Cousins Properties Inc (CUZ) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Cousins Properties Third Quarter 2023 Conference Call.

早安，歡迎參加 Cousins Properties 2023 年第三季電話會議。

(Operator Instructions)

（操作員說明）

Please also note that this event is being recorded today.

另請注意，今天正在記錄此事件。

I would now like to turn the conference over to Pamela Roper, General Counsel. Please go ahead.

我現在想將會議交給總法律顧問 Pamela Roper。請繼續。

Thank you. Good morning, and welcome to Cousins Properties Third 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. .

謝謝。早上好，歡迎參加 Cousins Properties 第三季財報電話會議。今天與我在一起的有我們的總裁兼執行長 Colin Connolly； Richard Hickson，我們的營運執行副總裁；以及我們的財務長 Gregg Adzema。 。

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.

新聞稿和補充資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，本公司已根據 Reg G 要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了調整。如果您沒有收到副本，可以透過我們網站 couchs.com 投資者關係頁面上的季度揭露和補充 SEC 資訊連結取得這些文件。

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.

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。

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.

本公司不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。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 third quarter at Cousins. On the earnings front, the team delivered $0.65 per share in FFO and same-property net operating income increased 4.6% on a cash basis.

謝謝你，帕姆，大家早安。我們在考辛斯的第三季表現強勁。在盈利方面，該團隊在 FFO 中實現了每股 0.65 美元的收益，相同財產的淨營業收入以現金計算增長了 4.6%。

We leased 548,000 square feet during the quarter with a 9.8% cash rent roll-up. New and expansion leases totaled 189,000 square feet. In addition, we executed key renewals in Atlanta and Tampa. These are terrific results in any market.

本季我們租賃了 548,000 平方英尺，現金租金上漲 9.8%。新建和擴建租賃面積總計 189,000 平方英尺。此外，我們還在亞特蘭大和坦帕進行了重要的續約。在任何市場上這些都是了不起的結果。

I will start with a few observations on the macro environment. To tame inflation, the Federal Reserve has rapidly raised interest rates more than 500 basis points over the past 18 months. The impact of higher rates have been slow to materialize, but they are now upon us. The economy is slowing and financial conditions have tightened. Real estate debt and equity are less available and significantly more expensive. As a result, a meaningful bid-ask spread has emerged and the investment sales market has temporarily frozen leading to few relevant data points for asset pricing. None of this should be a surprise. This is all typical behavior in a rate tightening cycle.

我將從對宏觀環境的一些觀察開始。為了抑制通貨膨脹，聯準會在過去 18 個月內迅速升息超過 500 個基點。高利率的影響雖然緩慢地顯現出來，但現在已經降臨到我們身上。經濟正在放緩，金融狀況已經收緊。房地產債務和股權較少且價格昂貴。結果，出現了有意義的買賣價差，投資銷售市場暫時凍結，導致資產定價的相關數據點很少。這一切都不足為奇。這都是利率緊縮週期中的典型行為。

The macro narrative for the office sector is likely to get worse before it gets better. Media will focus on rising vacancy rates and accelerating loan defaults. This reporting will not be wrong. However, it will be a significant overgeneralization.

辦公室行業的宏觀情況在好轉之前可能會變得更糟。媒體將關注空置率上升和貸款違約加速。這個報道不會有錯。然而，這將是一種嚴重的過度概括。

As I said last quarter, where and what you invest in matters. Over the last 12 years, Cousins has intentionally focused on investments in premier lifestyle office and mixed-use properties located in vibrant and well-amenitized Sunbelt neighborhoods. This is an entirely different strategy than commodity office in older downtowns in nondescript suburban locations. Despite the challenging macro environment, we are seeing some positive trends in our portfolio. I'll highlight a few.

正如我上個季度所說，投資的地點和內容很重要。在過去的 12 年裡，Cousins 有意專注於投資位於充滿活力且設施齊全的 Sunbelt 社區的頂級生活方式辦公大樓和綜合用途物業。這與位於不起眼的郊區老城區的商品辦公室的策略完全不同。儘管宏觀環境充滿挑戰，但我們的投資組合仍看到一些正面的趨勢。我將重點介紹一些。

First, the return to work is gaining momentum. CEO sentiment around remote work has shifted. Company announcements mandating 3, 4, and in some cases, 5 days a week of in-person work are accelerating and finally require compliance.

一是復工復產勢頭強勁。執行長對遠距工作的態度已經發生轉變。公司公告要求每週進行 3 天、4 天甚至在某些情況下需要 5 天的面對面工作，這項要求正在加速並最終要求遵守。

In-person activity has increased within our portfolio, and we are seeing patterns begin to normalize in many properties. As it turns out, lifestyle office properties are full of professionals whose lifestyle is set around working in the office, at least most of the time. Collaboration, mentoring and serendipity are key to advancing their careers. Come visit one of our properties and you'll see a very different story than the next headline with Castle data, which as an aside, is proving to not be representative of trophy properties.

我們的投資組合中的現場活動增加，我們看到許多酒店的模式開始正常化。事實證明，生活方式辦公物業充滿了專業人士，他們的生活方式是圍繞在辦公室工作的，至少大部分時間是這樣。合作、指導和機緣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帶有城堡數據的標題截然不同的故事，順便說一句，事實證明它並不代表獎杯房產。

Second, the flight to quality is becoming more pronounced. Newer vintage product is commanding most of the demand. Over the last 12 months, according to JLL, office properties built since 2010 have accounted for 114 million square feet of positive net absorption. Properties built before 2010 account for 346 million square feet of negative net absorption. This statistic clearly captures the story.

其次，追求品質的趨勢變得更加明顯。較新的復古產品佔據了大部分需求。根據仲量聯行的數據，過去 12 個月裡，自 2010 年以來建造的辦公大樓物業淨吸收量為 1.14 億平方英尺。 2010 年之前建造的房產淨吸收量為 3.46 億平方英尺。這個統計數據清楚地說明了這個故事。

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. Sponsorship is more important than ever. Not surprising, owners like Cousins with sound capital structures 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。贊助比以往任何時候都更重要。毫不奇怪，像考辛斯這樣擁有健全資本結構的所有者正在擴大市場份額。

Fourth, there is little to no capital availability for older vintage lower-quality office properties or for speculative new development.

第四，對於老式低品質辦公大樓或投機性新開發案幾乎沒有可用資金。

So what are the implications for the office sector? There's a bifurcation in the market. It is not a one-size-fits-all answer. Many traditional offices are emptying and will stagnate until they are repurposed or torn down. At the same time, lifestyle office is filling up and will thrive over the long term.

那麼這對辦公產業有何影響？市場存在分歧。這不是一個一刀切的答案。許多傳統辦公室正在空置，並將停滯不前，直到它們被重新利用或拆除。同時，生活方式辦公室正在逐漸飽和，並且從長遠來看將會蓬勃發展。

As I have mentioned previously, the office is not dead. Obsolete office is dead. Said another way, the office market is not oversupplied. Commodity office is under demolished. The market and the media continue to underappreciate this. There is opportunity for investors who do.

正如我之前提到的，辦公室並沒有消亡。過時的辦公室已經死了。換句話說，辦公室市場並沒有供過於求。商品辦公室正在拆除。市場和媒體仍然低估了這一點。這樣做的投資者有機會。

What does this mean for Cousins? Early green shoots are taking shape for our Sun Belt trophy portfolio. Our customers are returning in greater force, accelerated obsolescence is reducing competition, the development pipeline is shrinking and demand remains firmly focused on the best lifestyle properties in the best submarkets. While it will take time, the market has begun the rebalancing process.

這對考辛斯來說意味著什麼？我們的陽光地帶獎盃組合的早期萌芽正在形成。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，開發管道正在縮小，需求仍然堅定地集中在最好的子市場中的最好的生活方式房產。雖然這需要時間，但市場已經開始了再平衡過程。

Longer term, the office sector is likely to reshape. Financial constraints are already creating pressure on many real estate platforms. Thus, market players are likely to change. In addition, we believe that investors and the media will increasingly differentiate lifestyle office from commodity office. The fundamentals are just too different to be aggregated together. And if capital remains constrained, private market pricing will need to converge with public market valuations to find liquidity.

從長遠來看，辦公產業可能會重塑。財務限制已經給許多房地產平台帶來了壓力。因此，市場參與者可能會發生變化。此外，我們相信投資者和媒體將越來越區分生活方式辦公室和商品辦公。基本原理差異太大，無法總結在一起。如果資本仍然受到限制，私募市場定價將需要與公開市場估值趨同才能找到流動性。

Similar public-private pricing resets have occurred in past cycles, such a scenario would create a unique opportunity for a well-capitalized public REIT like Cousins.

類似的公私定價重置在過去的周期中曾發生過，這種情況將為像 Cousins 這樣資本充足的公共 REIT 創造獨特的機會。

In closing, we are realistic about the potential negative impacts of higher interest rates on the economy and our earnings. However, we built Cousins to thrive during all phases of the economic cycle. And today, we are in an advantageous position relative to many of our other office peers. We are in the right Sun belt markets. We own a trophy lifestyle portfolio 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，我們對利率上升對經濟和我們的收入的潛在負面影響持現實態度。然而，我們打造的 Cousins 能夠在經濟週期的各個階段蓬勃發展。如今，與許多其他辦公室同行相比，我們處於有利地位。我們處於正確的陽光帶市場。我們擁有優質的生活方式投資組合，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，而且股利支付良好。

I believe that we have unique optionality at Cousins and we'll see compelling opportunities across our Sun Belt footprint.

我相信我們在考辛斯擁有獨特的選擇權，我們將在陽光地帶的足跡中看到令人信服的機會。

However, the downward repricing of assets in the private market is still playing out. Thus, we remain patient, disciplined and continue to prioritize driving cash flow and maintaining a strong balance sheet. We are watching closely, though, and we will be ready.

然而，私募市場資產的向下重新定價仍在上演。因此，我們保持耐心、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，我們會做好準備。

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

在將電話轉給 Richard 之前，我要感謝 Cousins 的整個團隊，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。

Richard?

理查德？

Thanks, Colin. Good morning, everyone. I'm pleased to report our operational results this quarter are solid across the board. We also continue to be encouraged by the growing number of companies asking employees to return to the office for the majority of the work week. We believe this trend will continue as companies increasingly focus on collaboration, employee productivity and overall efficiency.

謝謝，科林。大家，早安。我很高興地報告我們本季的營運表現全面穩健。我們也繼續對越來越多的公司要求員工在一周的大部分時間返回辦公室感到鼓舞。我們相信，隨著公司越來越注重協作、員工生產力和整體效率，這一趨勢將會持續下去。

Before reviewing results, I want to talk about WeWork and SVB Financial Group. As you have probably heard, WeWork has stated that it is pursuing lease restructures with all of its landlords, including Cousins. We have 4 locations with WeWork, totaling 169,000 square feet and representing 1.1% of our annualized rent at share. As of today, WeWork is 1 month past due on its rental payments to us at 2 Atlanta locations, 725 Ponce and 120 West Trinity.

在回顧結果之前，我想先談談 WeWork 和 SVB 金融集團。您可能聽說過，WeWork 表示正在與包括 Cousins 在內的所有房東進行租賃重組。我們擁有 4 個 WeWork 辦公室地點，總面積為 169,000 平方英尺，占我們年化租金的 1.1%。截至今天，WeWork 已逾期 1 個月支付亞特蘭大 2 個地點（725 Ponce 和 120 West Trinity）的租金。

As a reminder, we are a 20% owner of 120 West Trinity. While there is no guarantee of the eventual outcome, WeWork is current on rent payments at the other 2 locations. Based on the late status of rental payments at the 2 locations, we anticipate those 2 leases will be rejected in the event of a WeWork bankruptcy.

提醒一下，我們是 120 West Trinity 20% 的所有者。雖然無法保證最終結果，但 WeWork 目前正在支付其他 2 個地點的租金。根據這兩個地點的最新租金支付情況，我們預計如果 WeWork 破產，這兩個租賃將被拒絕。

The 725 Ponce lease is 46,000 square feet and the 120 West Trinity lease is 33,000 square feet, of which our share is 6,600 square feet. Fortunately, we have meaningful letters of credit in place for both leases. We are confident that the high quality of those 2 underlying office properties would present us with a range of future alternatives for these spaces. 725 Ponce is one of the most dynamic new office buildings in Atlanta, is located directly on the Beltline in East Midtown and is currently 100% leased.

725 Ponce 的租約面積為 46,000 平方英尺，120 West Trinity 的租約面積為 33,000 平方英尺，其中我們的份額為 6,600 平方英尺。幸運的是，我們為這兩項租賃都提供了有意義的信用狀。我們相信，這兩個底層辦公物業的高品質將為我們提供這些空間的一系列未來替代方案。 725 Ponce 是亞特蘭大最具活力的新辦公大樓之一，位於東中城的貝爾特蘭 (Beltline)，目前已 100% 出租。

Given that, we expect to have an opportunity to either backfill with traditional office users, lease the spaces to a different flexible office operator or even continue working with WeWork in an alternative structure.

有鑑於此，我們希望有機會回填傳統辦公室用戶，將空間出租給不同的彈性辦公室營運商，甚至繼續以替代結構與 WeWork 合作。

Regarding SVB Financial Group, our former 205,000 square foot customer at Hayden Ferry I in Phoenix. Consistent with our prior guidance, SVB paid rent through September 30 and vacated the property. Hayden Ferry I has since been taken out of operation as part of a broader redevelopment of the entire Hayden Ferry project.

關於 SVB Financial Group，我們之前在鳳凰城 Hayden Ferry I 佔地 205,000 平方英尺的客戶。根據我們先前的指導，SVB 在 9 月 30 日之前支付了租金並騰出了該房產。作為整個海登渡輪計畫更廣泛重建的一部分，海登渡輪一號已停止運作。

As I have stated before, we believe this redevelopment will redefine the standard of quality in the Tempe submarket and are excited about the opportunity to backfill Hayden Ferry I, especially given SVB's average expiring rent was below market. It's early, but a number of interesting prospects of various sizes have already toured the space.

正如我之前所說，我們相信這次重建將重新定義坦佩子市場的品質標準，並對有機會回填 Hayden Ferry I 感到興奮，特別是考慮到 SVB 的平均到期租金低於市場水平。現在還為時過早，但許多不同規模的有趣的潛在客戶已經參觀過這個空間。

We anticipate the construction component of this overall redevelopment project will wrap up by the end of 2024. Now for our operating results.

我們預計整個重建工程的施工部分將於 2024 年底完成。現在我們來看看我們的營運表現。

Our total office portfolio weighted average occupancy and end-of-period lease percentage both increased 0.3% this quarter to 88% and 91.1%, respectively. These represent our highest occupancy and lease percentage levels since the end of 2021. Despite national office leasing volume declining amid continued economic uncertainty, our team was able to deliver our highest quarterly leasing volume of 2023. In the third quarter, we completed 32 office leases, totaling 548,000 square feet with a weighted average lease term of 8.6 years. 20 of those were new and expansion leases and leases over 10,000 square feet represented over 80% of our total activity.

本季我們的辦公大樓投資組合加權平均入住率和期末租賃率均成長 0.3%，分別達到 88% 和 91.1%。這些代表了我們自2021 年底以來的最高入住率和租賃百分比水準。儘管由於經濟持續不確定，全國辦公室租賃量有所下降，但我們的團隊仍能夠實現2023 年最高的季度租賃量。第三季度，我們完成了32 份辦公室租賃，總面積548,000平方英尺，加權平均租賃期限為8.6年。其中 20 個是新建和擴建租賃，面積超過 10,000 平方英尺，占我們總活動的 80% 以上。

Our higher volume this quarter included 2 important sizable long-term renewals. One for 121,000 square feet at 3348 Peachtree in Atlanta and another for 112,000 square feet at Corporate Center in Tampa.

本季我們的銷量較高，其中包括兩次重要的大規模長期續約。其中一處面積為 121,000 平方英尺，位於亞特蘭大 Peachtree 3348 號，另一處面積為 112,000 平方英尺，位於坦帕的企業中心。

The latter was a somewhat early renewal with that customer previously due to expire in early 2025. With this quarter's leasing activity, we now only have 15.1% of our annual contractual rent expiring for the end of 2025, including only 5.6% in 2024. Further, no more than 10% of our annual contractual rent expires in any given calendar year through 2030.

後者是與該客戶的提前續約，此前該合約將於2025 年初到期。根據本季度的租賃活動，我們現在只有15.1% 的年度合約租金將於2025 年底到期，其中只有5.6% 在2024年到期。 ，到 2030 年的任何特定日曆年到期的年合約租金不超過 10%。

We're pleased with our lease expiration profile and the stability it should provide our operating portfolio in the near term.

我們對我們的租賃到期情況及其在短期內為我們的營運投資組合提供的穩定性感到滿意。

Average net rent this quarter came in at $33.94, which was sequentially lower but substantially in line with the full year 2022. However, average leasing concessions, defined as the sum of free rent and tenant improvements were also lower at $7.57, about 9% below our last 4 quarter run rate. As a result, average net effective rent remained strong at $23.77, only about 2% below our last 4 quarter run rate.

本季平均淨租金為33.94 美元，季減，但與2022 年全年基本一致。然而，平均租賃優惠（定義為免費租金和租戶改善總和）也較低，為7.57 美元，比2022 年全年低約9%我們過去 4 個季度的運行率。因此，平均淨有效租金仍保持在 23.77 美元的強勁水平，僅比我們過去 4 個季度的運行率低 2% 左右。

Lastly, second-generation net rent growth improved this quarter, coming in at a strong 9.8% on a cash basis. We also saw cash net rent grow in every market this quarter. Again, these results are solid across the board.

最後，第二代淨租金成長本季有所改善，以現金計算強勁成長 9.8%。我們也看到本季每個市場的現金淨租金都有成長。同樣，這些結果在各方面都是可靠的。

Now for a quick update on our leasing pipeline. Our late-stage leasing pipeline consisting of leases currently in negotiation sits in line with last quarter at approximately 615,000 square feet. As a reminder, our late-stage pipeline remains almost double what it was at the beginning of 2023. We also continue to be pleased with our medium and early-stage pipelines, with overall tour activity up again relative to the prior quarter.

現在快速更新我們的租賃管道。我們的後期租賃管道包括目前正在談判的租賃，與上季持平，約 615,000 平方英尺。提醒一下，我們的後期管道仍然幾乎是 2023 年初的兩倍。我們也繼續對我們的中期和早期管道感到滿意，整體旅遊活動相對於上一季再次上升。

As we look across the Sun Belt, we see firsthand in our portfolio at the highest quality office buildings that provide occupants with a better lifestyle while it work continued to outperform. This is very evident in Atlanta. As JLL has noted, in Atlanta assets built since 2010 have absorbed 5.1 million square feet of space over the last 3 years while assets built prior to 2010 saw over 12.2 million square feet of negative absorption.

當我們放眼整個陽光地帶時，我們在我們的投資組合中親眼目睹了最高品質的辦公大樓，它們為居住者提供了更好的生活方式，同時其工作繼續表現出色。這一點在亞特蘭大表現得非常明顯。正如 JLL 所指出的，在亞特蘭大，自 2010 年以來建造的資產在過去 3 年裡吸收了 510 萬平方英尺的空間，而 2010 年之前建造的資產則出現了超過 1220 萬平方英尺的負吸收空間。

In our Atlanta portfolio this quarter, we signed 257,000 square feet of leases with over 80% of the activity in Midtown and Buckhead, Further, 49% of our leases signed in Atlanta this quarter were new and expansion leases.

在本季我們的亞特蘭大投資組合中，我們簽署了257,000 平方英尺的租約，其中超過80% 的活動位於中城和巴克海特。此外，本季在亞特蘭大簽署的租約中有49% 是新租約和擴建租約。

Our recently redeveloped Promenade campus in Midtown continues to see strong activity with over 219,000 square feet of leases signed there year-to-date. I'm also excited to report that this quarter, we signed a 25,000 square foot expansion with Snowflake at Terminus 200 in Buckhead and that we are also in lease negotiations for 57,000 square feet of new occupancy at 3350 Peachtree in Buckhead. The latter is a nice validation for another one of our recently redeveloped properties.

我們最近重新開發的中城 Promenade 園區繼續保持強勁的活動勢頭，今年迄今已簽署了超過 219,000 平方英尺的租約。我還很高興地向大家報告，本季度，我們與Snowflake 簽署了位於巴克海特Terminus 200 的25,000 平方英尺的擴建項目，並且我們還在巴克海特3350 Peachtree 的57,000 平方英尺的新辦公空間進行租賃談判。後者是我們最近重新開發的另一個房產的一個很好的驗證。

In Nashville, we remain encouraged by the office and retail interest in our Neuhoff mixed-use development. While no new leases were signed this quarter, we have almost 60,000 square feet of leases in negotiation, of which 49,000 square feet is office.

在納許維爾，我們仍然對諾伊霍夫綜合用途開發案的辦公室和零售興趣感到鼓舞。雖然本季沒有簽署新的租約，但我們有近 60,000 平方英尺的租約正在談判中，其中 49,000 平方英尺是辦公室。

In addition, we continue to have a robust prospect list with over 140,000 square feet of active proposals currently outstanding. The momentum at this project continues with exciting retail announcements on the horizon and the apartment set to open early next summer.

此外，我們仍然擁有強大的潛在客戶名單，其中目前尚未完成的活躍提案超過 140,000 平方英尺。該項目的勢頭仍在繼續，即將發布令人興奮的零售公告，公寓將於明夏初開業。

Finally, I want to reiterate that our Austin portfolio is very well positioned to weather the near-term supply challenges coming into view in that market. At the end of the third quarter, our Austin portfolio was 94.6% leased with relatively little availability to lease and no material near-term expirations and enjoying 5.9 years of weighted average lease term.

最後，我想重申，我們的奧斯汀投資組合非常有能力應對該市場近期出現的供應挑戰。截至第三季末，我們的奧斯汀投資組合的出租率為 94.6%，可供出租的空間相對較少，且近期沒有重大到期情況，加權平均租賃期為 5.9 年。

Our Austin team signed 45,000 square feet of leases this quarter rolling up cash net rents 24.9%.

我們的奧斯汀團隊本季簽署了 45,000 平方英尺的租賃合同，現金淨租金增加了 24.9%。

Before handing it off to Gregg, I want to thank our best-in-class operations team for the great work they do every day. Each of you play a truly critical role in our continued success.

在將其交給 Gregg 之前，我要感謝我們一流的營運團隊每天所做的出色工作。你們每個人在我們的持續成功中都發揮著真正關鍵的作用。

Gregg?

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. Then I'll move on to our development pipeline, followed by a quick discussion of our balance sheet before closing my remarks with an update to our earnings outlook for the balance of '23.

謝謝，理查。大家，早安。我將首先簡要概述我們的結果以及我們同一酒店業績的一些細節。然後我將繼續討論我們的開發管道，然後快速討論我們的資產負債表，然後更新我們 23 年餘下的獲利前景。

As Colin stated upfront, our third quarter earnings were solid, and the operating economics behind them remain very strong. Second-generation cash leasing spreads were positive for the 38th straight quarter. That's over 9 years of uninterrupted rent growth.

正如科林之前所說，我們第三季的獲利穩健，背後的營運經濟仍然非常強勁。第二代現金租賃利差連續 38 季為正。這已經是超過 9 年的租金不間斷成長。

Leasing velocity accelerated and same property year-over-year cash in line increased. It was also a very clean quarter. The only item of note was a noncore land sale in Atlanta for $4.3 million that generated a gain of approximately $0.5 million.

租賃速度加快，同類物業現金較去年同期增加。這也是一個非常乾淨的季度。唯一值得注意的是亞特蘭大的非核心土地以 430 萬美元的價格出售，產生了約 50 萬美元的收益。

Before discussing same-property numbers, I wanted to take a moment to step back from this quarter's results and look at our performance since the onset of COVID. While FFO has been flat, it was $0.64 per share in the second quarter of 2020, excluding Norfolk Southern fees. Compared to $0.65 a quarter -- this quarter -- excuse me, $0.65 per share this quarter. Quarterly AOI has actually steadily increased over this period of $18 million or 15%. So why is an FFO up as well? The answer is higher interest expense. I'd point this out to highlight the underlying cash flow growth from our properties over the past 3 years. We've driven cash flow through increased rents and the completion and lease-up of new developments and redevelopments.

在討論相同物業的數據之前，我想花點時間回顧本季的業績，看看自新冠疫情爆發以來我們的表現。雖然 FFO 一直持平，但 2020 年第二季的每股價格為 0.64 美元，不包括諾福克南方航空費用。與本季每股 0.65 美元相比，本季每股 0.65 美元。在此期間，季度 AOI 實際上穩步增長了 1800 萬美元，即 15%。那為什麼 FFO 也出現了呢？答案是更高的利息支出。我指出這一點是為了強調過去三年我們的房產的潛在現金流成長。我們透過增加租金以及新開發項目和重建項目的竣工和租賃來推動現金流。

As Colin pointed out earlier, trophy lifestyle office buildings in the Sun Belt continue to perform well which is often lost in the negative headlines around the office industry in general. Moving to our same-property performance. Cash NOI increased 4.6% during the third quarter compared to last year. Cash revenues increased 60 basis points, while expenses decreased 6%, driven by lower property taxes.

正如科林早些時候指出的那樣，陽光地帶的高檔生活方式辦公室繼續表現良好，而這往往被整個辦公行業的負面新聞所忽視。轉向我們的同屬性表現。第三季現金 NOI 比去年同期成長 4.6%。在財產稅降低的推動下，現金收入增加了 60 個基點，而支出下降了 6%。

In addition to our recurring appeals of tax assessments, our portfolio also benefited this quarter from the well-publicized tax cuts in Texas that are expected to be approved by voters next month and reflected in 2023 tax bills.

除了我們不斷呼籲進行稅收評估外，我們的投資組合本季還受益於德州廣為人知的減稅政策，預計下個月獲得選民批准並反映在 2023 年稅單中。

The majority of our savings was recognized in Austin, which is largely a triple net market and, therefore, lower property taxes reduced both our revenues and our expenses during the quarter. Turning to our development efforts. The current development pipeline is comprised of a 50% interest in Neuhoff in Nashville and 100% of Domain 9 in Austin.

我們的大部分節省都是在奧斯汀實現的，奧斯汀主要是一個三重淨市場，因此，較低的財產稅減少了我們本季的收入和支出。轉向我們的發展努力。目前的開發項目包括納許維爾 Neuhoff 50% 的權益和奧斯汀 Domain 9 100% 的權益。

Our share of the remaining development costs is $90 million $55 million of which will be funded by our Neuhoff construction loan, leaving only $35 million to be funded by our operating cash flow.

我們在剩餘開發成本中所佔的份額為 9,000 萬美元，其中 5,500 萬美元將由我們的 Neuhoff 建設貸款提供資金，僅剩下 3,500 萬美元由我們的營運現金流提供資金。

Before moving to our balance sheet, I wanted to take a moment to point out a change we made to the development pipeline report on Page 25 in our earnings supplement. Specifically, we've adjusted the definition of stabilization dates. To reflect the actual estimated stabilization for each development project.

在討論我們的資產負債表之前，我想花點時間指出我們對收益補充資料第 25 頁的開發管道報告所做的更改。具體來說，我們調整了穩定日期的定義。反映每個開發項目的實際估計穩定性。

Previously, the stabilization dates reflected the earlier of 1-year after completion or estimated stabilization. This is a GAAP concept that dictates capitalization policy. In practice, it proved to be confusing for many investors since the 1-year deadline typically came before actual stabilization. Hopefully, this new disclosure is helpful. To be clear, we've not changed the estimated stabilization dates on our developments in progress. We have simply improved the disclosure around these dates.

此前，穩定日期反映的是完成後一年或預計穩定中較早的日期。這是決定資本化政策的公認會計準則概念。實際上，事實證明，這讓許多投資者感到困惑，因為一年期限通常是在實際穩定之前出現的。希望這項新的披露能有所幫助。需要明確的是，我們沒有改變正在進行的開發項目的預計穩定日期。我們只是改進了這些日期前後的披露。

Looking at our balance sheet, net debt to EBITDA is an industry-leading 5x. Our liquidity position remains strong with only $144.5 million outstanding on our $1 billion unsecured credit facility. And our debt maturity schedule is well laddered with no remaining maturities in 2023.

從我們的資產負債表來看，EBITDA 淨負債是業界領先的 5 倍。我們的流動性狀況依然強勁，10 億美元的無擔保信貸額度中僅有 1.445 億美元未償還。我們的債務到期日安排良好，2023 年沒有剩餘到期日。

Looking at '24 and beyond, our debt maturity schedule has 3 pieces of debt with extension options. First, we have a $350 million term loan with an initial maturity in August of '24 that is four 6-month extensions. Second, we have a $400 million term loan with an initial maturity at March '25, it has 4-month extensions as well -- four 6-month extensions as well. And third, our Neuhoff construction loan has an initial maturity in September 2025, and has a single 1-year extension option. When taking these 3 extensions into account, our next significant debt maturity is not until July of '25.

展望 24 年及以後，我們的債務到期時間表有 3 項債務，並具有延期選項。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，可延期四次，為期 6 個月。其次，我們有一筆 4 億美元的定期貸款，初始到期日為 25 年 3 月，還有 4 個月的延期——還有四次 6 個月的延期。第三，我們的 Neuhoff 建造貸款的初始到期日為 2025 年 9 月，並具有單一的 1 年期延期選擇權。考慮到這 3 次延期，我們的下一次重大債務到期要到 2025 年 7 月。

Our debt maturity schedule is laid out, including all extension options on Page 28 of our financial supplement.

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 '23 FFO between $2.60 and $2.64 per share with a midpoint of $2.62 per share. This is up from our previous midpoint of $2.61 and represents the third quarter in a row that we've increased the midpoint of our FFO guidance. No property acquisitions, property dispositions or development starts are included in this guidance.

最後，我將更新我們 23 年的獲利指引。我們目前預計 23 年全年 FFO 介於每股 2.60 美元至 2.64 美元之間，中點為每股 2.62 美元。這高於我們之前 2.61 美元的中點，代表我們連續第三個季度提高了 FFO 指導的中點。本指南不包括任何財產收購、財產處置或開發啟動。

The increase is primarily driven by two items. First, as I outlined earlier in the call, we have reduced our property tax assumptions for the year. Second, we've included the gain on land recorded during the third quarter in our annual numbers. Guidance does not include any impact from our 4 WeWork places. As Richard outlined earlier, we have assumed 2 leases will be rejected in a potential bankruptcy and 2 leases will survive. We have letters of credit for the 2 rejected leases that cover all balance sheet exposure and lost revenue for the remainder of the year.

這一增長主要由兩個因素推動。首先，正如我之前在電話會議中概述的那樣，我們降低了今年的財產稅假設。其次，我們將第三季記錄的土地收益納入了年度數據。指南不包括我們 4 個 WeWork 辦公室的任何影響。正如理查德之前概述的那樣，我們假設在潛在的破產中，有 2 份租約將被拒絕，而 2 份租約將繼續存在。我們擁有兩筆被拒絕的租賃的信用證，涵蓋了今年剩餘時間的所有資產負債表風險和收入損失。

As with any potential bankruptcy, things are fluid and they can change quickly. If our assumptions concerning WeWork materially change, we will provide a timely update. Guidance also does not include any payment of our unsecured claim in the SVB bankruptcy case, which we currently estimate to be approximately $10 million. The exact amount and timing of recovery gets this claim is not yet known, but unsecured SVB bonds are currently trading between $0.55 and $0.60 on the dollar. So we do anticipate there will eventually be significant value in this claim.

與任何潛在的破產一樣，事情是不穩定的，並且可能很快就會改變。如果我們對 WeWork 的假設發生重大變化，我們將及時提供更新。指南也不包括 SVB 破產案中無擔保索賠的任何付款，我們目前估計約為 1000 萬美元。該索賠的具體追償金額和時間尚不清楚，但無擔保 SVB 債券目前的交易價格在 0.55 美元至 0.60 美元之間。因此，我們確實預期這項主張最終將具有重大價值。

Bottom line, our third quarter results were solid. Our strong leverage and liquidity position remains intact, and we are raising FFO guidance.

最重要的是，我們第三季的業績很穩健。我們強大的槓桿率和流動性狀況保持不變，我們正在提高 FFO 指引。

With that, let me turn the call back over to the operator for your questions.

接下來，讓我將電話轉回給接線員詢問您的問題。

(Operator Instructions)

（操作員說明）

At this time, we will take our first question, which will come from Blaine Heck with Wells Fargo.

現在，我們將提出第一個問題，該問題將由富國銀行的 Blaine Heck 提出。

Richard, your detail on each of the markets is very helpful. But I guess just taking a step back, can you talk a little bit more generally about which markets in your portfolio you'd say are showing kind of the most stability from an occupancy and rent standpoint and which might be weaker or weakening and maybe some of the reasons for the relative strength or weakness?

理查德，您對每個市場的詳細資訊非常有幫助。但我想退後一步，您能否更籠統地談談您的投資組合中的哪些市場從入住率和租金的角度來看表現出最穩定，哪些市場可能會疲軟或減弱，也許還有一些相對強弱的原因是什麼？

Sure. So I think my answer is very similar to what we talked about last quarter. I think all of our markets have some positive dynamics in play, but there are competing dynamics as well with rising interest rates and then people returning to work. so a lot of undercurrents. But I continue to point out that Atlanta has been very healthy and strong for us for all of 2023.

當然。所以我認為我的答案與我們上季討論的非常相似。我認為我們所有的市場都有一些積極的動態在發揮作用，但也存在競爭動態以及利率上升和人們重返工作崗位。所以暗流很多。但我繼續指出，亞特蘭大在 2023 年全年都非常健康和強大。

We executed a lot of leasing volume for its size in Tampa and continue to feel like Tampa is displaying as much as any market, the bifurcation between quality and kind of everything else. So the flight to quality dynamic there is very much in play.

我們在坦帕的規模中執行了大量的租賃量，並且仍然感覺坦帕正在展示與任何市場一樣多的品質和其他一切之間的分歧。因此，追求質量動力非常重要。

But I'd say the same thing for Phoenix as well. We've had really encouraging tour activity there and conversion to leasing activity. So I have positive things to say about every market. Austin, obviously, we've called out in the past and continue to flag the fact that there are supply challenges. And our volume has not been as strong there this year. But at the same time, we don't have a lot of vacancy available to lease. We're in a very good position with a lot of stability. So we can weather the kind of cyclical dynamics there very well.

但我也會對菲尼克斯說同樣的話。我們在那裡進行了非常令人鼓舞的旅遊活動並轉變為租賃活動。因此，我對每個市場都有正面的看法。奧斯汀，顯然，我們過去曾呼籲並繼續指出存在供應挑戰的事實。今年我們的銷量沒有那麼強勁。但同時，我們沒有太多空置可供租賃。我們處於非常有利的位置，並且非常穩定。所以我們可以很好地應對那裡的周期性動態。

And then, Colin, I understand there are very few transactions to point to in the investment sales market. But can you talk about how your internal return hurdles on new investments have changed with the increase in capital cost and whether or not there are any interesting opportunities that might be emerging on the acquisition side of things?

然後，科林，據我所知，投資銷售市場上的交易很少。但您能否談談隨著資本成本的增加，新投資的內部回報障礙如何變化，以及收購方面是否會出現任何有趣的機會？

Well, I'd definitely say our return expectations have gone up. I think it's still too early to precisely define our specific kind of cap rate or unlevered IRR because the market continues to be so fluid. And I think until there's some stability putting aside the actual nominal kind of interest rate until there's some stability in terms of the direction of rates, I think that will continue to be fluid.

嗯，我肯定會說我們的回報預期已經上升。我認為現在精確定義我們具體的上限利率或無槓桿內部收益率還為時過早，因為市場仍然如此不穩定。我認為，除非實際的名目利率達到一定的穩定性，直到利率方向達到一定的穩定性，否則我認為這將繼續保持不穩定。

But we are starting to see an uptick in opportunities that we are tracking. I think in many cases, it's still a bit early to insert ourselves in those opportunities because there are, I'd say, capital structure dynamics that are still playing out between, in many cases, owner and lenders or mezz lenders, but we are tracking a number of situations that are going to require outside capital and I think could be interesting opportunities, but we need to be patient and wait for the right time.

但我們開始看到我們正在追蹤的機會增加。我認為在許多情況下，現在介入這些機會還為時過早，因為我想說，在許多情況下，所有者和貸款人或夾層貸款人之間仍然存在資本結構動態，但我們跟踪一些需要外部資本的情況，我認為這可能是有趣的機會，但我們需要耐心等待合適的時機。

Our next question will come from Jay Poskitt with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Jay Poskitt。

I was wondering if you can breakdown the leasing pipeline just between new and renewals and kind of how that just breakdown has changed over the past couple of quarters?

我想知道您是否可以在新房和續租之間細分租賃管道，以及在過去幾季中這種細分發生了怎樣的變化？

Sure. Well, this quarter, we executed 35% of our activity was new and expansion. If you look to the late-stage leasing pipeline, that's new and expansion will kind of pop up back to levels we've seen prior this quarter, so kind of a little over 50%.

當然。嗯，本季度，我們執行的活動中有 35% 是新的和擴張的。如果你看看後期的租賃管道，你會發現這是新的，擴張將恢復到我們本季之前看到的水平，略高於 50%。

And Jay, it's Colin. Those numbers will fluctuate quarter-to-quarter. And really, what drives that is going to be kind of the expiration schedule. And based on that expiration schedule, that's really going to drive what our renewal activity looks like. And so it will fluctuate quarter-to-quarter.

傑伊，我是科林。這些數字將按季度波動。事實上，推動這一趨勢的因素是到期時間表。根據該到期時間表，這確實會推動我們的續訂活動。因此它會按季度波動。

Great. And then I know that the -- sorry, your expirations in '24 are relatively muted. But do you have any large known move-outs as you look ahead to next year?

偉大的。然後我知道——抱歉，你在 24 年的到期時間相對平靜。但展望明年，您是否有任何已知的大型搬遷？

Yes. It's -- next year, we have a low percentage of expirations, and we also have very few large expirations. And so looking forward to next year, we really just have one customer within the portfolio that's over 100,000 square feet, and that would be accruent at Domain 4. We talked about that in past quarters. Our expectation there is that they are likely to significantly downsize or leave. And again, it's a little over 100,000 square feet in August of '24.

是的。明年，我們的到期比例很低，而且大的到期很少。因此，展望明年，我們的投資組合中實際上只有一個客戶，面積超過 100,000 平方英尺，這將在 Domain 4 中增加。我們在過去的幾個季度中討論過這一點。我們的預期是他們可能會大幅裁員或離開。 2024 年 8 月，面積略高於 10 萬平方英尺。

But just to point out, and I think many of you all have toured Domain 4. That's one of the original vintage single-story buildings in the Domain that sits directly on Rock rows, kind of the main retail and entertainment avenue within the Domain. And it's arguably the best land site that we have in the Domain. And so it ultimately might be more valuable to us as land than trying to aggressively renew that space, at least for the long term, perhaps a short-term lease would be in the cards. But it's a terrific land site for us.

但我想指出的是，我想你們很多人都參觀過 Domain 4。這是 Domain 中最初的老式單層建築之一，直接坐落在岩石排上，是 Domain 內的主要零售和娛樂大道。它可以說是我們在領地中擁有的最好的土地。因此，它最終對我們來說可能比試圖積極更新該空間更有價值，至少從長遠來看，也許短期租賃是可能的。但這對我們來說是一個很棒的土地。

Outside of that, the only other, I'd say, significant expiration that we have next year is NASCAR Media, which is about 77,000 square feet that expires in the end of February next year.

除此之外，我想說，明年我們唯一一個重要的到期是 NASCAR Media，它佔地約 77,000 平方英尺，將於明年 2 月底到期。

Again, we've talked about this many times in past quarters. NASCAR did a long-term renewal for some space at our 550 South project. This 77,000 is going to be relocated into a new facility that they're building at the racetrack. And so this was originally scheduled to expire this year. They extended it into next year to line that up with the delivery of their new media center. And so those are really it for next year.

同樣，我們在過去幾個季度多次討論過這一點。 NASCAR 對我們 550 South 項目的部分空間進行了長期更新。這 77,000 名員工將被搬遷到他們在賽馬場建造的新設施。因此，原定於今年到期。他們將其延長到明年，以便與新媒體中心的交付保持一致。這些就是明年的真正內容。

Our next question will come from Upal Rana with KeyBanc.

我們的下一個問題將來自 KeyBanc 的 Upal Rana。

So you highlighted the realty tax savings in your prepared remarks. Can you maybe break that down by maybe market where you're seeing that? And maybe any potential other cost reduction plans that you're working on that can help support cash flow either this year or next year?

因此，您在準備好的發言中強調了房地產稅的節省。您能否透過您所看到的市場來細分？也許您正在製定的其他潛在成本削減計劃可以幫助支持今年或明年的現金流？

Sure. Upal, it's Gregg. The vast majority of our property tax savings this quarter were in Texas. And the vast majority of where we own in Texas is in Austin. So the savings were primarily in Austin. It hasn't been approved yet, but it will be overwhelmingly approved by voters here in a couple of weeks. Once that happens, it kind of resets the bar. And so as we do with any accrual, we caught up 3 quarters to the first 9 months of the year, this quarter. So you saw kind of 9 months of an accrual adjustment pushed into 3-month reporting period.

當然。烏帕爾，我是格雷格。本季我們節省的絕大多數財產稅都來自德州。我們在德州擁有的絕大多數房產都位於奧斯汀。因此，節省的資金主要集中在奧斯汀。該法案尚未獲得批准，但幾週後將獲得這裡選民的壓倒性批准。一旦發生這種情況，就會重置標準。因此，正如我們對應計專案所做的那樣，本季度我們趕上了今年前 9 個月的 3 個季度。因此，您看到 9 個月的應計調整被推入了 3 個月的報告期間。

In the fourth quarter, it will just be a 1-month reporting period. So we'll still enjoy some savings, but it won't be quite as large as it was this quarter. And then we reset the bar in Texas going forward. So it's a favorable kind of outcome that has legs moving forward for us.

第四季的報告期間僅為1個月。因此，我們仍然會享受一些節省，但不會像本季那麼大。然後我們重新設定了德州的標準。因此，這是一種有利的結果，可以為我們帶來前進的動力。

We haven't seen anything large like that in any of our other markets, no statewide or market-wide adjustment to kind of the property millage rate or property tax policy in general. But you take a step back and we all realize what's happening to office values here. So we should be successful just in general, on appeals of property tax assessments going forward.

我們在其他市場中還沒有看到類似的大規模情況，也沒有在全州或整個市場範圍內對房產磨耗率或房產稅政策進行整體調整。但退後一步，我們都會意識到這裡的辦公室價值觀正在發生什麼。因此，在未來財產稅評估的呼籲上，我們總體上應該會取得成功。

So there are certainly some headwinds on the expense side for office owners, just general inflation as well as people returning to the office. But on the property tax side, I don't think we're going to have those same headwinds.

因此，對於辦公室業主來說，費用方面肯定會遇到一些阻力，包括整體通膨以及人們返回辦公室的情況。但在財產稅方面，我認為我們不會遇到同樣的阻力。

Great. So for my next question, I mean, you kind of highlighted all your strong balance sheet and your strong liquidity. Are you still going to focus on liquidity? Or do you think that maybe you can start putting some of that to work maybe in buybacks or some other places?

偉大的。因此，對於我的下一個問題，我的意思是，您強調了您強大的資產負債表和強大的流動性。您還會關注流動性嗎？或者你認為也許你可以開始將其中的一些投入到回購或其他一些地方？

Yes, it's Gregg again. As Colin talked about, just a few minutes ago, we value our liquidity at the moment. We've always maintained liquidity. And these are the periods of the cycle where it has tremendous value. And so we're going to be patient and disciplined before we deploy it. There will be opportunities to deploy it, but we're going to be very thoughtful and treat it as a competitive advantage because it is one.

是的，又是格雷格。正如科林幾分鐘前所說，我們重視目前的流動性。我們一直保持流動性。在這些週期中，它具有巨大的價值。因此，在部署它之前，我們將保持耐心並遵守紀律。將有機會部署它，但我們會非常深思熟慮，並將其視為競爭優勢，因為它確實是一種競爭優勢。

And so we'll look at each opportunity as they arrive. Things are starting to kind of come up with the threshold. The pace is increasing slightly, and we're optimistic going forward that we'll have a chance to do something with that liquidity.

因此，我們會在每一個機會到來時關注它們。事情開始到了臨界點。步伐正在略有加快，我們對未來持樂觀態度，認為我們將有機會利用這些流動性做一些事情。

Our next question will come from Camille Bonnel with Bank of America.

我們的下一個問題將來自美國銀行的卡米爾·博內爾。

A few follow-up questions on the balance sheet. First, more generally in today's market, where do you see the most attractive places to raise capital?

關於資產負債表的一些後續問題。首先，更廣泛地說，在當今的市場上，您認為最有吸引力的融資場所在哪裡？

Camille, it depends on what type of capital we're talking about. But at the moment, equity capital is obviously priced at levels that us and other office rates would find not useful. So I don't think you're talking about raising equity at the moment. On the debt side, what has emerged is if you have the right assets you can obtain mortgages on those assets. The LTVs are lower, the spreads are higher than they have historically been. But there's debt available for the right office buildings. And that's probably the most cost-effective debt available at the moment. Unsecured debt, whether it's a product placement execution or an investment-grade bond execution would typically be more expensive.

卡米爾，這取決於我們談論的是哪種類型的資本。但目前，股權資本的定價水準顯然對我們和其他官員來說沒有用處。所以我認為你現在不是在談論籌集股本。在債務方面，如果您擁有合適的資產，您可以獲得這些資產的抵押貸款。 LTV 較低，利差高於歷史水準。但合適的辦公大樓有可用的債務。這可能是目前最具成本效益的債務。無擔保債務，無論是產品置入執行或投資等級債券執行，通常都會更昂貴。

And you've seen there hasn't been much liquidity, but you've seen some liquidity on both of those fronts. So you can generally kind of see the pricing on that.

你已經看到流動性並不多，但你在這兩方面都看到了一些流動性。所以你通常可以看到它的定價。

In terms of kind of alternate sources of liquidity might be a joint venture or something like that, I think that also has become more difficult than it has been historically. And there's limited liquidity out there. The typical joint venture partners are, I think, have taken a step back from the office market at the moment and they're trying to figure out where pricing will actually occur when liquidity returns. I don't think they're going to be at the forefront of it. I think they're going to be watching what happens.

就替代流動性來源可能是合資企業或類似的東西而言，我認為這也變得比歷史上更加困難。而且那裡的流動性有限。我認為，典型的合資夥伴目前已經從辦公室市場退了一步，他們正在試圖弄清楚當流動性回歸時定價實際上會發生在哪裡。我不認為他們會站在最前線。我想他們會關注會發生什麼。

That's helpful. And can you put some numbers around where you think spreads are today, if you try to raise secured or unsecured debt?

這很有幫助。如果你試圖籌集有擔保或無擔保債務，你能提供一些你認為目前利差的數字嗎？

Yes. I mean, it changes, it's fluid. But I would say that -- and you can see the REIT -- office REIT unsecured bonds trade, they trade every day. Not a lot of them, but they do trade. So you can see the spreads out there. And I think that the higher investment-grade office unsecured bonds are trading in the kind of the high 200s to low 300s over the 10-year spread. And then in terms of secured debt, I think you're probably 50 to 75 basis points tighter than that.

是的。我的意思是，它會變化，它是流動的。但我想說的是——你可以看到房地產投資信託基金——辦公房地產投資信託基金無擔保債券交易，他們每天都在交易。雖然數量不多，但他們確實從事貿易。所以你可以看到那裡的價差。我認為，投資等級較高的辦公無擔保債券的 10 年期利差在 200 多美元到 300 多美元之間。然後就擔保債務而言，我認為可能比這更緊 50 到 75 個基點。

I appreciate the color. And finally, what gives you comfort to underwrite redevelopment projects like Hayden Ferry or potentially Domain 4 when there is such high cost barriers and unknowns around where rents will ultimately pencil out that?

我很欣賞它的顏色。最後，當成本障礙如此之高且租金最終將在哪裡出現未知數時，是什麼讓您放心承保 Hayden Ferry 或潛在的 Domain 4 等重建項目？

Camille, it's Colin. I think we've got a lot of confidence in Hayden Ferry and a lot of history in Hayden Ferry. And we've also seen some very recent successes with our redevelopment projects, certainly here in Atlanta, the Promenades executed similar redevelopments and solid demand and the rate that customers were willing to pay for a premier lifestyle type office properties.

卡米爾，我是科林。我認為我們對海登費裡充滿信心，而且海登費裡有很多歷史。我們也看到我們的重建項目最近取得了一些成功，當然在亞特蘭大，長廊執行了類似的重建和穩定的需求以及客戶願意為優質生活方式類型的辦公物業支付的費用。

And then looking out specifically to Tempe, we just executed a repositioning of our Tempe Gateway project, which is effectively across the street from Hayden Ferry. And again, we're able to see the types of rents that we were able to achieve and are achieving a Tempe Gateway, and that gives us direct visibility into how we're underwriting the repositioning of Hayden Ferry.

然後專門針對坦佩，我們剛剛對坦佩網關項目進行了重新定位，該項目實際上位於海登渡口的街對面。再次，我們能夠看到我們能夠實現並正在實現 Tempe Gateway 的租金類型，這使我們能夠直接了解我們如何承保 Hayden Ferry 的重新定位。

Our next question will come from Vikram Malhotra with Mizuho.

我們的下一個問題將由 Mizuho 的 Vikram Malhotra 提出。

This is Georgi on for Vikram. What are you seeing on the sublet space? And can you comment on any recent impact from work from home dynamics? And how this has changed over the last 6 months?

這是維克拉姆的喬治。您在轉租空間上看到了什麼？您能否評論一下家庭動態工作最近的影響？過去 6 個月裡情況發生了什麼樣的變化？

Sure. I'd say the sublease activity across our markets in the Sun Belt, I'd say third quarter relative to the second quarter have largely been flat. We have not seen an increase in sublease availability. I'd say in certain markets, we've actually seen it come down. And that's been a combination of some of that sublease space actually being leased. And in some instances, customers taking that space off the market as they rethink their plans.

當然。我想說，陽光地帶市場的轉租活動，第三季相對於第二季基本持平。我們沒有看到轉租可用性的增加。我想說的是，在某些市場，我們實際上已經看到它的下降。這是實際租賃的一些轉租空間的組合。在某些情況下，客戶在重新考慮他們的計劃時會從市場上撤出該空間。

I -- as we look at the work from home trends that you mentioned, certainly, a year ago, that was a major secular risk that we were focused on here at Cousins along with the cyclical risks in the economy. I would tell you, as we sit here today, we are far less concerned about the secular risks of work from home and its impacts on trophy lifestyle office in the Sun Belt. And that's -- we're certainly seeing that in the headlines.

我——當我們審視你一年前提到的國內趨勢時，這當然是我們在考辛斯關注的一個主要長期風險以及經濟的周期性風險。我想告訴你，當我們今天坐在這裡時，我們遠遠不太擔心在家工作的長期風險及其對陽光地帶辦公室生活方式的影響。那就是——我們肯定在頭條新聞中看到了這一點。

And as I mentioned, the announcements that are accelerating in many of those are -- we had a Fortune 500 company in Atlanta just this week that had not been back to work and just announced 3 days a week. We've had a Fortune 500 company here in Atlanta that was 3 days that just announced they were moving to 4 days. And I think the consensus among many CEOs for, again, the best -- their employees and their professional employees in the highest-quality buildings is going to trend probably 4 days a week. And I hear that often. And so we're -- I'd say, far less concerned about that today.

正如我所提到的，其中許多正在加速發布的消息是——本週我們在亞特蘭大有一家財富 500 強公司，該公司還沒有恢復工作，只是每周宣布 3 天。我們亞特蘭大的財富 500 強公司的工作時間為 3 天，剛剛宣布將工作時間改為 4 天。我認為，許多執行長之間的共識是，最好的——他們的員工和專業員工在最高品質的建築中，這可能會成為每週 4 天的趨勢。我常聽到這樣的說法。所以我想說，今天我們對此不太在意。

And just a last quick one for me. Can you talk about assets that you would like to sell? And where do you see corporates today and I guess, over the next 6 to 12 months?

對我來說這只是最後一個快速的。您能談談您想出售的資產嗎？您認為今天以及我猜未來 6 到 12 個月內企業會是什麼樣子？

Again, there's really not a lot of data points on where cap rates are today. I think we're still in that process, again, of the market is moving and it's still fluid. Investors are looking for direction and where interest rates are going before they are probably more willing to place bets. And I think when that stability arrives, you will see investors begin to make bets.

再說一遍，目前關於資本化率的數據確實不多。我認為我們仍然處於這個過程中，市場正在變化，而且仍然不穩定。投資者在可能更願意下注之前正在尋找方向和利率走向。我認為當穩定到來時，你會看到投資者開始押注。

And again, I just kind of pivot back for a moment and kind of why do we think investors are going to have confidence to invest in trophy lifestyle office in the Sun Belt. And I think many of those investors are going to look at the experience of Cousins Properties over the course of this pandemic.

再說一次，我只是稍微回顧一下為什麼我們認為投資者將有信心投資陽光地帶的頂級生活方式辦公室。我認為許多投資者都會關注 Cousins Properties 在這場大流行期間的經歷。

And if you -- Gregg highlighted just a few minutes ago that from the start of the pandemic to now, we've actually grown our net operating income by 15% and been able to do that while maintaining a fortress balance sheet. And so it is showing the durability and the stability and the future growth in lifestyle office in the Sun Belt. And so that investor capital will come back. We think it will be firmly focused in the best assets in the best markets.

如果你——格雷格幾分鐘前強調，從大流行開始到現在，我們的淨營業收入實際​​上增長了 15%，並且能夠在保持堡壘資產負債表的同時做到這一點。因此，它展示了陽光地帶生活方式辦公室的耐用性、穩定性和未來成長。這樣投資者的資金就會回來。我們認為它將堅定地專注於最佳市場中的最佳資產。

And I think until that time comes, we're not in a huge hurry at Cousins to pursue dispositions. We've got a great balance sheet, no need for near-term liquidity. And so while we're patient on the acquisitions at the moment, we're also patient on the dispositions.

我認為在那一刻到來之前，我們不會急於在考辛斯尋求處置。我們擁有良好的資產負債表，不需要短期流動性。因此，雖然我們目前對收購保持耐心，但我們對處置也保持耐心。

Our next question will come from Anthony Powell with Barclays.

我們的下一個問題將來自巴克萊銀行的安東尼·鮑威爾。

A question on tenant improvements. We always hear stories about TI growing in a lot of coastal markets and just the cost of leasing space increasing, does seem to be a case in your market. So maybe you can talk about TI requirements in your markets and how those evolved in the past few quarters.

關於租戶改進的問題。我們總是聽到有關 TI 在許多沿海市場不斷增長的故事，而租賃空間的成本不斷增加，這似乎也是您所在市場的一個例子。因此，也許您可以談談您所在市場的 TI 要求以及這些要求在過去幾季的演變。

Sure. This is Richard. I mean we do continue to see some amount of pressure and inflation in construction costs. But certainly, when we're looking at tenant improvements and how they flow through to our results, those are allowances that we're giving. They aren't necessarily indicative of the total project cost. So it is truly a concession and a negotiation in any given deal. And we felt like -- and you can see in our results that we've been able to manage that and you just look at our net effective rents over time where we've had more exposure to the increasing TIs to get leases signed, we've been able to actually seek out higher rate to offset that successfully.

當然。這是理查德.我的意思是，我們確實繼續看到建築成本面臨一定程度的壓力和通貨膨脹。但當然，當我們考慮租戶的改善以及它們如何影響我們的結果時，這些都是我們給予的津貼。它們不一定代表項目總成本。因此，這確實是任何特定交易中的讓步和談判。我們感覺到——你可以在我們的結果中看到，我們已經能夠做到這一點，你只需看看我們隨著時間的推移的淨有效租金，我們有更多的機會接觸不斷增加的TI 來簽署租約，我們實際上已經能夠尋求更高的利率來成功抵消這一影響。

So maybe on the WeWork, have you entered talks with them about maybe restructuring some of these leases and maybe the exiting earlier so to work on releasing the space? Or is this -- or as in related to that to start.

那麼，也許在 WeWork 上，您是否已與他們就重組部分租約以及提前退出以釋放空間進行談判？或者是這個——或者與開始的內容相關。

Could you repeat the question, Anthony?

安東尼，你能重複這個問題嗎？

Yes, WeWork. Have you started to have discussions with them about potentially reworking the leases? Or is it too early for that process to start?

是的，我們工作。您是否開始與他們討論可能重新制定租約的問題？或者這個過程現在開始還太早嗎？

This is Richard again. We are under a nondisclosure agreement about the proceedings and what's going on with WeWork. But higher level -- yes, we are in dialogue there, an important partner of ours, have been for many years. And as we mentioned earlier, it's a very fluid situation. It is potentially a bankruptcy situation and a lot can happen. But we are speaking and exploring a lot of different alternatives.

這又是理查德。我們簽署了一份關於訴訟程序和 WeWork 進展的保密協議。但更高層面——是的，我們在那裡進行對話，我們的重要合作夥伴，已經進行了多年。正如我們之前提到的，這是一個非常不穩定的情況。這可能會導致破產，並且可能會發生很多事情。但我們正在談論並探索許多不同的替代方案。

And our next question will come from Peter Abramowitz with Jefferies.

我們的下一個問題將來自傑弗里斯的彼得·阿布拉莫維茨。

I appreciate the comments and the color on 3350 Peachtree. Just wondering if you could talk about 2 of the other buildings in your portfolio with significant vacancies. Could you talk about activity at Northpark as well as One Eleven Congress. You have some large vacancies there? Just how is the interest in those spaces and any potential contribution for '24.

我很欣賞 3350 Peachtree 上的評論和顏色。只是想知道您是否可以談談您投資組合中另外兩座有大量空置的建築。您能談談北公園和「一十一」大會的活動嗎？你們那裡有大量的職缺嗎？人們對這些空間的興趣以及對「24」的潛在貢獻如何？

Yes. It's Colin. I would say, looking at those 2 properties, Northpark has been a bit more of a challenge for us. It is a more suburban property in the central perimeter here in Atlanta. And that market has been slower to recover its leasing velocity than some of our more urban markets. Northpark over the long term, has some great things going forward. It sits right on Georgia.

是的。是科林。我想說，看看這兩個房產，Northpark 對我們來說是一個更大的挑戰。這是亞特蘭大市中心的一處更郊區的房產。與我們的一些城市市場相比，該市場恢復租賃速度的速度較慢。從長遠來看，Northpark 未來將會有一些偉大的事情發生。它坐落在喬治亞州。

Speakers, your line is open. It appears you have lost connection.

發言者，您的線路已接通。您似乎已失去連線。

We can hear the operator.

我們可以聽到接線員的聲音。

Speakers are reconnected.

揚聲器已重新連接。

You missed the punchline. Sorry for the technical difficulty there. I was just mentioning that Northpark has been a bit more challenging that the Central perimeter has been a little slower to recover in its leasing activity, but Northpark does have some positives with MARTA stock directly on campus. One Eleven Congress in Austin, again, our urban markets have seen more activity. One Eleven is a great property that many -- gosh, 4, 5 years ago, a significant redevelopment was done with a major food hall on campus, and that's a property that we believe when we find the right customer, we'll hopefully be able to drive some occupancy there sooner than later. And I think likely ahead of Northpark.

你錯過了重點。對於技術上的困難，我們深表歉意。我剛才提到，Northpark 更具挑戰性，因為中央週邊的租賃活動恢復得稍慢一些，但 Northpark 確實有一些積極因素，因為 MARTA 股票直接位於校園內。在奧斯汀舉行的十一一大會上，我們的城市市場再次變得更加活躍。一十一是一個偉大的財產，天哪，四五年前，校園內的一個主要食品大廳進行了重大重建，我們相信，當我們找到合適的客戶時，我們希望能夠成為這樣的財產遲早能夠在那裡吸引一些入住。我認為可能領先於北園。

Got it. That's helpful. And then just a higher-level question. A lot of your peers this quarter have talked about just slower decision-making from tenants and generally longer deal cycles. Just wanted to see if you had any color on whether you had a similar experience if you're seeing that in the portfolio or if that hasn't really been the case for you?

知道了。這很有幫助。然後是一個更高層次的問題。本季的許多同業都談到了租戶決策速度變慢以及交易週期普遍較長的問題。只是想看看您是否有過類似的經歷（如果您在作品集中看到了類似的經歷）或者您的情況並非如此？

So we've got some competing forces at play. And I think higher interest rates are kind of at the center of all of those competing forces. And I'd say -- I'd characterize this on the negative that in some instances, higher interest rates are forcing companies to become more efficient. And therefore, they are scrutinizing headcount, G&A and real estate spend very, very carefully. At the same time, we always say here at Cousins as the Fed raises interest rates, they're also driving employees back to work.

所以我們有一些競爭力量在發揮作用。我認為更高的利率是所有這些競爭力量的核心。我想說的是，我會將此描述為負面的，即在某些情況下，更高的利率迫使公司提高效率。因此，他們正在非常非常仔細地審查員工人數、一般行政費用和房地產支出。同時，我們在考辛斯總是說，隨著聯準會升息，他們也在推動員工重返工作崗位。

And I think we're seeing some instances and there's some active deals that Richard has alluded to, that are directly tied to as companies focus on the bottom line and profits. They want their people back in greater force and in some instances, are realizing they don't have enough space. And so we are seeing a push and a pull there. And our belief is regardless that with the quality of our portfolio and our ability to fund leasing costs that we're going to work really hard to gain as much of that market share as we can.

我認為我們看到了一些例子，理查德提到了一些活躍的交易，這些交易與公司關注底線和利潤直接相關。他們希望員工以更大的力量回歸，但在某些情況下，他們意識到自己沒有足夠的空間。所以我們看到了那裡的推力和拉力。我們相信，無論如何，憑藉我們投資組合的品質和我們為租賃成本提供資金的能力，我們將非常努力地獲得盡可能多的市場份額。

And our next question will come from Dylan Burzinski, with Green Street.

我們的下一個問題將來自 Green Street 的 Dylan Burzinski。

Apologies if I missed it as I joined late, but I'm just curious, given the strong leasing activity year-to-date and minimal lease expirations next year, would you guys say it's fair to say that occupancy at the portfolio level has maybe bottomed here?

如果我因為加入較晚而錯過了，我很抱歉，但我只是很好奇，考慮到今年迄今為止的強勁租賃活動和明年的最小租賃到期日，你們是否可以公平地說，投資組合層面的入住率可能已經到這裡觸底了嗎？

We hope so. And again, as you mentioned, we have modest expirations next year, kind of no significant other than accruent, large known move-outs. So again, we'll have to monitor the evolving situation with WeWork. But WeWork aside, our hope is certainly -- I'd say our goal as a company is certainly to end 2024 occupancy higher than it is at the end of 2023. And there could be some modest fluctuations positive and negative quarter-to-quarter. But that certainly is a goal.

我們希望如此。再次，正如您所提到的，明年我們的到期日將是溫和的，除了應計的、已知的大規模遷出之外，沒有什麼重大意義。因此，我們必須再次與 WeWork 一起監控不斷變化的情況。但撇開WeWork 不談，我們的希望是——我想說，作為一家公司，我們的目標肯定是到2024 年末入住率高於2023 年末的入住率。季度與季度之間可能會出現一些適度的正負波動。但這肯定是一個目標。

And then I guess just one on sort of inbound activity from out-of-market tenants. Have you guys seen that sort of slow down here more recently relative to the level that we saw coming into the pandemic.

然後我猜想這只是來自市場外租戶的某種入境活動。你們有沒有看到，相對於我們在大流行期間看到的水平，最近這裡的速度有所放緩。

Well, I would say it's reverting back to where it was prior to the pandemic. And again, this has been a trend that's been underway for 10 to 20 years. And it's been up into the right. I think for all the obvious reasons that we know, it was certainly supercharged during the pandemic, and I think we'll see that likely to revert back to the mean. I think in the immediate near term, I'd say the biggest challenge to some of the relocations is just the higher cost of residential mortgages.

好吧，我想說它正在恢復到大流行之前的狀態。再說一次，這種趨勢已經持續了 10 到 20 年。而且已經上升到右邊了。我認為，出於我們所知道的所有明顯原因，在大流行期間，它肯定會過度增長，而且我認為我們會看到它可能會恢復到平均值。我認為在近期內，一些搬遷面臨的最大挑戰只是住宅抵押貸款成本上升。

And so I think kind of the full-scale relocations of the company might slow until that normalizes. But what we are seeing a lot of companies do is rather than relocate employees, they are moving or shifting their growth to the Sun Belt and hiring within markets, which mitigates that. So I'd say I think you're likely to see continued activity on expanding hubs and perhaps more kind of near term -- a more near-term slowdown in full-scale relocations.

因此，我認為公司的全面搬遷可能會放緩，直到這種情況正常化。但我們看到許多公司所做的不是重新安置員工，而是將其成長轉移或轉移到陽光地帶並在市場內招聘，這緩解了這種情況。所以我想說，我認為你可能會看到擴建樞紐的持續活動，也許是短期內的全面搬遷放緩。

And our next question will come from John Kim with BMO.

我們的下一個問題將來自 BMO 的 John Kim。

On WeWork, is there anything you could share on the characteristics, whether it's occupancy or profitability between the 2 locations that they remain current on rent versus noncurrent?

在 WeWork 上，您有什麼可以分享的特徵嗎？無論是當前租金與非當前租金的兩個地點之間的入住率還是盈利能力？

Yes. Unfortunately, we are under an NDA, so we can't share specifics about the performance of each location at this time.

是的。不幸的是，我們簽署了保密協議，因此目前無法分享每個地點的具體表現。

Okay. And I'm just wondering like what gives you confidence that the 2 remaining current leases will still continue to pay rent on that?

好的。我只是想知道是什麼讓您有信心剩餘的 2 個當前租約仍將繼續支付租金？

Again, I think that will be fluid. But I think, look, looking to what WeWork is doing is certainly kind of our guide at the moment. And we're able to -- we own the properties we see who's kind of coming and going and we see a lot of -- if we see activity, physical activity in spaces. But again, our current guide is based on -- they've made a decision to pay rent on 2 and made a decision to not pay rent on the other 2.

再說一次，我認為這將是不穩定的。但我認為，看看 WeWork 正在做的事情無疑是我們目前的指南。如果我們看到空間中的活動、身體活動，我們就能夠——我們擁有財產，我們看到誰來來去去，我們看到很多人。但同樣，我們目前的指南是基於——他們已決定支付 2 處租金，並決定不支付另外 2 處租金。

Got it. Okay. On NCR, I know last quarter, you provided an update on the lease and the company subleasing some of that space. I was wondering if you could provide a further update to that? And if there's any chance to give that -- some of that space back to you?

知道了。好的。在 NCR 上，我知道上個季度，您提供了租賃的最新信息，並且該公司轉租了部分空間。我想知道您是否可以提供進一步的更新？如果有機會給你一些空間嗎？

So the NCR did complete their corporate spin-off. So today, it is to -- there are 2 separately traded public companies. Our lease, our master lease is still with kind of our original lessor, 1 of those 2 public companies. As you mentioned, they have put some of the space on the sublease market as they've split into 2 companies and are attempting to become more efficient.

因此 NCR 確實完成了公司分拆。所以今天，有兩家獨立交易的上市公司。我們的租約，我們的主租約仍然是我們原來的出租人，那兩家上市公司中的一家。正如您所提到的，他們已將部分空間放在轉租市場上，因為他們已分成兩家公司並試圖提高效率。

But there is no ultimate change in our lease, and they have no rights to give any space back. They certainly have the right to sublease space. And I think it's a potential that we'll engage with them in some of those conversations, if an interesting opportunity comes along for our shareholders to go direct with a new long-term tenant customer in some of that space.

但我們的租約並沒有最終改變，他們也沒有權利退還任何空間。他們當然有權利轉租空間。我認為，如果我們的股東有一個有趣的機會直接與某個空間的新長期租戶客戶直接接觸，我們就有可能與他們進行一些對話。

And I think they already have some -- actually some meaningful prospects for that space. And so we'll continue to stay in touch with them. And if there's a win-win solution for them and our shareholders, we'll certainly engage.

我認為他們已經在這個領域擁有了一些東西——實際上是一些有意義的前景。因此我們將繼續與他們保持聯繫。如果他們和我們的股東有雙贏的解決方案，我們一定會參與。

Final question for Gregg. On the improved disclosure on the stabilization periods on developments, can you just remind us on your capitalized interest policy, if you're required to expense the interest 1-year after completion? Or are there some ways that you could extend that capitalized interest period?

最後一個問題要問格雷格。關於改善開發穩定期的揭露，您能否提醒我們您的資本化利息政策，如果您需要在完工後一年支付利息？或是有什麼方法可以延長資本化利息期間？

No, it's a drop that we typically capitalize interest on unoccupied space and no greater than 1-year after completion.

不，我們通常將未佔用空間的利息資本化，並且在完工後不超過一年。

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

我們的問答環節到此結束。我想將會議轉回給科林康諾利做總結發言。

Thank you for your time this morning and your interest in Cousins Properties. We will look forward to hopefully seeing many of you out in NAREIT in a few weeks. Have a great weekend.

感謝您今天早上抽出時間以及對 Cousins Properties 的興趣。我們期待幾週後在 NAREIT 見到你們中的許多人。週末愉快。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。