks got out in front of themselves. But I think as demand returns, we're confident that, that will rebalance and fill up. So for us, as Richard pointed out, our portfolio is 90% -- almost 94.5% leased, with just about 6 years of weighted average lease term and really other than the 1 customer out of the Domain that really potentially is in a land site. We have no material expirations over the next couple of years. So if the market softens, we plan it candidly beyond the sideline.

未來一兩年該市面臨的挑戰就是——有大量的供應。也許人們已經走出了困境。但我認為，隨著需求回升，我們有信心，需求將會重新平衡並充滿。因此，正如理查德指出的那樣，對我們來說，我們的投資組合90%（幾乎94.5%）已出租，加權平均租賃期限僅為6 年左右，而且實際上除了域外真正可能位於土地上的1 個客戶之外。未來幾年我們不會有任何材料到期。因此，如果市場疲軟，我們會坦率地在場外進行計劃。

Appreciate the color. And you've talked about driving occupancy as the key priority right now, but could you expand on the rent change dynamics you're seeing and put that into perspective with what's going on with market rent?

欣賞顏色。您已經談到提高入住率是目前的首要任務，但是您能否擴展您所看到的租金變化動態，並將其與市場租金的變化結合起來？

Well, I'd say -- again, as Richard pointed out earlier, when you look at -- you look at our net effective rents over the last year compared to 2019, our overall net effective rents continue to track meaningfully upwards. At this point, I'd say, right, the market is very much bifurcated. And if you're in traditional office you're very much an order taker within our portfolio, while we've seen the leasing costs go up, both in the form of -- perhaps a slight uptick in free rent and a larger uptick in tenant improvement allowances, we've been able to more than offset that with driving rental rates. So as we look forward, we're optimistic that we can continue to maintain lease rates.

好吧，我想說，正如理查德早些時候指出的，當你看看我們去年的淨有效租金與 2019 年相比，我們的整體淨有效租金繼續大幅上升。在這一點上，我想說的是，市場是非常兩極分化的。如果您在傳統辦公室工作，那麼您在很大程度上是我們投資組合中的訂單接受者，而我們已經看到租賃成本上升，形式包括免費租金的小幅上漲和租金的大幅上漲。租戶改善津貼，我們已經能夠通過提高租金率來抵消這一損失。因此，展望未來，我們對繼續維持租賃率持樂觀態度。

Next question will be from (inaudible), Mizuho.

下一個問題將來自（聽不清）Mizuho。

I was just wondering, can you share more examples of tenants that need more space as employees return to work?

我只是想知道，您能否分享更多在員工重返工作崗位時需要更多空間的租戶的例子？

So it is -- again, I think we're in conversations with folks. And as I mentioned earlier, there's several existing tech companies within our portfolio that perhaps have 25,000 or 50,000 square feet that over the last quarter or so have inquired about additional full-floor leasing activity. And so again, I think that's been a very positive sign for us. But you are starting to, again, see some larger users out there, not just in our portfolio, but across our markets and beyond.

所以，我認為我們正在與人們進行對話。正如我之前提到的，我們的投資組合中有幾家現有的科技公司可能擁有 25,000 或 50,000 平方英尺的面積，在上個季度左右詢問了額外的整層租賃活動。再說一次，我認為這對我們來說是一個非常積極的信號。但你又開始看到一些更大的用戶，不僅在我們的產品組合中，而且在我們的市場及其他領域。

And the AT&T coming back in for a large space that they had recently given up. We've seen some reports out of Snap on the West Coast, we've given back space and now is re-leasing space. So it's still in the early part, early innings of that, but it's great to see some of that activity taking place. It's not just tech. We've seen some professional services firms that have downsized and now, again, back in the market, accounting firms, law firms, taking incremental space to grow their footprints.

AT&T 又重新佔據了他們最近放棄的一大片空間。我們已經看到西海岸 Snap 的一些報導，我們已經退還了空間，現在正在重新租賃空間。所以現在還處於早期階段，但很高興看到一些活動正在發生。這不僅僅是技術。我們看到一些專業服務公司已經縮小了規模，現在又回到了市場，會計師事務所、律師事務所正在佔用增量空間來擴大自己的足跡。

Great. And just a second one for me. You mentioned you're expecting to increase occupancy in 2024. I was just wondering if you can provide some more color on what gives you confidence that, that will be the case?

偉大的。對我來說只是第二個。您提到您預計在 2024 年增加入住率。我只是想知道您是否可以提供更多信息來說明是什麼讓您有信心，情況會是這樣？

Well, it's really a function of -- positive kind of new leasing momentum that has really developed here in the second half of the year, combined with low upcoming lease expirations. And so we're really well positioned with the portfolio. Now bear in mind as we do new leasing activity, there's always a lag anywhere from 8 to 12 months, between signing that lease and getting the customer space built out, occupied and rent commencing -- kept commencing, and so that will ultimately dictate the extent in which we can drive occupancy in 2024. But again, if you pull out our redevelopment projects and new development projects -- the -- kind of the supply and demand of our space is in a good spot.

嗯，這實際上是今年下半年真正發展起來的積極的新租賃勢頭的結果，加上即將到來的租賃到期時間較短。因此，我們的產品組合確實處於有利位置。現在請記住，當我們進行新的租賃活動時，從簽署租約到建造、佔用和開始出租客戶空間之間總是存在 8 到 12 個月的滯後期 - 不斷開始，因此這最終將決定我們可以在2024 年提高入住率。但同樣，如果你拿出我們的重建項目和新的開發項目——我們空間的供需情況就處於良好狀態。

Move on to Peter Abramowitz, Jefferies for the next question.

接下來請杰弗里斯的 Peter Abramowitz 回答下一個問題。

Colin spoke earlier about sort of a lack of adjustment and seller expectations that are really only meeting market clearing prices, if they absolutely have to. I guess could you talk about that dynamic? It seems like especially from private equity with the amount of redemptions they faced, they have had to sell and come meet market expectations in other property types at least. So could you talk about that on the office side, if you're seeing any kind of signs of better if that's something you expect to see?

科林早些時候談到了某種程度的缺乏調整和賣方預期，這些預期實際上只是滿足市場出清價格，如果絕對必要的話。我想你能談談這種動態嗎？似乎尤其是私募股權公司面臨的贖回金額，他們不得不出售並至少滿足其他房地產類型的市場預期。那麼，您能否在辦公室方面談談這個問題，如果您看到任何好轉的跡象（如果這是您希望看到的情況）？

Yes. Again, you've seen private equity, as you mentioned, as they've got redemption selling kind of other -- property types where perhaps the pricing hasn't faced as much of a repricing, and so I think there's been more of a reluctance queue to sell down office exposure at market clearing prices. Again, I think there's somewhat of an expectation in the private market that perhaps rates come back down and that cap rates readjust that would certainly should show itself in the public market pricing as well. So it -- if you gone through previous cycles, this kind of delay, this bid-ask spread kind of takes a little longer from the activity resume. It really is not surprising, and it's very consistent with past cycles.

是的。再次，正如您所提到的，您已經看到了私募股權，因為他們有贖回銷售其他類型的財產，其中定價可能沒有面臨太多的重新定價，所以我認為有更多的不願以市場出清價格出售寫字樓敞口。同樣，我認為私人市場存在某種預期，即利率可能會回落，資本化率會重新調整，這肯定也會在公開市場定價中體現出來。所以，如果你經歷了之前的周期，這種延遲、這種買賣差價從活動恢復開始需要更長的時間。這確實並不奇怪，而且與過去的周期非常一致。

But ultimately, as you look at kind of where rates are today and pretty big wall of loan maturities that's really finally starting to rear itself here in the second half of '23 and '24. We do think that, that's going to -- begin to force action -- these assets need capital. They need new capital for leasing costs, and we do think that, that will start to drive some transaction activity at -- hopefully attractive market clearing prices.

但最終，當你看看今天的利率和相當大的貸款期限牆時，它終於在 23 年和 24 年下半年開始出現。我們確實認為，這將開始強制採取行動，這些資產需要資本。他們需要新的資本來支付租賃成本，我們確實認為，這將開始推動一些交易活動，希望市場清算價格具有吸引力。

Okay. Got it. And then one other one. So since your last call, I think there is probably -- there's a lot more confidence in the Fed's ability to engineer a soft landing here, certainly reflected in the equity markets. Any sense of -- has that impacted tenant psychology in your conversations around leasing? Does it seem that that's something that's making them -- people better about committing to leases long term?

好的。知道了。然後是另外一張。因此，自從你上次打電話以來，我認為人們可能對美聯儲實現軟著陸的能力更有信心，這肯定反映在股市上。在您圍繞租賃的對話中，這是否影響了租戶的心理？這似乎是讓人們更願意長期租賃的原因嗎？

Yes. Again, I think our experience in our lifestyle portfolio is throughout the -- even the pandemic up to now, our -- the term of our leases have stayed pretty steady on average between, call it, 6.5 to 7 years on average. Our customers and our quality of properties have been pretty confident to make long-term decisions. I do think there are -- there is more confidence in companies and their underlying business to start to make decisions.

是的。再說一次，我認為我們在生活方式投資組合方面的經驗是，即使是迄今為止的大流行，我們的租賃期限平均保持在平均 6.5 至 7 年之間。我們的客戶和我們的物業質量非常有信心做出長期決策。我確實認為，人們對公司及其基礎業務更有信心，開始做出決策。

But I'd say the biggest driver for us has been really kind of the return to work initiative and more of our customers utilizing space. And I think -- CFO's have a whole lot more confidence allocating capital into more real estate spend when they've got confidence that the employees are going to use the space. And so that's really been positive. And as I think about our business, if it was a year ago, I was up at night worrying about both the secular and the cyclical. I'd say today at night, I'm just really more worried about the cyclical. And I'd say that's a much better place to be and again, the quality of our balance sheet and the portfolio gives us a lot of confidence, as I mentioned to thrive during all parts of the cycle.

但我想說，對我們來說最大的推動力實際上是重返工作崗位的主動性以及更多客戶利用空間。我認為，當首席財務官確信員工將使用該空間時，他們就會更有信心將資本分配到更多的房地產支出中。這確實是積極的。當我思考我們的業務時，如果是在一年前，我會徹夜不眠地擔心世俗和周期性。我今天晚上會說，我真的更擔心週期性。我想說，這是一個更好的地方，我們的資產負債表和投資組合的質量給了我們很大的信心，正如我提到的，我們將在周期的所有階段都蓬勃發展。

The next question will be from Dylan Burzinski of Green Street.

下一個問題將由 Green Street 的 Dylan Burzinski 提出。

I guess just going back to potential acquisitions and whatnot, I'm realizing that still in the early innings and you guys (inaudible). But just from markets and whatnot, are there any markets within the portfolio today that you're more interested in growing in versus others?

我想只是回到潛在的收購和諸如此類的事情，我意識到仍然處於早期階段，你們（聽不清）。但僅從市場等方面來看，今天的投資組合中是否有任何市場比其他市場更讓您感興趣？

We love all our markets the same. But I think as we look at the current kind of portfolio construction that has pretty large exposure in Atlanta and Austin, we'd love to find opportunities to allocate capital to some other really strong markets, where perhaps say they have less exposure, and that certainly look at Dallas, Charlotte, Nashville, we'd love to grow our presence in those markets. But at the same time, given how strong our operating platforms are in Atlanta and Austin, it's great opportunities come along there. We will absolutely invest in them. But in time, we would like to see a path to increasing exposure in some of those other markets.

我們對所有市場都一視同仁。但我認為，當我們審視當前在亞特蘭大和奧斯​​汀擁有相當大風險敞口的投資組合結構時，我們很樂意找到機會將資本配置到其他一些真正強大的市場，這些市場可能會說它們的風險敞口較小，而且當然看看達拉斯、夏洛特、納什維爾，我們很樂意擴大我們在這些市場的影響力。但與此同時，考慮到我們在亞特蘭大和奧斯​​汀的運營平台有多強大，那裡也蘊藏著巨大的機會。我們絕對會投資他們。但隨著時間的推移，我們希望看到一條增加在其他一些市場的曝光度的途徑。

And then just going back to some of the comments made regarding office utilization. Are you guys able to share sort of where utilization is at today or maybe over the last several weeks versus where it was at in the portfolio at the start of the year?

然後回到關於辦公室利用率的一些評論。你們能否分享一下今天或過去幾週的利用率與年初投資組合的利用率？

Yes it was -- again utilization, I think is -- to be clear, it's a bit of an imperfect science. And it's one that -- I think a lot of folks rely on the casual data. I don't know that we've got a ton of confidence in that data or perhaps that, that data is reflective of not necessarily the quality of assets that we own or some of our peers own.

是的，我認為是再次利用，明確地說，這是一門不完美的科學。我認為很多人都依賴臨時數據。我不知道我們對這些數據是否有很大的信心，或者也許這些數據不一定反映我們擁有的或我們的一些同行擁有的資產的質量。

But we do kind of exhausted physical counts as best we can, parking garages, discussing kind of metrics with our customers. We've even had some discussions with some of these companies that use cellular data. And I'd say at -- in all cases, really, we're probably around 70%-ish today. It's kind of where those numbers have come back. And I think as we think about adjusting that for kind of the Friday exception, as I mentioned earlier, we think we're making great progress, and that was probably closer to 60% a year ago.

但我們會盡最大努力進行物理計數、停車場、與客戶討論各種指標。我們甚至與其中一些使用蜂窩數據的公司進行了一些討論。我想說的是，實際上，在所有情況下，我們今天的情況可能都在 70% 左右。這就是這些數字回來的地方。我認為，正如我之前提到的，當我們考慮針對周五例外情況進行調整時，我們認為我們正在取得巨大進展，而且可能接近一年前的 60%。

Next question will be from Andrew Rosivach of Wolfe Research.

下一個問題將來自沃爾夫研究中心的安德魯·羅西瓦奇。

This is (inaudible) for Andrew. Just one quick question. I don't know if you could provide any guidance around the amount you expect to spend on the redevelopment of Hayden Ferry 1?

這是（聽不清）安德魯的。只是一個簡單的問題。我不知道您是否可以就海登渡口 1 號重建預計花費的金額提供任何指導？

Yes. It is -- we are still in process of finalizing our budget there. We hope to have that completed by the fall and ready to move forward with that project. And again, as we look at it, I'd say the overall priority in that project, it's going to be Hayden Ferry 1. But while we're at it, we're going to go ahead and do work across the entire campus. And as Richard said, I think we have a great opportunity to differentiate Hayden Ferry with our redevelopment work as the leading property in all of Phoenix and we've had great success doing that at Cousins.

是的。我們仍在最終確定那裡的預算。我們希望在秋季之前完成該工作，並準備好推進該項目。再說一遍，當我們審視這個項目時，我會說該項目的總體優先事項將是 Hayden Ferry 1。但是，當我們這樣做時，我們將繼續在整個校園開展工作。正如理查德所說，我認為我們有一個很好的機會通過我們的重建工作使海登費里成為整個菲尼克斯地區的領先地產，我們在考辛斯做到了這一點，取得了巨大的成功。

John McCall and our development team do excellent work. I think many of you all have seen what we've done at Buckhead Plaza and the Promenade and we'll do something along those lines there. I'd say, excluding anything that's going to be kind of revenue-producing historically, we spend anywhere from $30 to $40 a foot on those type of projects. And I -- based on kind of preliminary numbers, I would expect it to be somewhere in that neighborhood when we finalize it.

約翰·麥考爾和我們的開發團隊做得非常出色。我想你們很多人都已經看到了我們在巴克海特廣場和海濱長廊所做的事情，我們將在那裡做一些事情。我想說的是，排除任何歷史上會產生收入的項目，我們在這類項目上每英尺的花費從 30 到 40 美元不等。我——根據初步數據，我預計當我們最終確定它時，它會在那個社區的某個地方。

This concludes our question-and-answer session. Now I'd like to turn the conference back over to Mr. Colin Connolly for closing remarks.

我們的問答環節到此結束。現在我想將會議轉回科林·康諾利先生致閉幕詞。

Thank you all for joining us today. We appreciate your time and continued interest in Cousins. If you have any follow-up questions, please feel free to reach out to Gregg and Roni. We look forward to hopefully seeing you all at some of the conferences as we head into September and October. Have a great day.

感謝大家今天加入我們。我們感謝您抽出時間以及對考辛斯的持續關注。如果您有任何後續問題，請隨時聯繫 Gregg 和 Roni。進入 9 月和 10 月，我們期待在一些會議上見到你們。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。