Cousins Properties Inc (CUZ) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cousins Properties second-quarter conference call.

早安，女士們先生們，歡迎參加 Cousins Properties 第二季度電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議交給總法律顧問 Pamela Roper。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning and welcome to Cousins Properties second-quarter earnings conference call.

早安，歡迎參加 Cousins Properties 第二季財報電話會議。

With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operation; Kennedy Hicks, our Executive Vice President and Chief Investment Officer; and Gregg Adzema, our Chief Financial Officer.

今天與我在一起的有我們的總裁兼執行長 Colin Connolly；理查德‧希克森 (Richard Hickson)，我們的營運執行副總裁；肯尼迪‧希克斯 (Kennedy Hicks)，我們的執行副總裁兼首席投資長；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.

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。

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.

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。

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.

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, 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，並且由於各種風險、不確定性和其他因素（包括中所述的風險因素），實際結果可能與這些陳述存在重大差異。

The company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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。

The full declaration regarding forward-looking statements is available in the supplemental package posted yesterday.

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。

And detailed discussions of additional risks is contained in our filings with the SEC.

我們向 SEC 提交的文件中包含了對其他風險的詳細討論。

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.

謝謝你，帕姆，大家早安。

Cousins' second-quarter results were strong.

考辛斯第二季業績強勁。

To summarize, we delivered $0.68 a share in FFO, which compares favorably to Street consensus.

總而言之，我們交付了每股 0.68 美元的 FFO，這與華爾街的共識相比是有利的。

We reported same property net operating income growth of 5%.

我們報告同一財產淨營業收入成長 5%。

We leased 391,000 square feet with a positive cash rent roll-up of 18.2%.

我們租賃了 391,000 平方英尺，現金租金上漲 18.2%。

Our percentage leased and occupied both increased.

我們的租賃和占用百分比均有所增加。

We reduced leverage with our net debt to EBITDA of 5.12 times at quarter end.

我們降低了槓桿率，季度末淨負債與 EBITDA 比率為 5.12 倍。

And we acquired two newly created mezzanine loans, which are secured by interest in lifestyle office properties in Nashville and Charlotte.

我們還獲得了兩筆新創建的夾層貸款，這些貸款以納許維爾和夏洛特的生活方式辦公物業的利息為擔保。

Cousins' initial commitment is $27.2 million with a potential total commitment of $37 million.

考辛斯最初的承諾金額為 2,720 萬美元，潛在的總承諾金額為 3,700 萬美元。

These achievements are fantastic and continue to highlight the strength and resiliency of our leading Sun Belt lifestyle office portfolio and our best-in-class balance sheet.

這些成就令人驚嘆，並繼續凸顯我們領先的 Sun Belt 生活方式辦公室組合的實力和彈性以及我們一流的資產負債表。

Before discussing our priorities at Cousins, I will start with a few observations on the market.

在討論我們在考辛斯的優先事項之前，我將首先對市場進行一些觀察。

While the commodity office sector continues to struggle, fundamentals for our lifestyle office in the Sun Belt have begun to improve.

儘管商品辦公室行業繼續陷入困境，但我們位於陽光地帶的生活方式辦公大樓的基本面已經開始改善。

Physical utilization continues to grow.

物理利用率持續成長。

Leasing activity has meaningfully accelerated.

租賃活動明顯加速。

Sub-lease availability has come down.

轉租可用性已經下降。

And at the same time, existing inventory is shrinking and new construction starts are at historical lows.

同時，現有庫存正在萎縮，新開工量處於歷史低點。

In simple terms, demand is increasing, while supply is decreasing.

簡單來說，需求在增加，而供應在減少。

This will lead to a rebalanced market.

這將導致市場重新平衡。

It is economics 101.

這是經濟學101。

The process is underway and a shortage of lifestyle office in certain markets is not that far off.

這個過程正在進行中，某些市場中生活方式辦公室的短缺已為時不遠。

The flight to quality and the flight to capital continue to differentiate the market, and Cousins is well positioned at the intersection of these trends.

對品質的追求和對資本的追求繼續使市場與眾不同，而考辛斯在這些趨勢的交叉點上處於有利地位。

We own the premier lifestyle office properties in leading markets across the Sun Belt.

我們在陽光地帶的主要市場擁有一流的生活方式辦公物業。

In fact, Bank of America recently ranked our portfolio as the highest quality across their entire offers coverage universe.

事實上，美國銀行最近將我們的投資組合評為其整個優惠覆蓋領域中品質最高的。

In addition, our balance sheet is undoubtedly best in class with the lowest leverage across the sector and a solid investment grade rating.

此外，我們的資產負債表無疑是同類中最好的，槓桿率在整個產業中最低，投資等級評級也很可靠。

With these powerful tailwinds, our team remain strategically focused on driving earnings growth while enhancing our geographic diversification and maintaining our strong balance sheet.

借助這些強大的推動力，我們的團隊仍然策略性地專注於推動獲利成長，同時增強我們的地域多元化並保持強勁的資產負債表。

To do so, we are prioritizing both internal and external growth opportunities.

為此，我們優先考慮內部和外部成長機會。

Our portfolio is 88.5% occupied today, up from 87.6% at the start of the year.

目前，我們的投資組合已被佔用 88.5%，高於年初的 87.6%。

Given the quality of our real estate and the strength of the balance sheet, we intend to grow our leasing market share and drive occupancy back to more stabilized levels.

鑑於我們房地產的品質和資產負債表的實力，我們打算擴大租賃市場份額，並將入住率推回更穩定的水平。

Bank of America's exploration in Charlotte next year is a modest speed bump in that process.

美國銀行明年在夏洛特的勘探是這一過程中的一個小幅度的減速。

Richard will touch more on this.

理查德將對此進行更多討論。

However, over the immediate term, there is meaningful upside in our existing portfolio as leasing accelerates in our trophy lifestyle portfolio.

然而，從短期來看，隨著我們的生活方式投資組合的租賃加速，我們現有的投資組合將出現有意義的上升空間。

Externally, we are beginning to see compelling investment opportunities.

在外部，我們開始看到引人注目的投資機會。

As I mentioned earlier, we have recently closed on two mezzanine loan purchases with highly attractive risk-adjusted returns.

正如我之前提到的，我們最近完成了兩筆夾層貸款購買，其風險調整回報極具吸引力。

Kennedy Hicks, our Chief Investment Officer, will provide more specifics.

我們的首席投資長肯尼迪·希克斯（Kennedy Hicks）將提供更多細節。

At this point in the cycle, we are open to a wide variety of opportunities, including debt, structured transactions, joint ventures, and property acquisitions.

在周期的這個階段，我們對各種機會持開放態度，包括債務、結構性交易、合資企業和財產收購。

However, our core strategy remains the same -- invest in properties that already are or can be positioned into lifestyle office in our target Sun Belt markets.

然而，我們的核心策略保持不變——投資於我們目標陽光地帶市場中已經或可以定位為生活方式辦公的房產。

Near-term accretion is also a priority.

近期的成長也是一個優先事項。

Overall, the property capital markets remain challenging.

整體而言，房地產資本市場仍充滿挑戰。

Asset level debt and equity for office remains limited and expensive.

辦公室的資產水平債務和股權仍然有限且昂貴。

Many private equity investors have legacy issues in their existing portfolios and remain on the sideline.

許多私募股權投資者現有投資組合中存在遺留問題，因此仍保持觀望態度。

Conversely, the public markets show signs of improved liquidity has grown in the unsecured debt market and spreads have stabilized.

相反，公開市場顯示出無擔保債務市場流動性改善且利差已穩定的跡象。

Office REIT share prices have begun to rebound.

辦公室房地產投資信託基金的股價已開始反彈。

This creates a compelling investment environment for Cousins.

這為考辛斯創造了一個極具吸引力的投資環境。

While some economic headwinds exist, we are encouraged by the improving fundamentals in the lifestyle office sector.

儘管存在一些經濟阻力，但生活方式辦公產業基本面的改善令我們感到鼓舞。

We built Cousins to thrive during all economic cycles, and today we are in a highly advantageous position.

我們打造的 Cousins 能夠在所有經濟週期中蓬勃發展，今天我們處於非常有利的地位。

We are growing Sun Belt markets.

我們正在發展陽光地帶市場。

We own the highest quality lifestyle portfolio, and we have a fortress balance sheet with the lowest leverage among office REITs and great access to capital.

我們擁有最高品質的生活方式投資組合，我們擁有辦公房地產投資信託基金中槓桿率最低的堡壘資產負債表和良好的資本獲取管道。

I'm excited about the opportunities ahead.

我對未來的機會感到興奮。

Before turning the call over to Richard, I want to thank our entire Cousins team.

在將電話轉給理查德之前，我要感謝我們整個考辛斯團隊。

Our employees and teammates provide excellent customer service and hard work each and every day.

我們的員工和團隊成員每天都在提供卓越的客戶服務和辛勤工作。

Their dedication, talent, and resilience continue to propel the company forward, and I thank you.

他們的奉獻精神、才華和韌性繼續推動公司前進，我感謝你們。

Richard?

理查德？

Thanks, Colin.

謝謝，科林。

Good morning, everyone.

大家早安。

Our operations team closed out the first half of the year with another great quarter.

我們的營運團隊以另一個出色的季度結束了上半年。

Before going over results, I want to close the loop on WeWork.

在查看結果之前，我想結束 WeWork 上的循環。

All of our WeWork restructuring was completed prior to the end of the second quarter, and our outcomes in each of the four locations were materially in line with expectations.

WeWork 的所有重整工作均在第二季末前完成，四個地點的表現均基本符合預期。

The only notable difference is that WeWork remained an occupancy at 75 Ponce longer than expected.

唯一顯著的差異是 WeWork 保持 75 Ponce 入住率的時間比預期要長。

We're glad to have this effort behind us and look forward to our continued partnership with WeWork at our three remaining locations in Atlanta and Charlotte.

我們很高興能夠做出這樣的努力，並期待在亞特蘭大和夏洛特的剩餘三個辦公地點繼續與 WeWork 合作。

Now on to operating results.

現在來談談經營業績。

In the second quarter, our total office portfolio end-of-period leased and weighted average occupancy percentages were 91.2% and 88.5% respectively, both an increase over last quarter.

第二季度，我們的辦公室組合期末租賃率和加權平均入住率分別為91.2%和88.5%，均較上季度上升。

Occupancy was higher than our expectations this quarter, largely due to WeWork's delay in vacating 725 Ponce.

本季的入住率高於我們的預期，這主要是由於 WeWork 推遲騰出 725 Ponce。

I also want to walk you through some drivers of our anticipated occupancy for the balance of this year.

我還想向您介紹一些影響我們今年剩餘時間入住率的因素。

Recall that as of last quarter, our largest remaining 2024 for expiration was Accruent, a 104,000-square-foot customer at Domain 4 in Austin expiring at the end of August.

回想一下，截至上個季度，我們剩餘的 2024 年到期的最大客戶是 Accruent，這是位於奧斯汀 Domain 4 的 104,000 平方英尺客戶，將於 8 月底到期。

We disclosed last year that Accruent was an expected move out.

我們去年透露 Accruent 是預期的搬遷。

However, this quarter, we've reached an agreement to relocate and renewable through Accruent in our adjacent Domain 3 building with a reduced footprint.

然而，本季度，我們已達成協議，透過 Accruent 在鄰近的 Domain 3 大樓中進行搬遷和可再生，並減少佔地面積。

Accruent will remain in its current space beyond its previous August expiration at a reduced rate until the relocation space is ready.

Accruent 將在先前 8 月到期後以較低的價格保留在當前的空間，直到搬遷空間準備就緒。

This is clearly a win relative to our expectations, but Domain 4 will still be effectively 42% occupied after August.

相對於我們的預期，這顯然是一場勝利，但 8 月之後，Domain 4 的實際佔用率仍將達到 42%。

As we've said in the past Domain 4 is a single story, former light-manufacturing building, where we intend to limit leasing to short-term as-is deals to preserve optionality for future development on this exceptional land in the core of the Domain.

正如我們過去所說，Domain 4 是一棟單層建築，前身為輕工業建築，我們打算將租賃限制為短期按原樣交易，以保留未來在這片位於核心地帶的特殊土地上進行開發的選擇權。領域。

Given this strategy, we plan to remove the building from our operating portfolio after Accruent's effective expiration in August.

鑑於此策略，我們計劃在 Accruent 於 8 月有效到期後將建築物從我們的營運投資組合中刪除。

The combination of this portfolio change, our continued extremely low remaining 2024 lease expirations, and about 480,000 square feet assigned, new, and expansion leases set to commence through year-end should result in stable and possibly modestly higher reported occupancy by year-end.

這項投資組合的變化，我們的2024 年剩餘租賃到期時間持續極低，以及將於年底開始的約480,000 平方英尺的已分配、新和擴建租賃，這三者相結合，應會導致年底報告入住率穩定且可能略有上升。

During the second quarter, our team completed a solid 40 office leases totaling 391,000 square feet with a weighted average lease term of 8.6 years.

第二季度，我們的團隊完成了 40 個辦公大樓租賃，總面積為 391,000 平方英尺，加權平均租賃期限為 8.6 年。

Further, 240,000 square feet of our completed leases this quarter were new and expansion leases, representing a favorable 61% of our activity on a square-foot basis.

此外，本季我們已完成的租賃中有 240,000 平方英尺是新租賃和擴建租賃，以平方英尺計算，占我們活動的 61%。

With regard to lease economics, second-generation cash rents increased yet again in the second quarter by a notably strong 18.2%.

在租賃經濟方面，第二代現金租金在第二季再次成長，增幅高達 18.2%。

All of our markets with second-generation activity saw roll-ups in rent, and Atlanta was the largest contributor.

我們所有有第二代活動的市場都出現了租金上漲，亞特蘭大是最大的貢獻者。

In particular, we had a significant roll-up in rents on the renewal of a major customer at Promenade Tower in Midtown.

特別是，由於中城 Promenade Tower 的一位主要客戶的續約，我們的租金大幅上漲。

This lease was one of the first new leases signed after we purchased the property in 2011, and the rent roll-up this quarter is a testament to the strong rate growth we have seen in Midtown Atlanta lifestyle office.

該租約是我們 2011 年購買該房產後簽署的首批新租約之一，本季的租金上漲證明了我們在亞特蘭大市中心生活方式辦公室看到的強勁增長率。

Our average net rent this quarter came in at $37.64, an increase over last quarter and the third-highest quarterly level in our company's history.

本季我們的平均淨租金為 37.64 美元，比上個季度有所增長，是我們公司歷史上第三高的季度水準。

This quarter average leasing concessions defined as the sum of free rent and tenant improvements, were $9.88, also an increase over last quarter.

本季平均租賃優惠（定義為免費租金和租戶改善的總和）為 9.88 美元，也比上季增加。

Despite that, our average net effective rent this quarter came in at $24.85, above our full-year 2023 results and our trailing eight-quarter average.

儘管如此，本季我們的平均淨有效租金為 24.85 美元，高於 2023 年全年業績和過去八個季度的平均水準。

Our net effective rents continue to be resilient even with continued upward pressure in concessions.

即使優惠政策持續面臨上行​​壓力，我們的淨有效租金仍保持彈性。

Looking across the country, national office leasing activity increased 15% quarter over quarter per [JLL], hitting the highest level since the first quarter of 2020.

綜觀全國，根據仲量聯行的數據，全國辦公室租賃活動較上季成長 15%，達到 2020 年第一季以來的最高水準。

According to initial data from CBRE, for 26 major US markets, second-quarter net absorption was positive for the first time since late 2022.

世邦魏理仕的初步數據顯示，美國26個主要市場第二季淨吸收量自2022年底以來首次出現正值。

A broader office recovery certainly appears underway but especially in the lifestyle office segment.

更廣泛的辦公大樓復甦肯定正在進行中，尤其是在生活方式辦公領域。

At the market level, our Neuhoff mixed-use development in Nashville continues to see leasing momentum.

在市場層面，我們位於納許維爾的諾伊霍夫綜合用途開發案持續保持租賃動能。

This quarter, the team completed a 29,000-square-foot office lease with a professional services firm, taking the commercial portion of the project to 37% leased.

本季度，該團隊與專業服務公司完成了 29,000 平方英尺的辦公室租賃，使該專案的商業部分租賃率達到 37%。

We are also now in lease negotiations with three more office users, all strong names in the professional and financial services sectors, totaling another 45,000 square feet.

我們現在也正在與另外三個辦公室用戶進行租賃談判，他們都是專業和金融服務領域的知名人士，總計另外 45,000 平方英尺。

Those leases and negotiation would take the commercial portion of this project to 50% lease.

這些租賃和談判將使該項目的商業部分佔租賃的 50%。

Last, leasing of the multi-family units of the project began in June, and we are pleased with the initial momentum as well.

最後，該計畫的多戶單位的租賃已於六月開始，我們對最初的勢頭也感到滿意。

In Atlanta, JLL noted this quarter saw an emergence of larger transactions as the average deal size increased 31% quarter over quarter and eight deals signed to the market were greater than 90,000 square feet.

仲量聯行指出，在亞特蘭大，本季出現了較大規模的交易，平均交易規模環比增長了 31%，市場上簽署的 8 筆交易面積超過 90,000 平方英尺。

Our Atlanta team signed 142,000 square feet of leases this quarter, including nine new and expansion leases and a notable 40,000 square-foot renewal of Colliers at Promenade Tower in Midtown.

我們的亞特蘭大團隊本季簽署了 142,000 平方英尺的租約，包括九個新租約和擴建租約，以及位於中城 Promenade Tower 的 Colliers 的 40,000 平方英尺續約合約。

Of the new leases we signed in Atlanta, 33,000 square feet were at our newly redeveloped 3350 Peachtree building in Buckhead, bringing that project to 84% leased.

我們在亞特蘭大簽署的新租約中，有 33,000 平方英尺位於巴克海特新開發的 3350 Peachtree 大樓，使該項目的租賃率達到 84%。

According to JLL, leasing activity in Austin has remained steady with tenant demand showing encouraging signs of growth, seeing over 600,000 square feet of net new requirements added to the market quarter-over-quarter for the first time since the end of 2021.

根據仲量聯行的數據，奧斯汀的租賃活動保持穩定，租戶需求顯示出令人鼓舞的成長跡象，自 2021 年底以來首次季度新增淨需求超過 60 萬平方英尺。

In our Austin portfolio, we saw a material increase in signed leasing activity this quarter, coming in at the highest level since the second quarter of 2023.

在我們的奧斯汀投資組合中，本季簽約租賃活動大幅增加，達到 2023 年第二季以來的最高水準。

Our team signed 10 leases for a total of 76,000 square feet with a strong average net effective rent of $29.20. We have also seen a material increase in our leasing pipeline in Austin.

我們的團隊簽署了 10 份租約，總面積為 76,000 平方英尺，平均淨有效租金高達 29.20 美元。我們也看到奧斯汀的租賃管道大幅增加。

We could not be more encouraged by the demand we are beginning to see once again in Austin, both within our portfolio and across the market.

我們對奧斯汀再次看到的需求感到無比鼓舞，無論是在我們的投資組合內還是在整個市場上。

It is broad-based from an industry perspective, including interesting demand from the technology sector.

從行業角度來看，它具有廣泛的基礎，包括來自技術領域的有趣需求。

In Phoenix, while the overall market experienced negative net absorption year to date, in Tempe, where our portfolio is concentrated, the first half of the year saw positive net absorption.

在鳳凰城，雖然今年以來整體市場淨吸收量為負，但在我們投資組合集中的坦佩，今年上半年卻出現了正淨吸收量。

We have seen firsthand an uptick in leasing activity, which we noted late last year.

我們親眼目睹了去年年底租賃活動的增加。

Our Phoenix team (technical difficulty) square feet of leases this quarter, of which over half were new.

我們的鳳凰城團隊（技術難度）本季的租賃面積為平方英尺，其中超過一半是新的。

I'm also thrilled to report that we are in lease negotiations with a 52,000-square-foot new customer that will occupy the first two floors of Hayden Ferry 1.

我還很高興地報告，我們正在與一位 52,000 平方英尺的新客戶進行租賃談判，該客戶將佔據 Hayden Ferry 1 號的前兩層。

Overall interest in Hayden Ferry, which is approaching the end of its major redevelopment, continues to be robust.

海登費裡 (Hayden Ferry) 的重大重建工作即將結束，總體而言，人們對它的興趣仍然強勁。

In Tampa, that absorption is screening at its highest level since 2019.

在坦帕，這種吸收率正達到 2019 年以來的最高水準。

Like all of our markets, customers want high-quality office product, of which there are beginning to be signs of less availability.

與我們所有的市場一樣，客戶需要高品質的辦公產品，但這些產品已開始出現供應量減少的跡象。

We expect this to benefit our high-quality portfolio in Westshore in the Heights district.

我們預計這將有利於我們在高地區西岸的高品質投資組合。

Our Tampa team completed an impressive 69,000 square feet of leases this quarter, of which 77% were new leases.

我們的坦帕團隊本季完成了 69,000 平方英尺的租賃，其中 77% 是新租賃。

In Charlotte, our team is intently focused on finalizing plans for the material redevelopment of Fifth Third Center, and Uptown, where, as you know, Bank of America is set to move out of 317,000 square feet at the end of July next year.

在夏洛特，我們的團隊專注於最終確定第五第三中心和住宅區的材料重建計劃，如您所知，美國銀行將於明年 7 月底遷出那裡的 317,000 平方英尺。

We're excited about the plans we have to re-energize this property, but more importantly, so are the existing customers and new prospects who have seen our plans thus far.

我們對為該酒店重新註入活力的計劃感到興奮，但更重要的是，到目前為止已經看到我們計劃的現有客戶和新潛在客戶也感到興奮。

Charlotte is arguably seeing one of the largest increases in new requirements in the market over the last few quarters of any of our Sun Belt markets, which bodes well for our repositioning initiative.

夏洛特可以說是我們陽光地帶市場過去幾季中新需求增幅最大的市場之一，這對我們的重新定位計畫來說是個好兆頭。

Moving on to our overall leasing pipeline, I would note that subsequent to second-quarter end, we saw our late-stage pipeline transition from healthy to exceptionally strong.

談到我們的整體租賃管道，我要指出的是，在第二季末之後，我們看到我們的後期管道從健康過渡到異常強勁。

In fact, our late-stage pipeline is now at a level not seen since late 2021 and prior to COVID.

事實上，我們的後期研發管線目前處於 2021 年底和新冠疫情之前從未見過的水平。

The early-stage leasing pipeline remains very encouraging as well.

早期的租賃管道也仍然非常令人鼓舞。

We are optimistic about what lies ahead of us for the balance of this year and beyond.

我們對今年及以後的情況感到樂觀。

As always, I want to thank our incredible operations team whose continued hard work have us positioned for a great second half of the year.

一如既往，我要感謝我們令人難以置信的營運團隊，他們的持續努力使我們在今年下半年取得了出色的成績。

We look forward to continuing this momentum together.

我們期待共同延續這股勢頭。

Kennedy?

甘迺迪？

Thanks, Richard, and good morning, everyone.

謝謝理查德，大家早安。

As Colin mentioned, we are excited to announce our acquisition of two mezzanine loans this quarter.

正如科林所提到的，我們很高興宣布本季收購了兩筆夾層貸款。

Both mezzanine loans were newly created, cut from two separate (technical difficulty) originated within the past several years.

這兩筆夾層貸款都是新創建的，是從過去幾年內產生的兩筆獨立（技術困難）貸款中削減出來的。

The loans are secured by interest in two high-quality, well-amenitized office buildings within our Sun Belt footprint, one in Charlotte and one in Nashville.

這些貸款以我們陽光地帶範圍內兩棟高品質、設施齊全的辦公大樓的利息作為抵押，一棟位於夏洛特，一棟位於納許維爾。

The first is an interest in the borrower of 110 East, an approximately 400,000-square-foot new construction office and retail building that just delivered in the heart of South End Charlotte, right down the road from our RailYard project.

第一個是對 110 East 借款人的興趣，這是一棟面積約 400,000 平方英尺的新建辦公和零售建築，剛剛在夏洛特南端中心交付，就在我們的 RailYard 項目的路邊。

At the time of our mez loan acquisition, the asset was 0% leased.

當我們收購夾層貸款時，該資產的租賃率為 0%。

Our initial investment was $14.7 million with a total commitment of up to $22 million.

我們的初始投資為 1,470 萬美元，總承諾金額高達 2,200 萬美元。

The bulk of the additional funding and the timing of it will be tied to future leasing capital needs.

大部分額外資金及其時間將與未來的租賃資本需求掛鉤。

Cousins receives a 900-basis-point spread over SOFR on its loan balance.

Cousins 的貸款餘額比 SOFR 高出 900 個基點。

This mez loan matures in February of 2026 with a one-year extension rate by the borrower subject to certain criteria.

這筆中間貸款將於 2026 年 2 月到期，借款人可依特定標準延長一年。

Including the restructured senior loans, the initial outstanding balance totals $91.8 million or $234 per square foot.

包括重組後的高級貸款在內，初始未償還餘額總計 9,180 萬美元，每平方英尺 234 美元。

The second loan is secured by an interest in the borrower of Radia, a 2017 vintage office asset in Nashville's vibrant urban core.

第二筆貸款以 Radia 借款人的利息作為擔保，Radia 是納許維爾充滿活力的城市核心區的 2017 年老式辦公資產。

The 266,000-square-foot building was 76% leased at the time of the mezzanine loan acquisition.

這棟 266,000 平方英尺的建築在夾層貸款收購時已出租 76%。

The initial loan balance was $12.5 million, with a potential for future funding tied to leasing capital to bring it up to $15 million.

初始貸款餘額為 1,250 萬美元，未來與租賃資本相關的資金有可能達到 1,500 萬美元。

Cousins receives an 825-basis-point spread over SOFR on its invested capital.

Cousins 的投資資本比 SOFR 獲得 825 個基點的利差。

This loan matures June of 2025, also with a one-year extension option.

該貸款將於 2025 年 6 月到期，並有一年的延期選擇權。

Combining the mezzanine loan balance with the restructured senior mortgage loan, the outstanding balance in Nashville is currently $77.9 million or $293 per square foot.

將夾層貸款餘額與重組後的高級抵押貸款相結合，納許維爾的未償餘額目前為 7,790 萬美元，即每平方英尺 293 美元。

These structured investments are consistent with our core strategy to thoughtfully and accretively invest in Sun Belt lifestyle office environments.

這些結構性投資符合我們深思熟慮、增值投資 Sun Belt 生活風格辦公環境的核心策略。

While this represents a modest investment in dollar size, it was a creative opportunity to allocate capital and earn an attractive risk-adjusted, double-digit return in a time period in which the office sector has continued to reprice with price discovery still underway in many instances.

雖然這在美元規模上是一項適度的投資，但在辦公室行業繼續重新定價、許多地方仍在進行價格發現的時期，這是一個分配資本並獲得有吸引力的風險調整後兩位數回報的創造性機會。

We also view this as the beginning of an interesting transaction cycle that will lead to compelling opportunities for Cousins.

我們也認為這是一個有趣的交易週期的開始，這將為考辛斯帶來誘人的機會。

We are encouraged by our growing pipeline of actionable transactions that will allow us to leverage our differentiated platform.

我們對不斷增長的可操作交易管道感到鼓舞，這將使我們能夠利用我們的差異化平台。

I will now turn the call over to Gregg.

我現在將把電話轉給格雷格。

Thanks, Kennedy.

謝謝，甘迺迪。

Good morning, everyone.

大家早安。

I'll begin my remarks by providing a brief overview of our results, spending a few minutes providing some detail on our same-property performance.

我將首先簡要概述我們的結果，並花幾分鐘時間提供有關我們同一酒店業績的一些詳細資訊。

Then I'll move on to our capital markets and development activity before closing my remarks with an update to our 2024 earnings guidance.

然後，我將繼續討論我們的資本市場和開發活動，最後更新我們的 2024 年獲利指引。

Overall, as Colin stated upfront, our second-quarter earnings were outstanding.

總體而言，正如科林之前所說，我們第二季度的收益非常出色。

Second-generation cash leasing spreads were positive for the 41st straight quarter.

第二代現金租賃利差連續 41 季為正。

Leasing velocity was excellent with Atlanta leading the way.

租賃速度非常快，其中亞特蘭大處於領先地位。

Same-property, year-over-year cash NOI increased significantly.

相同物業的現金 NOI 年比大幅成長。

It was also a very clean quarter.

這也是一個非常乾淨的季度。

There were no significant unusual or non-recurring items of note.

沒有值得注意的重大異常或非重複項目。

Focusing on same-property performance for a moment, GAAP NOI grew 4.2% and cash NOI grew 5.1% during the second quarter compared to last year.

暫時關注相同物業的表現，與去年同期相比，第二季公認會計原則 NOI 成長 4.2%，現金 NOI 成長 5.1%。

This continues a string of positive same-property numbers that began in early 2022, with the most recent quarterly gains largely driven by occupancy gains at our Briarlake property in Houston as Apache continued its move in and our San Jacinto and 300 Colorado properties in Austin.

這延續了自2022 年初開始的一系列積極的同物業數據，最近的季度增長主要是由於阿帕奇繼續進駐休斯頓的Briarlake 物業以及我們位於奧斯汀的聖哈辛托和300 科羅拉多物業的入住率增長所致。

Taking a little longer view, among our markets, Phoenix and Austin are generating the strongest internal growth over the past year, with same-property cash NOI growing 17.3% and 7.7% on average, respectively, over the past four quarters.

從更長遠的角度來看，在我們的市場中，鳳凰城和奧斯汀在過去一年中產生了最強勁的內部成長，過去四個季度相同房產現金 NOI 平均分別成長了 17.3% 和 7.7%。

As Colin mentioned earlier, physical utilization at our properties has continued to increase and our parking revenues have grown along with it.

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成長。

Parking revenues during the second quarter increased 5% compared to the prior year and were the highest they've been since the first quarter of 2020, just prior to the COVID pandemic.

第二季的停車收入比去年同期成長了 5%，是自 2020 年第一季（即新冠疫情大流行之前）以來的最高水準。

As many of you know, we received our inaugural investment-grade credit ratings of BAA2 and BBB for Moody's and S&P early in the second quarter.

眾所周知，我們在第二季初獲得了穆迪和標準普爾的 BAA2 和 BBB 投資等級信用評級。

These ratings provide us with another important option to access the capital markets as we execute our strategic plan.

這些評級為我們在執行策略計劃時進入資本市場提供了另一個重要選擇。

We have purposefully built significant optionality into our debt maturity schedule, which allows us to be very opportunistic around when we use these credit ratings.

我們有目的地在債務到期時間表中建立了顯著的選擇性，這使我們在使用這些信用評級時能夠非常投機取巧。

Looking at our development activity, the current pipeline is comprised of a 50% interest in Neuhoff in Nashville and a 100% interest of Domain 9 in Austin.

從我們的開發活動來看，目前的管道包括納許維爾 Neuhoff 50% 的權益和奧斯汀 Domain 9 100% 的權益。

Our share of the remaining estimated development costs is $59 million, which will be funded by a combination of our Neuhoff construction loan and our operating cash flow.

我們在剩餘估計開發成本中的份額為 5,900 萬美元，將由我們的 Neuhoff 建設貸款和營運現金流共同提供資金。

We've accelerated the estimated stabilization date at Domain 9 by two quarters to March 2025 from September.

我們已將 Domain 9 的預計穩定日期從 9 月提前兩個季度至 2025 年 3 月。

Amazon leases almost the entirety of this property, and their original intent was to complete the outfit in three phases, and we budgeted revenue recognition accordingly.

亞馬遜租賃了幾乎整個房產，他們的初衷是分三個階段完成這套裝備，我們相應地對收入確認進行了預算。

They subsequently decided to complete all the upfit at once.

他們隨後決定立即完成所有的裝修。

We began recognizing revenue on the first phase, about 189,000 square feet, in March of this year.

我們於今年 3 月開始確認第一階段（約 189,000 平方英尺）的收入。

Based on Amazon's revised plans, we'll still recognize revenue in the second phase, about 71,000 square feet, in March '25, but we've accelerated revenue recognition on the third phase, about 70,000 square feet also to March '25 from the original September.

根據亞馬遜修訂後的計劃，我們仍將在25 年3 月確認第二階段（約71,000 平方英尺）的收入，但我們也從2025 年3 月開始加速第三階段（約70,000 平方英尺）的收入確認。

There's no impact to our 2024 guidance from this change.

這項變更不會對我們的 2024 年指導產生影響。

I'll close by updating our 2024 earnings guidance.

最後，我將更新我們的 2024 年獲利指引。

We currently anticipate full-year 2024 FFO between $2.63 and $2.68 per share with a midpoint of $2.655 per share.

我們目前預計 2024 年全年 FFO 介於每股 2.63 美元至 2.68 美元之間，中點為每股 2.655 美元。

This is up $0.02 from the prior guidance we provided in April and up $3.5 from our original guidance.

這比我們 4 月提供的先前指導增加了 0.02 美元，比我們最初的指導增加了 3.5 美元。

The most recent increase is primarily driven by improved leasing activity, higher parking revenues, and the acquisition of the two mezzanine loans Kennedy just discussed.

最近的成長主要是由租賃活動的改善、停車收入的增加以及甘迺迪剛才討論的兩筆夾層貸款的收購所推動的。

Our earnings guidance remains clean.

我們的獲利指引保持乾淨。

There are no significant one-time, non-recurring items and no speculative property acquisitions, property dispositions, development starts, or capital markets transactions.

不存在重大的一次性、非經常性項目，也不存在投機性財產收購、財產處置、開發啟動或資本市場交易。

If any of these do take place, we will update our earnings guidance accordingly.

如果其中任何一種情況確實發生，我們將相應地更新我們的獲利指引。

Our guidance also continues to exclude any payment of our $9.6 million unsecured claim in the SVB bankruptcy case.

我們的指引也繼續排除 SVB 破產案中 960 萬美元無擔保索賠的任何付款。

The exact timing and amounts of recovery against this claim is not yet known, but unsecured SVB bonds are currently trading around $0.60 from the dollar.

目前尚不清楚該索賠的具體追償時間和金額，但無擔保 SVB 債券目前的交易價格約為 0.60 美元。

So we do anticipate there will eventually be significant value in this claim.

因此，我們確實預期這項主張最終將具有重大價值。

Bottom line, our second quarter results are excellent, and we're increasing earnings guidance for the second straight quarter.

最重要的是，我們第二季的業績非常出色，我們正在連續第二季提高獲利指導。

I believe we were one of the very few office REITs to forecast positive FFO growth in 2024.

我相信，我們是極少數預測 2024 年 FFO 出現正成長的辦公室房地產投資信託公司之一。

Our best-in-class leverage and liquidity position remains intact.

我們一流的槓桿率和流動性狀況保持不變。

Office fundamentals are improving with our leasing pipeline returning to pre-Covid levels, and we're beginning to deploy capital into compelling and accretive investment opportunities.

隨著我們的租賃管道恢復到疫情前的水平，辦公室的基本面正在改善，我們開始將資本部署到引人注目的增值投資機會上。

Pieces are coming together, and we entered the second half of 2024 in a terrific position to create meaningful value for our shareholders over the coming quarters.

各個部分正在整合，進入 2024 年下半年，我們處於有利地位，可以在未來幾季為股東創造有意義的價值。

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

這樣，我就把電話轉回接線生。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great.

偉大的。

Thanks.

謝謝。

Good morning.

早安.

Just wanted to start on the mezzanine transactions.

只是想開始夾層交易。

Can you just talk about how those opportunities came to you?

您能談談您是如何獲得這些機會的嗎？

Were they marketed it at all?

他們到底有沒有推銷過它？

And then whether you're continuing to look for additional mez opportunities and if so, how much in total you guys would be willing to do of that specific type of investment?

然後，您是否會繼續尋找額外的夾層機會？

Good morning, Blaine.

早安，布萊恩。

The transactions that we announced today were both off-market transactions that we identified through relationships that we have here at Cousins and think we ultimately structured a really attractive win-win opportunity for both sides.

我們今天宣布的交易都是場外交易，我們透過我們在考辛斯的關係確定了這些交易，並認為我們最終為雙方構建了一個真正有吸引力的雙贏機會。

And I'm hopeful, we'll see more situations and opportunities like this.

我希望我們會看到更多這樣的情況和機會。

Kennedy Hicks and her team are out now having conversations about similar transactions but also looking at a broad array of transactions, including traditional property acquisitions, joint ventures, and other opportunities.

肯尼迪·希克斯（Kennedy Hicks）和她的團隊現在正在就類似交易進行對話，同時也在研究一系列廣泛的交易，包括傳統的房地產收購、合資企業和其他機會。

I think as it relates to the mez investments, our bias is towards equity-like investments.

我認為，由於它與中間投資有關，我們偏向股權類投資。

But I think at this point in the cycle, oftentimes the best entry point into an investment in a lifestyle office property can be through the debt and at very attractive returns.

但我認為，在周期的這個階段，投資生活風格辦公物業的最佳切入點通常是透過債務並獲得非常有吸引力的回報。

I think ultimately we'll size those in our appetite for those to -- we wouldn't want to take it to such a large degree that down the road, upon pay-off, we're in a position where we create kind of self-inflicted earnings headwinds, not being able to replace such high coupons.

我認為最終我們會根據我們的胃口來確定這些目標的大小——我們不想將其達到如此大的程度，以至於在獲得回報後，我們處於創造某種程度的位置。取代如此高的優惠券。

But I do think we'll see more of those opportunities in this environment.

但我確實認為我們會在這種環境中看到更多這樣的機會。

We'll absolutely pursue them, but we're looking at all types of different transactions, and I'm confident we'll see some of those as well.

我們絕對會追求它們，但我們正在研究所有類型的不同交易，我相信我們也會看到其中的一些交易。

Great.

偉大的。

That's helpful color.

這是有用的顏色。

And then just one question on leasing -- and sorry if I missed this, but were there any large kind of short-term leases in the 244,000 square feet of lease exclusions on page 21 in the sup?

然後是一個關於租賃的問題——抱歉，如果我錯過了這一點，但是在sup第21頁的244,000平方英尺的租賃排除中是否有任何大型的短期租賃？

And if so, can you give us any background on that and your thoughts on whether you'll kind of get that space back at some point in the near future?

如果是這樣，您能否向我們介紹一下這方面的背景資訊以及您對是否會在不久的將來某個時候重新獲得該空間的想法？

Yeah, Blaine, this is Richard.

是的，布萊恩，這是理查。

That's a good question.

這是個好問題。

I told you about Accruent and how we are relocating them to the Domain 3 building.

我向您介紹了 Accruent 以及我們如何將它們搬遷到 Domain 3 大樓。

So what's showing up as the short-term extension while they're waiting on their replacement space.

那麼，當他們等待替換空間時，短期延期會出現什麼情況呢？

That's the biggest driver of the exclusions.

這是排除的最大驅動因素。

Thank you.

謝謝。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Thanks.

謝謝。

Good morning.

早安.

Richard, could you maybe just expand a bit more on the leasing activity that you're talking about?

理查德，您能否進一步擴展您正在談論的租賃活動？

It obviously sounds very positive.

這顯然聽起來非常積極。

I guess I'm just trying to understand how much of this is really growth of the overall market and how much of this is tenants in a flight to quality are coming to Cousins.

我想我只是想了解其中有多少是整個市場的真正成長，有多少是為了追求品質而來到考辛斯的租戶。

Just trying to understand that the separation there.

只是想了解那裡的分離。

Sure.

當然。

A large part of the activity that we've seen in our portfolio obviously over the last 12-plus months has been both flight to quality and frankly, arguably, just as much flight-to-capital-driven.

在過去 12 個多月裡，我們在投資組合中看到的大部分活動顯然都是轉向質量，坦白說，可以說，同樣是轉向資本驅動。

As the pipeline, that I alluded to, has grown materially just in the last few weeks really, we're seeing activity in both renewal and new customers within our portfolio.

正如我所提到的，管道在過去幾週確實大幅成長，我們看到我們的產品組合中的續約和新客戶都在活動。

So we're seeing both inbound into our portfolio but also activity starting to perk up of frankly, customers that have not been willing to make long-term decisions to date but are now definitely ready to and moving aggressively to lock in their long-term real estate decisions.

因此，我們不僅看到了我們的投資組合的流入，而且坦率地說，客戶的活動也開始活躍起來，這些客戶迄今為止還不願意做出長期決策，但現在肯定已經準備好並積極採取行動以鎖定長期目標。

Steve, it's Colin.

史蒂夫，我是科林。

I'd just add, we're also seeing a resurgence in in-migration and companies looking from the move from the West Coast, Midwest, Northeast, and not all of complete relocations, but certainly a lot of large hub activity.

我想補充一點，我們也看到移民的復甦，以及公司從西海岸、中西部、東北部遷入，並不是所有的完全搬遷，但肯定有很多大型樞紐活動。

And so I think as we are looking at new investment opportunities, our growing conviction in the leasing market and again, seeing that resurgence of in-migration is really constructive, and that had been in a bit of a hibernation over the last 12, 18 months.

因此，我認為，當我們正在尋找新的投資機會時，我們對租賃市場的信心不斷增強，並且再次看到移民的復甦確實具有建設性，而在過去的12、18 年裡，這種情況一直處於休眠狀態。

And maybe just as a quick follow up there, I guess, Richard, on the things that are coming into the portfolio, do most of those have kind of expansion needs?

也許只是作為一個快速跟進，我想，理查德，關於即將進入投資組合的東西，其中大多數都有擴展需求嗎？

Meaning if a new tenant is coming from the market, but coming the Cousins, does that often come with growth, or is that more of just a musical chairs situation where they're leaving one landlord and coming to you?

這意味著，如果新租戶來自市場，但來自表兄弟，這是否經常會帶來成長，或者這更像是一種音樂椅的情況，他們離開一個房東來到你身邊？

I view it as generally situation-specific.

我認為這通常是針對特定情況的。

You've got a little bit of both happening.

兩種情況都會發生。

Certainly, a dynamic in the market has been with large users to the extent they are relocating.

當然，市場上的動態一直伴隨著大量用戶的遷移。

There is some consolidation and approach of being more efficient.

有一些整合和提高效率的方法。

But generally speaking, I think it's a mixed bag depending on the specific situation of each user.

但總的來說，我認為這是一個好壞參半的問題，這取決於每個用戶的具體情況。

Okay.

好的。

And then maybe just on Neuhoff real quick on the apartments.

然後也許很快就到了諾伊霍夫公寓。

I realize it's very early in the leasing, but you have leased about 7% of the units.

我意識到現在還處於租賃初期，但你們已經租出了大約 7% 的單位。

I'm just curious, there is a lot of supply in the Nashville market, but how has that lease up gone?

我只是好奇，納許維爾市場有大量供應，但租約進展如何？

How have sort of pro forma rents trended?

預計租金趨勢如何？

Are the concessions greater than what you had maybe expected?

這些讓步是否超乎您的預期？

Hey, Steve.

嘿，史蒂夫。

It's Kennedy.

這是甘迺迪。

So as we -- as Richard mentioned, we started leasing the apartments in June and are really encouraged by the momentum and sort of the initial feedback we're getting from our potential renters.

因此，正如理查德所提到的，我們從六月開始租賃公寓，我們從潛在租戶那裡得到的勢頭和初步反饋讓我們深受鼓舞。

The space rents, I'd say, are right where we've projected.

我想說，空間租金剛好符合我們的預測。

We are offering maybe a month of additional concessions initially but feel like we're hitting a steady pace in terms of lease up there and also starting to see the retail picture come into view as well, which really is building on the momentum.

我們最初可能會提供一個月的額外優惠，但感覺我們在租賃方面正在穩步推進，並且也開始看到零售業的前景，這確實是在勢頭的基礎上發展的。

Sorry, Kenny, so you're offering one month free rent, or you're having to kind of give two months free rent in order to do lease ups?

抱歉，肯尼，所以您提供一個月的免費租金，或者您必須提供兩個月的免費租金才能進行續租？

We underwrote a month, and I'd say we're giving two now on a little bit longer term.

我們承保了一個月，我想說我們現在要提供兩個月的期限。

Nick Thillman, Baird.

尼克·希爾曼，貝爾德。

Hey, good morning.

嘿，早安。

Maybe touching a little bit on the investments, maybe Gregg or Colin, just like, how much capacity on the balance sheet are you willing to take up leverage here for additional investments today?

也許會觸及一些投資問題，也許是格雷格或科林，就像，您今天願意在資產負債表上使用多少槓桿來進行額外投資？

Hey, Nick.

嘿，尼克。

Good morning.

早安.

It's Gregg.

是格雷格。

So we've been running the balance sheet kind of at this 5 times net debt to EBITDA for well over a decade.

因此，十多年來，我們的資產負債表一直處於 EBITDA 淨負債的 5 倍水準。

There's only been a couple times that we've varied from it materially.

只有幾次我們與它發生了實質的變化。

You can argue it's not even material.

你可以說它甚至不重要。

In both instances, when we completed mergers with other public companies here and -- I just went blank.

在這兩種情況下，當我們完成與這裡其他上市公司的合併時——我都一片空白。

Thank you.

謝謝。

I'm sorry -- and in both instances, it went up to the mid-5s.

抱歉，在這兩種情況下，溫度都上升到了 5 秒左右。

And we told you at the time we'd bring it back down to 5 or below, and we did.

我們當時告訴你我們會把它降到 5 或更低，我們做到了。

So historically, if you look at our track record, the highest we've gone has been kind of 5.5 times.

所以從歷史上看，如果你看看我們的記錄，我們的最高紀錄是 5.5 倍。

And 5.5 times gives us several hundred million dollars of capacity depending upon what we invest in.

5.5 倍為我們提供了數億美元的容量，具體取決於我們的投資。

So we've got significant capacity just to go there.

所以我們有足夠的能力去那裡。

And even at 5.5 times net debt to EBITDA, we'd have the best balance sheet in the office space.

即使淨債務是 EBITDA 的 5.5 倍，我們也能擁有辦公室中最好的資產負債表。

If you were willing to take it up to 6 times -- I'm not signaling anything here on this call -- but if you were willing to take it there that capacity almost triples.

如果你願意最多使用 6 次——我在這次電話會議上不會發出任何信號——但如果你願意在那裡使用，那麼容量幾乎會增加三倍。

So we've got significant capacity if we choose to use it just on the leverage side.

因此，如果我們選擇僅在槓桿方面使用它，我們就擁有巨大的能力。

That's really helpful.

這真的很有幫助。

Then Richard, you touched on that increase in the late-stage pipeline.

然後理查德，您談到了後期管道的增加。

Can you quantify what that levels were in 2021 on like an absolute basis, and then just the mix between renewal and new leasing in that pipeline?

您能否在絕對基礎上量化 2021 年的水平，然後僅量化該管道中的續租和新租賃之間的組合？

The levels we saw then and what we're seeing now are approximately 1 million square feet in the pipeline on the late stage and in the mix right now, is very consistent with what we've seen in the past in terms of new and renewal.

我們當時看到的水平和現在看到的水平在後期和現在的混合中大約為 100 萬平方英尺，與我們過去在新建和更新方面看到的非常一致。

John Kim, BMO Capital Markets.

約翰金 (John Kim)，BMO 資本市場。

Thank you.

謝謝。

On the mez investments, it's attractive yield for you; it's expensive debt for the borrower.

對於夾層投資，它的收益率對您來說很有吸引力；對借款人來說，這是一筆昂貴的債務。

Can you talk about your confidence in their ability to service and repay the debt and where you are as far as loan to value at your part of the capital stack?

您能否談談您對他們償還債務的能力的信心，以及您在資本堆疊中的貸款價值比？

So, John, ultimately, just to clarify here, we purchased a newly created mezzanine position from the existing senior lender.

所以，約翰，最終，只是為了在這裡澄清一下，我們從現有的高級貸款人那裡購買了一個新創建的夾層職位。

So obviously we have a very attractive coupon.

顯然我們有一張非常有吸引力的優惠券。

But ultimately to the existing borrower, there is no change to their current interest rate.

但最終對於現有借款人來說，他們目前的利率並沒有改變。

So I don't want to speculate longer term.

所以我不想猜測更長期的情況。

Obviously, as those maturities happen, we'll evaluate those and those borrowers will make the best decision for them.

顯然，當這些到期日發生時，我們將對其進行評估，而這些借款人將為他們做出最佳決定。

We do think going in, as an investment, again, the returns are highly attractive and accretive and ultimately collateralized by high-quality lifestyle office.

我們確實認為，作為一項投資，回報極具吸引力和增值性，並最終以高品質生活方式辦公室作為抵押。

And we're very comfortable with that debt investment.

我們對債務投資非常滿意。

As a debt investor, you ultimately do need to be comfortable with your collateral in the event that takes a different path.

作為債務投資者，您最終確實需要對自己的抵押品感到放心，以防採取不同的方式。

And in this situation, at the basis of our debt balance, we're highly comfortable with where we are and however it plays out.

在這種情況下，根據我們的債務餘額，我們對自己的處境及其結果感到非常滿意。

And where do you see the loan to value today?

您認為今天的貸款價值如何？

I don't know that I'm going to comment specifically on what value is, but I'd say they're highly levered.

我不知道我會具體評論什麼是價值，但我想說它們的槓桿率很高。

But I don't want to comment specifically as to the number on value.

但我不想具體評論價值數字。

Okay.

好的。

Kennedy mentioned in your prepared remarks that 110 East was 0% leased, Radia, 76% leased at the time of the investment.

甘迺迪在您準備好的發言中提到，投資時 110 East 的出租率為 0%，Radia 的出租率為 76%。

I don't know if I'm reading too much into that, but have they gone up since then?

我不知道我是否讀得太多了，但從那時起它們有上升嗎？

Not materially, but obviously, both loans have the ability for future funding as they continue their lease up.

雖然不是實質性的，但顯然，這兩筆貸款都有能力在繼續租賃時為未來提供資金。

Both of these buildings are well located in great submarkets, and we think over time, in submarkets, that we'll have kind of a declining availability of lifestyle office.

這兩棟建築都位於大型子市場中，我們認為隨著時間的推移，在子市場中，生活方式辦公室的可用性將會下降。

So again, we're highly comfortable in the underlying real estate here.

再說一次，我們對這裡的基礎房地產非常滿意。

And then final question on Charlotte.

然後是關於夏洛特的最後一個問題。

I think you guys mentioned, it's the market with the largest amount of new requirements in the markets and the ability to backfill some of the leeway space at Fifth Third Center.

我想你們提到過，這是市場上新需求量最大的市場，並且有能力回填第五第三中心的一些迴旋餘地。

But I was wondering if you could just expand on your comments?

但我想知道您是否可以擴展一下您的評論？

Sure, I can take that.

當然，我可以接受。

What I said was that we've seen the largest increase in new requirements, and I say that -- Colin mentioned this earlier -- but it's very encouraging and that activity increase is made up of not just in-market existing users within Charlotte, but we're seeing, frankly, both actual primary headquarters relocation potential starting to percolate but also regional headquarters that are both inbound and also in-market relocation.

我所說的是，我們看到了新需求的最大增長，而且我說——科林早些時候提到過這一點——但這是非常令人鼓舞的，活動的增加不僅由夏洛特市場內的現有用戶組成，但坦白說，我們看到，實際的主要總部搬遷潛力開始滲透，而且地區總部也開始滲透，既包括入境搬遷，也包括市場搬遷。

So we're seeing a broad-based selection of the types of demand within Charlotte -- again, a testament to the fact that users are now willing to clearly make decisions for the long term.

因此，我們看到夏洛特的需求類型有廣泛的選擇，這再次證明了用戶現在願意明確做出長期決策的事實。

We feel good about, one, the redevelopment plans at Fifth Third Center, but also the condition of the space that we do have for BofA, about half of it has recently been improved by the bank.

我們對第五第三中心的重建計劃感到滿意，而且對我們為美國銀行擁有的空間條件也感到滿意，大約一半的空間最近已由銀行改善。

And so it represents a great opportunity for users to come in and have ready-to-go space that's essentially plugged into play.

因此，這對用戶來說是一個很好的機會，可以進入並擁有基本上可以使用的現成空間。

So we have some good offerings both at the building specifically and also have an ability to meet different types of demand.

因此，我們在大樓內專門提供了一些很好的產品，並且有能力滿足不同類型的需求。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Hi, guys.

嗨，大家好。

Just sort of wanting to go back on your comments regarding a pickup in touring activity.

只是想回顧一下您關於巡演活動增加的評論。

I guess can you kind of comment on what is sort of driving that?

我想你能評論一下是什麼推動了這種情況嗎？

Is it more -- or better outlook for the macroeconomic economy?

宏觀經濟前景是更好還是更好？

Is it stronger return-to-office trends?

重返辦公室的趨勢是否更強勁？

Just sort of curious if you can give any broad strokes on what is sort of driving the improving leasing activity that you've seen.

只是有點好奇您能否大致描述一下是什麼推動了您所看到的租賃活動的改善。

Yeah, I think it's -- I characterize it a bit as a return to normalcy.

是的，我認為這是——我將其描述為回歸正常。

And I think we're going to hear a little bit less about return to office.

我認為我們聽到的關於重返辦公室的消息會少一些。

I think that is kind of largely underway.

我認為這基本上正在進行中。

And I think most companies are kind of looking forward and kind of putting aside whether their folks are going to be in four days a week or five days a week or three-and-a-half days a week, I'm saying we generally need the same amount of office space.

我認為大多數公司都充滿期待，並把他們的員工是否每週工作四天、每週五天或每週三天半放在一邊，我是說，我們通常需要相同數量的辦公空間。

And we haven't made decisions.

我們還沒有做出決定。

And so they're back out in the market in, I'd say a more normalized way, looking for space.

所以他們回到市場，我想說一種更正常的方式，尋找空間。

And so going forward, I think the trends that will kind of continue to drive the market are the same ones that have driven it over the last 10 years, which is certainly the flight to quality that we've discussed.

因此，展望未來，我認為將繼續推動市場的趨勢與過去 10 年推動市場的趨勢相同，這當然就是我們討論過的追求品質的趨勢。

But the migration to the Sun Belt will continue to be a very powerful tailwind.

但向陽光地帶的遷移仍將是一個非常強大的推動力。

And I think in time, we'll hear a little bit less about return to office and flight to capital and kind of these other, I'd say, transitory trends.

我認為，隨著時間的推移，我們會聽到更少關於重返辦公室和逃往資本以及我想說的其他短暫趨勢的消息。

That's helpful.

這很有幫助。

And then maybe if you can just comment on sort of net effective rents on new leases, are you guys starting to see an ability to be able to push face rents or maybe sort of reduce the amount of free rent or TIs that you're offering your tenants?

然後，如果您可以對新租約的淨有效租金發表評論，您是否開始看到能夠推高面租的能力，或者可能減少您提供的免費租金或 TI 的數量您的租戶？

Generally speaking, we've been able to push face rents to help -- as you can tell from our net effective rents to help offset the higher concessions.

一般來說，我們已經能夠推高面租金來提供幫助——正如你可以從我們的淨有效租金中看出的那樣，以幫助抵消更高的優惠。

But yeah, it's been face rent and then obviously, term is another lever we can pull to help offset higher concessions.

但是，是的，這是面租，顯然，期限是我們可以用來幫助抵消更高的讓步的另一個槓桿。

Camille Bonnel, Bank of America.

卡米爾·博內爾，美國銀行。

Good morning.

早安.

I just wanted to follow up on that last question.

我只是想跟進最後一個問題。

Really wanted to get a sense by markets, if you could talk to which areas you're seeing the strongest areas to push rent growth or is it pretty consistent across all?

真的很想了解市場的情況，您可以談談您認為哪些地區最能推動租金成長，或者所有地區的情況是否相當一致？

Camille, it's fairly consistent.

卡米爾，這相當一致。

Again, all of our -- the entirety of our portfolio, lifestyle, buildings, and strong Sun Belt markets -- and so we're benefiting from kind of this activity both within the market and also attracting new customers into those markets.

再說一次，我們所有的——我們的整個投資組合、生活方式、建築和強大的陽光地帶市場——因此我們從市場內的這種活動中受益，並吸引新客戶進入這些市場。

In terms of where we're able to ultimately drive net effective rents, it will be a function of the supply and demand within those markets.

就我們最終能夠在何處推動淨有效租金而言，它將取決於這些市場內的供需關係。

And so a market today like Atlanta or Tampa, again, which in the lifestyle segment are fairly tight, we're having a good degree of success.

因此，如今像亞特蘭大或坦帕這樣的市場，在生活風格領域相當緊張，我們取得了巨大的成功。

Say, a market like Austin, which has a bit of the higher supply, that is -- it is a little, I'd say, more stable.

比如說，像奧斯汀這樣的市場，其供應量較高，也就是說，我想說，它更穩定。

But I think in time, with the in-migration that is now percolating once again in Austin, I think that will prove to be kind of a short-term phenomenon.

但我認為隨著時間的推移，隨著奧斯汀的移民再次滲透，我認為這將被證明是一種短期現象。

And again, longer term, we think the Sun Belt migration and the flight to quality are going to be really powerful.

再說一遍，從長遠來看，我們認為陽光地帶的遷移和對品質的追求將非常強大。

And Cousins is sitting right at the intersection of those trends.

而考辛斯正處於這些趨勢的交會點。

Got it.

知道了。

So can you talk to what the mark-to-market opportunity is for the leases that are expiring in the back half of the year?

那麼，您能否談談下半年到期的租約按市值計價的機會是什麼？

Well, I'm not going to provide any specifics just yet.

好吧，我暫時不打算提供任何細節。

We want to see ultimately which leases we sign in which quarter, and that mix is always determinative of where that mark-to-market is.

我們希望最終能了解我們在哪個季度簽署了哪些租約，而這種組合始終決定著市值計價的水平。

But as Gregg mentioned earlier, we've had 41 straight quarters of a positive mark-to-market, and we're optimistic about the second half of the year.

但正如格雷格之前提到的，我們已經連續 41 個季度實現正值市價，我們對今年下半年持樂觀態度。

Okay.

好的。

Great.

偉大的。

And the Cousins team continues to deliver strong operating results and emphasizes how driving cash flow is a key priority.

考辛斯團隊持續提供強勁的經營業績，並強調如何推動現金流是關鍵優先事項。

So when you consider we've probably passed the floor on the portfolio's vacancy levels coming out of COVID, at what point does the Board start to consider raising the dividend again?

因此，當您考慮到我們可能已經超過了因新冠疫情而導致的投資組合空缺水平下限時，董事會何時開始考慮再次提高股息？

Hey, Camille.

嘿，卡米爾。

It's Gregg.

是格雷格。

We've been pretty consistent in public about our dividend policy.

我們在公開場合的股利政策一直非常一致。

We look at FAD and target our dividend as a percentage of FAD.

我們關注 FAD 並將我們的股利目標定為 FAD 的百分比。

And it has run for many, many years, right around 70% to 75% of FAD.

它已經運行了很多很多年，大約佔 FAD 的 70% 到 75%。

If anything, it's been a little bit below that as we've taken a conservative approach over the last few years, just considering the volatility in the markets.

如果有什麼不同的話，那就是略低於這個數字，因為我們在過去幾年中採取了保守的方法，僅考慮到市場的波動性。

And so again, the Board will make their own decisions surrounding our dividend policy, but it'll be driven around FAD and paying out an appropriate percentage of FAD going forward.

同樣，董事會將圍繞我們的股息政策做出自己的決定，但它將圍繞 FAD 驅動，並在未來支付適當比例的 FAD。

So it'll be as simple as that.

所以事情就這麼簡單。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Richard, you mentioned interesting demand from tech in Austin.

理查德，您提到了奧斯汀科技領域的有趣需求。

What did you mean by that?

你這是什麼意思？

And any additional color you can add there in terms of what type of tech or size or term?

您可以在什麼類型的技術、尺寸或術語方面添加任何其他顏色？

Sure.

當然。

On its face value, we just are seeing interesting and compelling demand from technology companies.

從表面上看，我們只是看到科技公司有趣且引人注目的需求。

I'd say they're some that you might consider kind of old-line technology and some that you might consider more modern and current-day technology users.

我想說的是，有些你可能會認為是老式技術，有些你可能會認為是更現代和當今的技術用戶。

But it's definitely a noticeable trend that we're seeing that it has increased relative to the last few quarters or year.

但這絕對是一個明顯的趨勢，我們看到它相對於過去幾個季度或一年有所增加。

All right.

好的。

Great.

偉大的。

That was helpful.

這很有幫助。

And then, Gregg, could you talk about your floating debt strategy here?

然後，格雷格，你能在這裡談談你的浮動債務策略嗎？

You currently have about 16% floating.

目前您的浮動匯率約為 16%。

And how are you thinking about that today given where rates are and the potential rate cut in September?

考慮到利率水準和 9 月的潛在降息，您今天對此有何看法？

Sure.

當然。

We've run our floating rate debt exposure very consistently over the last decade.

在過去十年中，我們一直非常穩定地管理浮動利率債務風險。

It's been, give or take, 20%.

或多或少，一直是20%。

We haven't really adjusted it based upon what we think the Fed may or may not do.

我們並沒有真正根據我們認為聯準會可能會做什麼或不會做什麼來調整它。

We want to have a little floating rate debt available on our balance sheet so that if we sell something, we have a use of proceeds that make sense for our shareholders.

我們希望資產負債表上有一些浮動利率債務，這樣，如果我們出售某些東西，我們就可以使用對股東有意義的收益。

So we're right about where we need to be, and I think that we'll stay there.

因此，我們對於我們需要達到的目標是正確的，而且我認為我們會留在那裡。

Peter Abramowitz, Jefferies.

彼得·阿布拉莫維茨，杰弗里斯。

Yes, thank you.

是的，謝謝。

So there were some positive trends on net new requirements in Austin this quarter just according to some of the broker reports and VTS data, but still a lot of supply coming online, some of which is in the downtown market that's competitive with your assets.

因此，根據一些經紀商報告和 VTS 數據，本季奧斯汀的淨新需求出現了一些正面趨勢，但仍有大量供應上線，其中一些位於市中心市場，與您的資產具有競爭力。

Just wondering if you could give a general update on how things feel on the ground there from a supply-demand perspective, whether you're sort of seeing any inflection in demand and starting to take up some of that new supply?

只是想知道您是否可以從供需角度提供有關當地情況的整體最新情況，您是否看到需求出現任何變化並開始吸收一些新供應？

Yeah, good question, Peter.

是的，好問題，彼得。

It is -- as I mentioned earlier, Austin does have a bit of supply that I would say was pulled forward maybe through some of the exuberance of 2020 and 2021, and it was largely driven by an anticipatory job growth in the tech sector, which then moderated over the last 12 to 18 months.

正如我之前提到的，奧斯汀確實有一些供應量，我想說，這些供應量可能是透過2020 年和2021 年的一些繁榮而提前的，這在很大程度上是由科技業預期的就業成長推動的。

But I think importantly, Austin is still a highly desirable market for inbound growth, but that had gone into hibernation.

但我認為重要的是，奧斯汀仍然是入境成長的一個非常理想的市場，但它已經進入休眠狀態。

We're now starting to see that activity pick back up.

我們現在開始看到這種活動有所回升。

And so what I see in Austin is really just a short-term supply issue that will, we think, quickly rebalance itself as that demand fills up the new supply, and there really is going to be nothing new started for the foreseeable future in Austin.

因此，我在奧斯汀看到的實際上只是一個短期供應問題，我們認為，隨著需求填補新的供應，該問題將迅速重新平衡，並且在可預見的未來，奧斯汀確實不會有任何新的開始。

So we view it as kind of a short-term transitory trend and are encouraged to see the demand reemerge and ultimately, get Austin to the stabilized levels that it's been in the past.

因此，我們將其視為短期過渡趨勢，並鼓勵看到需求重新出現，並最終使奧斯汀恢復到過去的穩定水平。

All right.

好的。

That's helpful.

這很有幫助。

And then a similar question.

然後是類似的問題。

But just overall, in your markets, what's sort of the tenor, the behavior you're seeing from the big tech tenants today, and how has that sort of shifted this year?

但總的來說，在你們的市場中，你們今天從大型科技租戶那裡看到的基調和行為是什麼，今年發生了怎樣的變化？

Yeah, again, I think the largest tech tenants are going through a process of becoming more efficient, and I think in certain instances that has meant fewer people.

是的，我再次認為最大的科技租戶正在經歷一個變得更有效率的過程，我認為在某些情況下這意味著更少的人員。

But at the same time, we are starting to see their trends as it relates to being back in the office, and then I'd say, importantly, starting to see their earnings grow once again.

但同時，我們開始看到他們與重返辦公室有關的趨勢，然後我想說，重要的是，開始看到他們的收入再次成長。

And I think as that earnings growth becomes tangible, I think the hiring will follow.

我認為，隨著獲利成長變得切實，我認為招募也會隨之而來。

And so we're optimistic in the not-too-distant future that you'll see kind of large, big tech back in the game.

因此，我們樂觀地認為，在不久的將來，您將看到大型技術重新回到遊戲中。

But I'd say to date, it's still relatively moderate.

但我想說，到目前為止，它仍然相對溫和。

Brendan Lynch, Barclays.

布倫丹·林奇，巴克萊銀行。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

You've talked about scaling in Nashville in the past.

您過去曾談到納許維爾的擴張。

Maybe you could kind of rank order where mez financing would place relative to more JVs or direct ownership or maybe even investing in distressed debt?

也許你可以對中間融資相對於更多合資企業或直接所有權甚至投資不良債務的排名進行排序？

And you're asking specifically in Nashville?

你是專門在納許維爾問的嗎？

Correct.

正確的。

Again, Nashville is, without question, a priority for us to grow and scale our business and ultimately justify an operating platform on the ground.

毫無疑問，納許維爾再次成為我們發展和擴大業務並最終證明當地營運平台合理性的優先事項。

We've got a great start with our Neuhoff development project, but in time, we'd certainly like to add more square footage in the market.

我們的 Neuhoff 開發案有了一個很好的開端，但隨著時間的推移，我們當然希望在市場上增加更多的面積。

And I think ultimately, our strategy in Nashville will be consistent with our strategy as a company as a whole, which is to invest in Trophy lifestyle office properties or those that can be repositioned into that quality.

我認為最終，我們在納許維爾的策略將與我們作為一個整體公司的策略保持一致，即投資 Trophy 生活風格辦公物業或那些可以重新定位為這種品質的物業。

And Kennedy and her team will be creative as it relates to a property -- a traditional property acquisition available and makes sense.

甘迺迪和她的團隊將在與財產相關的問題上發揮創造力——這是一種傳統的財產收購方式，可行且有意義。

But we'd absolutely consider joint ventures and additional debt investments as well, again, as long as they are -- the underlying asset is consistent with our lifestyle strategy.

但我們絕對會考慮合資企業和額外的債務投資，只要它們是——基礎資產與我們的生活方式策略一致。

And I'm sure that transition would be market dependent, but can you give any sense of the timeline which you'd be looking to increase exposure?

我確信這種轉變將取決於市場，但您能透露您希望增加曝光的時間表嗎？

Yeah.

是的。

Again, we're very constructive on Nashville today, and we have a kind of insiders look at what's happening in the leasing market through our work at Neuhoff.

再說一次，我們今天對納許維爾的看法非常有建設性，我們有一種內部人士透過我們在諾伊霍夫的工作來了解租賃市場正在發生的事情。

And so I think it'll be more driven by the opportunities that emerge.

因此，我認為它將更多地受到出現的機會的推動。

And we think, as those opportunities emerge, are they at pricing that we're comfortable with?

我們認為，隨著這些機會的出現，它們的定價是否讓我們感到滿意？

And so it'll be opportunistically driven.

因此它將受到機會主義的驅動。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great.

偉大的。

Thanks.

謝謝。

Just a couple of follow-ups here.

這裡只是一些後續行動。

First, on the mez investments, can you tell us when the senior debt matures on both of those?

首先，關於中間投資，您能告訴我們這兩項投資的優先債務何時到期嗎？

And then anything you can tell us about the profile of the borrower in these situations would be helpful.

然後，您可以告訴我們有關這些情況下借款人的概況的任何信息都會有所幫助。

Hey, Blaine.

嘿，布萊恩。

It's Kennedy.

這是甘迺迪。

The senior loans have the same maturity as the mezzanine loans, again, since our loans were cut from within that.

優先貸款的期限與夾層貸款相同，因為我們的貸款是從中削減的。

Don't really want to get into specifics on borrowers or anything like that.

真的不想深入了解借款人或類似的細節。

But again, we like our investment and like the assets and the submarkets that they're in.

但同樣，我們喜歡我們的投資，喜歡它們所在的資產和子市場。

Great.

偉大的。

Thanks, Kennedy.

謝謝，甘迺迪。

And then second, you guys had a strong start to the year from the same-store NOI perspective, with 6.6% the first quarter, 5.1% this quarter.

其次，從同店 NOI 的角度來看，你們今年開局強勁，第一季為 6.6%，本季為 5.1%。

When I look at the same-store occupancies from last year that you'll be comping against in the third and fourth quarters, it seems like they remain relatively steady around the 87.5% range, roughly 100 basis points below where you guys are today.

當我查看去年第三和第四季的同店入住率時，它們似乎保持相對穩定在 87.5% 左右，比今天的水平低約 100 個基點。

So is there any reason to think we should see same-store that's materially different in the back half of the year?

那麼，有什麼理由認為我們應該在今年下半年看到同店情況有重大變化呢？

Hey, Blaine, it's Gregg.

嘿，布萊恩，我是格雷格。

A similar question was asked on the last quarterly call.

在上一次季度電話會議上也提出了類似的問題。

Because of that large 6%-plus number, that was associated with a negative expense number in our same property portfolio.

由於這個 6% 以上的數字，與我們同一房地產投資組合中的負費用數字相關。

This quarter, the expense number was slightly positive.

本季度，費用數字略有上升。

In the second half of 2023, a couple things happened that affected our same property expense numbers, and they were surrounding tax issues.

2023 年下半年，發生了幾件事影響了我們同樣的財產支出數字，這些事​​情都與稅務問題有關。

One, we had some successful appeals throughout the portfolio.

第一，我們在整個產品組合中取得了一些成功的上訴。

We accrue taxes throughout the year, and if we have a successful appeal, we usually find out about it in the second half of the year, and then we adjust the accrual for the full year.

我們全年都會納稅，如果上訴成功，我們通常會在下半年得知，然後調整全年的應計稅款。

So some of that happened last year -- very positive outcome.

去年發生了一些事情——非常積極的結果。

And the second thing, even the larger thing, was that there was a successful votes in the State of Texas to lower the property tax rate.

第二件事，甚至是更重要的事情，是德州成功投票降低了財產稅率。

And again, we didn't find out about that until the second half of the year, so we adjusted the accrual.

再說一次，我們直到下半年才發現這一點，所以我們調整了應計費用。

So that year-over-year comp is what drove the kind of below-trend expense number in our same-property portfolio in the first quarter.

因此，同比比較是導致我們第一季相同房產投資組合的費用數字低於趨勢的原因。

That began to correct in the second quarter.

這種情況在第二季開始得到糾正。

It'll correct fully in the third and the fourth quarter.

它將在第三和第四季完全糾正。

So, for the balance of this year, we anticipate positive same-property results.

因此，對於今年餘下的時間，我們預計同地產將取得積極的業績。

But you'll see a stabilization or a return to normalcy for same-property expense numbers as we move past the impact of that second half 2023 accrual adjustments.

但隨著我們度過 2023 年下半年應計調整的影響，您會看到相同財產的支出數字趨於穩定或恢復正常。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I will now hand the call back to Colin Connolly for the closing remarks.

現在，我將把電話轉回給科林·康諾利，讓其結束語。

Thank you all for joining us today on our second-quarter earnings call.

感謝大家今天參加我們的第二季財報電話會議。

We appreciate your interest in Cousins.

我們感謝您對考辛斯的興趣。

Please feel free to follow up with the team if you have any additional questions.

如果您有任何其他問題，請隨時與團隊聯繫。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now ended.

女士們、先生們，會議現已結束。

Thank you all for joining.

感謝大家的加入。

You may all disconnect your lines.

你們都可以斷開線路。