Cousins Properties Inc (CUZ) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cousins Properties first-quarter conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Cousins Properties 第一季電話會議。（操作員指示）

This call is being recorded on Friday, May 2, 2025.

本次通話於 2025 年 5 月 2 日星期五錄製。

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

現在我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 First Quarter Earnings Conference Call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; Gregg Adzema, our Executive Vice President and Chief Financial Officer; and Kennedy Hicks, our Executive Vice President and Chief Investment Officer.

謝謝。早安，歡迎參加 Cousins Properties 第一季財報電話會議。今天與我一起的還有我們的總裁兼首席執行官科林·康諾利 (Colin Connolly)；我們的營運執行副總裁理查德·希克森 (Richard Hickson)； Gregg Adzema，我們的執行副總裁兼首席財務官；以及我們的執行副總裁兼首席投資官肯尼迪希克斯 (Kennedy Hicks)。

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 的要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行協調。如果您沒有收到副本，您可以透過我們網站 councils.com 的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所定義的前瞻性陳述，並且由於各種風險和不確定性以及其他因素（包括我們 10-K 表格年度報告和我們向美國證券交易委員會提交的其他文件中列出的風險因素），實際結果可能與這些陳述存在重大差異。

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 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，無論其是否由於新資訊、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文件中找到，有關潛在風險的詳細討論包含在我們向美國證券交易委員會提交的文件中。

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

說完這些，我將把電話轉給科林康諾利。

Thank you, Pam, and good morning. We had a terrific first quarter at Cousins. On the earnings front, the team delivered $0.74 a share in FFO. Same-property net operating income increased 2% on a cash basis. Leasing remained very strong. We completed 539,000 square feet of leases during the quarter with a 3.2% cash rent roll up. This was our 44th consecutive quarter or 11 years of a positive rent roll-up. This is an extraordinary achievement.

謝謝你，帕姆，早安。我們在考辛斯打出了精彩的第一節表現。在收益方面，該團隊的 FFO 每股收益為 0.74 美元。以現金計算，同物業淨營業收入成長 2%。租賃業務依然強勁。本季我們完成了 539,000 平方英尺的租賃，現金租金上漲了 3.2%。這是我們連續第 44 季或 11 年實現租金正成長。這是一個非凡的成就。

Given the solid first quarter performance, we have increased the midpoint of our guidance to $2.79 a share, which represents a 3.7% growth rate over last year. Our encouraging start to 2025 highlights the strength and resiliency of our leading Sun Belt lifestyle office portfolio and best-in-class balance sheet.

鑑於第一季的穩健表現，我們將預期中位數提高至每股 2.79 美元，比去年同期成長 3.7%。我們 2025 年的良好開局凸顯了我們領先的陽光地帶生活方式辦公室組合和一流資產負債表的實力和彈性。

Before discussing the quarter in more detail, I will start with a few observations on the market. Fundamentals are improving. The existing supply of office buildings is declining as older buildings are converted or torn down and new construction is almost non-existent.

在更詳細地討論本季之前，我將首先對市場進行一些觀察。基本面正在改善。由於舊建築被改建或拆除，而新建築幾乎不存在，現有的辦公大樓供應量正在下降。

JLL reports that 10 million square feet have been removed from the U.S. office inventory since 2024 and predicts that inventory could decline by an additional 40 million square feet by the end of this decade.

JLL 報告稱，自 2024 年以來，美國辦公大樓庫存已減少了 1,000 萬平方英尺，並預測到本世紀末庫存可能還會再減少 4,000 萬平方英尺。

At the same time, demand is accelerating. Leasing volume over the past 12 months now reflects 89% of typical pre-pandemic activity and is steadily increasing. We believe vacancy has peaked in the lifestyle office sector and market tightening is not far off and already arrived in some submarkets. The return to normal is well underway.

同時，需求也在加速成長。過去 12 個月的租賃量目前已達到疫情前典型活動的 89%，並且仍在穩定成長。我們認為，生活方式辦公大樓領域的空置率已達到頂峰，市場緊縮已指日可待，並且已在一些子市場出現。恢復正常進程正在順利進行中。

With these tailwinds, our team remains strategically focused on driving earnings growth while maintaining our best-in-class balance sheet. To do so, we are prioritizing both internal and external growth opportunities. Our portfolio was 90% occupied at the end of the first quarter, up from 88.4% at the end of the first quarter in 2024. We are thrilled to be making progress, growing our leasing market share and driving the occupancy back to more stabilized levels.

在這些順風的幫助下，我們的團隊將繼續策略性地專注於推動獲利成長，同時保持一流的資產負債表。為此，我們優先考慮內部和外部的成長機會。截至第一季末，我們的投資組合佔用率為 90%，高於 2024 年第一季末的 88.4%。我們很高興取得進展，擴大了我們的租賃市場份額，並將入住率推回到更穩定的水平。

As we've discussed, Bank of America's exploration in Charlotte this year is a small speed bump in that process. However, with the pickup in leasing activity and only very modest expirations through 2026, we believe there is meaningful upside in the cash flow of our existing portfolio in the intermediate term.

正如我們所討論的，美國銀行今年在夏洛特的探索只是這一進程中的一個小小的減速帶。然而，隨著租賃活動的回升以及到 2026 年到期的租賃數量非常少，我們相信，從中期來看，我們現有投資組合的現金流將有顯著的上升空間。

Recent tariff discussions have created macro uncertainty. The most immediate impact to the REIT sector has been increased volatility in the capital markets. However, tariffs also create concerns over a softening economy, weaker demand and higher construction costs.

最近的關稅討論造成了宏觀不確定性。對房地產投資信託基金 (REIT) 產業最直接的影響是資本市場的波動性加劇。然而，關稅也引發了人們對經濟疲軟、需求減弱和建築成本上升的擔憂。

Given the strength of our markets, the quality of our portfolio, lifestyle, our portfolio of lifestyle office assets and fortress balance sheet, Cousins is uniquely positioned in the office sector to navigate these uncertain times. First, we have seen no impact in the leasing market to date.

鑑於我們市場的實力、投資組合的品質、生活方式、我們的生活方式辦公資產組合和堡壘資產負債表，Cousins 在辦公領域擁有獨特的優勢，可以應對這些不確定的時期。首先，到目前為止，我們尚未看到租賃市場受到影響。

As I mentioned, demand remains robust across our markets and broad-based across industries. Many companies are still playing catch up from not leasing enough space during the pandemic, which has created pent-up demand as the return to office intensifies. While higher construction costs could delay potential new starts for our development team, a further pause in new supply will only accelerate the tightening of market fundamentals for our existing trophy portfolio.

正如我所提到的，我們整個市場以及各行業的需求仍然強勁。由於疫情期間沒有租賃足夠的辦公空間，許多公司仍在努力彌補這一不足，隨著復工潮的加劇，這導致了被壓抑的需求。雖然更高的建築成本可能會推遲我們開發團隊的潛在新開工，但新供應的進一步暫停只會加速我們現有獎杯組合的市場基本面收緊。

Lastly, we still maintain a relative cost of capital advantage over our public and private peers. This advantage, combined with our balance sheet capacity from low leverage and strong liquidity creates optionality for Cousins. We are positioned to capitalize on compelling opportunities that might arise due to the market disruption.

最後，我們仍然保持著相對於公共和私人同行的資本成本優勢。這項優勢，加上我們低槓桿和強大流動性帶來的資產負債表容量，為 Cousins 創造了選擇性。我們已做好準備，利用市場混亂可能帶來的重大機會。

Importantly, our 2024 transaction activity highlights the creativity of our investment team and openness to a wide variety of opportunities, including debt, structured transactions, joint ventures and property acquisitions. 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. Near-term accretion is a priority.

重要的是，我們 2024 年的交易活動凸顯了我們投資團隊的創造力以及對各種機會的開放性，包括債務、結構化交易、合資企業和房地產收購。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室的房產。近期的增生是當務之急。

In conclusion, the office market remains highly bifurcated. There is little to no leasing demand or capital for commodity and older vintage properties, values for these properties are resetting so that they can be reimagined or demolished. This process is now clearly underway. At the same time, the lifestyle office market is improving. New construction is at historic lows, while leasing demand is improving.

總而言之，辦公大樓市場仍然高度分化。商品和老式房產的租賃需求或資本很少甚至沒有，這些房產的價值正在重置，以便可以重新設計或拆除。這一進程目前顯然已在進行中。同時，生活風格辦公市場正在改善。新建築數量處於歷史低位，而租賃需求正在改善。

The market is rebalancing and a shortage of premium space is not far off. We built Cousins to thrive during all parts of the economic cycle. And today, we are in a highly advantageous position. We are in growing Sun Belt markets. Bank of America ranks our portfolio is the highest quality among all office REITs.

市場正在重新平衡，優質空間短缺的情況並不遙遠。我們打造 Cousins 是為了使其在經濟週期的各個階段蓬勃發展。而今天，我們處於極為有利的地位。我們正處於不斷發展的陽光地帶市場。美國銀行將我們的投資組合評為所有辦公房地產投資信託基金中品質最高的。

Our leverage is the lowest across the sector. The pricing on our unsecured bonds trade at the tightest spread to treasuries among all traditional office companies.

我們的槓桿率是整個產業中最低的。在所有傳統辦公室公司中，我們的無擔保債券與國債的價差最小。

In short, we have great access to capital, and we see great opportunity. We are excited about the future for Cousins. Before turning the call over to Richard, I want to thank our talented Cousins employees who are the foundation of our success. They're dedicated, hard-working and provide excellent service to our customers. Thank you.

簡言之，我們擁有充足的資本，也看到了巨大的機會。我們對考辛斯的未來感到興奮。在將電話轉給理查德之前，我想感謝我們才華橫溢的 Cousins 員工，他們是我們成功的基礎。他們敬業、勤奮，為我們的客戶提供優質的服務。謝謝。

Richard?

理查德？

Thanks, Colin. Good morning, everyone. Our operations team had a strong start to the year, delivering yet another outstanding quarter. In the first quarter, our total office portfolio end of period lease and weighted average occupancy percentages were 92.1% and 90%, respectively.

謝謝，科林。大家早安。我們的營運團隊今年開局強勁，又一個季度表現出色。第一季度，我們的辦公大樓組合總期末租賃率和加權平均入住率分別為 92.1% 和 90%。

As a reminder, the long-anticipated move out of one trust in Atlanta occurred at quarter end and Bank of America and Charlotte will expire at the end of July. With that said, the team continues to do great work in managing our expirations with only 9.3% of annual contractual rent expiring through 2026. This is 280 basis points lower than last quarter. Including Bank of America, we only have two expirations greater than 100,000 square feet through the end of 2026.

需要提醒的是，亞特蘭大一家信託的長期期望的撤離發生在季度末，而美國銀行和夏洛特的信託將於 7 月底到期。話雖如此，團隊在管理到期合約方面仍然做得很好，只有 9.3% 的年度合約租金將在 2026 年到期。這比上一季低了 280 個基點。包括美國銀行在內，截至 2026 年底，我們只有兩筆面積超過 10 萬平方英尺的到期交易。

With new leasing demand continuing to be healthy, we still see occupancy declining likely through the third quarter and then building back towards the end of the year and beyond. This was a particularly notable quarter for Cousins from a leasing perspective.

由於新的租賃需求持續健康，我們仍然認為入住率可能在第三季下降，然後在年底及以後回升。從租賃角度來看，這對考辛斯來說是一個特別值得注意的季度。

During the first quarter, our team completed 47 office leases totaling a very strong 539,000 square feet with a weighted average lease term of 6.3 years. Our square footage volume was the highest in the first quarter since 2019.

第一季度，我們的團隊完成了 47 份辦公室租賃，總面積達 539,000 平方英尺，加權平均租賃期限為 6.3 年。我們第一季的建築面積達到了 2019 年以來的最高水準。

On a transaction count basis, 53% of our completed leases this quarter were new and expansion leases totaling over 200,000 square feet. Again, the team also made great strides this quarter in managing near-term expirations. Specifically, we completed six separate renewals for a full floor or greater this quarter. I'll provide more details on a few of these when I touch on our markets.

以交易數量計算，本季我們完成的租約中有 53% 是新租約和擴建租約，總面積超過 20 萬平方英尺。本季度，該團隊在管理近期到期產品方面也取得了長足進步。具體來說，本季我們完成了六次整層或大樓層的單獨續約。當我談到我們的市場時，我將提供其中一些的更多細節。

Regarding lease economics, our average net rent this quarter came in at $35.87, in line with last quarter. This quarter average leasing concessions, defined as the sum of free rent and tenant improvements were $8 a about 9% lower than the full year 2024. Average net effective rent this quarter came in at a solid $25.06.

關於租賃經濟，本季我們的平均淨租金為 35.87 美元，與上一季持平。本季平均租賃優惠（定義為免租金和租戶改善費用的總和）為 8 美元，比 2024 年全年低約 9%。本季平均淨有效租金達 25.06 美元。

Finally, second-generation cash rents increased yet again in the first quarter at 3.2%. This is lower than our recent run rate, and as we always try to note, was a function of leasing mix. This quarter, we renewed a large customer in North Park in the Central Perimeter of Atlanta, a project where we tend to see rent roll downs. Excluding that renewal, total portfolio second-generation cash rents increased 7.9%, closer to our recent run rate.

最後，第二代現金租金在第一季再次上漲了3.2%。這低於我們最近的運行率，而且正如我們一直試圖指出的那樣，這是租賃組合的函數。本季度，我們在亞特蘭大中心區的北園續簽了一位大客戶，而該專案的租金往往會下降。不計該次續約，投資組合第二代現金租金總額上漲了 7.9%，更接近我們近期的營運率。

Beyond our encouraging completed activity, our leasing pipeline remains very healthy at all stages with no signs of slowing related to ongoing trade dynamics or macro uncertainty. In fact, our combined early and late-stage pipeline is currently near the highest level it has been in years. In short, as of right now, demand for lifestyle office appears resilient.

除了令人鼓舞的已完成活動之外，我們的租賃管道在各個階段都保持著非常健康的勢頭，沒有因持續的貿易動態或宏觀不確定性而放緩的跡象。事實上，我們早期和晚期研發管線的總量目前已接近多年來的最高水準。簡而言之，截至目前，生活方式辦公室的需求似乎具有彈性。

At the same time, and as Colin already highlighted, domestic office inventory removals are accelerating. This should be an important long-term tailwind for our business. At the market level, the broader Atlanta office market continued to show positive trends in the first quarter, following record-breaking deal volume in 2024. Per JLL, both average tenant requirement size and average lease term increased this quarter.

同時，正如科林所強調的，國內辦公大樓庫存清除正在加速。這對我們的業務來說應該是一個重要的長期順風。從市場層面來看，繼 2024 年交易量創下紀錄後，亞特蘭大辦公大樓市場在第一季持續呈現正面趨勢。根據 JLL 的數據，本季平均租戶需求規模和平均租賃期限均增加。

Across our Atlanta operating portfolio, we signed a very strong 213,000 square feet of leases with approximately 110,000 square feet of that at North Park. As I mentioned earlier, our activity at North Park included a key renewal of Veritiv and 68,000 square feet. Veritiv's exploration was previously one of our largest in 2026.

在我們亞特蘭大的營運組合中，我們簽署了 213,000 平方英尺的租約，其中約 110,000 平方英尺位於北園。正如我之前提到的，我們在北園的活動包括對 Veritiv 和 68,000 平方英尺的重點更新。Veritiv 的探索先前是我們 2026 年規模最大的探索之一。

Austin has also seen solid demand for high-quality office space. CBRE reports that as of March, more than 112 tenants were actively seeking space totaling over 3.75 million square feet, which they state as a 33% increase in demand compared to last quarter. We signed 176,000 square feet of leases in Austin in the first quarter, and our portfolio currently stands at 94.7% leased.

奧斯汀對高品質辦公空間的需求也十分強勁。CBRE 報告稱，截至 3 月份，已有超過 112 名租戶積極尋求辦公空間，總面積超過 375 萬平方英尺，與上一季相比，需求增加了 33%。我們在第一季在奧斯汀簽署了 176,000 平方英尺的租約，目前我們的投資組合已出租 94.7%。

Like Atlanta, this quarter's activity in Austin included some key renewals. Specifically, we completed a 34,000 square foot renewal and expansion of KPMG at 111 Congress in the CBD and a 71,000 square foot renewal of Time Warner at Domain Point. Recall that Time Warner currently occupies 112,000 square feet and was previously set to expire in September of this year. While Time Warner ultimately elected to contract by 41,000 square feet, the contraction will not take effect until October of 2026.

與亞特蘭大一樣，本季奧斯汀的活動也包括一些關鍵的更新。具體來說，我們完成了位於中央商務區國會大廈 111 號的 KPMG 34,000 平方英尺的更新和擴建，以及位於 Domain Point 的時代華納 71,000 平方英尺的更新和擴建。回想一下，時代華納目前佔地 112,000 平方英尺，之前定於今年 9 月到期。雖然時代華納最終選擇收縮 41,000 平方英尺的空間，但收縮要到 2026 年 10 月才會生效。

The contraction space extension is not reflected in our reported renewal leasing volume because it is only for 1 year. On that, we view this as a great outcome to retain a long-standing large customer with an opportunity to market a very desirable space with 17 months of lead time. In Charlotte, the market posted positive net absorption in the first quarter and the development pipeline hit its lowest level since 2013 with only 150,000 square feet under construction, all per JLL.

收縮空間的延長並未反映在我們報告的續租量中，因為僅為 1 年。就此而言，我們認為這是一個很好的結果，可以留住一個長期的大客戶，並有機會在 17 個月的交貨期內推銷一個非常理想的空間。仲量聯行稱，夏洛特市場第一季淨吸收量為正，開發案數量達到 2013 年以來的最低水平，在建面積僅 15 萬平方英尺。

Given the growing scarcity in high-quality and new office space, we remain excited about our redevelopment projects at 550 South and Fifth Third Center in Uptown. As we mentioned last quarter, these significant redevelopment projects will elevate the properties with new amenities, refresh lobbies and plentiful outdoor space, cementing their status as best-in-class for years to come.

鑑於高品質和新辦公空間日益稀缺，我們仍然對位於 Uptown 的 550 South 和 Fifth Third Center 的重建項目感到興奮。正如我們上個季度所提到的，這些重大的重建項目將透過新的設施、煥然一新的大廳和充足的戶外空間來提升飯店的檔次，鞏固其未來幾年的一流地位。

In Phoenix, the team is very energized about the finished product after our redevelopment of our Hayden Ferry project in Tempe. There are currently a number of large office requirements searching in the Tempe submarket An interest in Hayden Ferry in particular, continues to be very strong.

在鳳凰城，我們重建了坦佩的海登渡口計畫後，團隊對最終的成品非常滿意。目前，許多大型辦公大樓需求都在坦佩子市場中尋找，尤其是對海登渡口 (Hayden Ferry) 的興趣持續非常強烈。

In fact, I'm very pleased to report that we are in lease negotiations with a 105,000 square foot new customer at Hayden Ferry One. Once complete, this new lease would take Hayden Ferry 1 to 76% leased. Recall that this building was occupied by Silicon Valley Bank prior to its bankruptcy and was 0% leased only seven months ago. In Tampa, our team leased an impressive 84,000 square feet and rolled up cash rents 5%. Our activity also included yet another key 41,000 square foot renewal of a customer at Corporate Center 3.

事實上，我很高興地報告，我們正在與 Hayden Ferry One 的一位 105,000 平方英尺的新客戶進行租賃談判。一旦完成，新的租約將使 Hayden Ferry 1 的出租率達到 76%。回想一下，這棟建築在矽谷銀行破產前曾被其佔用，並且僅在七個月前其出租率還為 0%。在坦帕，我們的團隊租賃了令人印象深刻的 84,000 平方英尺的空間，並將現金租金提高了 5%。我們的活動還包括為客戶在企業中心 3 進行另一項重要的 41,000 平方英尺的翻新工程。

Our Tampa portfolio stood at a solid 96% leased as of quarter end. Finally, our new of mixed-use development in Nashville continues to show momentum. After quarter end, we signed a lease with Fifth Third Bank for 18,300 square feet at the project. This lease takes the commercial portion of the project to 50% leased. Our multifamily leasing velocity continues to accelerate as well with that segment increasing to 70% leased as of today.

截至本季末，我們的坦帕投資組合的租賃率穩居 96%。最後，我們在納許維爾的新型混合用途開發項目繼續顯示出發展勢頭。季度末之後，我們與五三銀行簽訂了該項目 18,300 平方英尺的租約。該租賃使該項目商業部分的出租率達到50%。我們的多戶型租賃速度也持續加快，截至今天該部分的租賃率已上升至 70%。

In light of this velocity, we have moved up our projected stabilization of the multifamily by one quarter to the first quarter of 2026. As we look ahead, even amid today's macro uncertainty we are encouraged by office fundamentals and the continued leasing momentum we see as we move further into 2025. As always, thank you to our entire team for your hard work to make the start of 2025 a positive one.

鑑於這一速度，我們將多戶型住宅的穩定預期提前了四分之一，至 2026 年第一季。展望未來，即使在當今宏觀不確定性的情況下，我們對辦公大樓基本面以及邁入 2025 年時持續的租賃勢頭感到鼓舞。一如既往，感謝我們整個團隊的辛勤工作，使 2025 年有一個積極的開始。

We look forward to continuing the momentum together this year. Gregg?

我們期待今年繼續共同保持這股勢頭。格雷格？

Thanks, Richard. Overall, as Colin stated upfront, our first quarter results were outstanding. Second-generation cash leasing spreads were positive for the 44th straight quarter. Same property year-over-year cash NOI increased and leasing velocity was particularly strong.

謝謝，理查。總體而言，正如科林預先指出的那樣，我們的第一季業績非常出色。第二代現金租賃利差連續第44季為正。同一物業的現金淨營運收入較去年同期增加，且租賃速度特別強勁。

There were three items during the first quarter that pushed FFO above the current run rate. First, as previously disclosed, we sold our bankruptcy claim with SVB Financial Group $4.6 million. Second, we realized an unusually large amount of termination fees during the first quarter, approximately $2.9 million. The front loading of these term fees in the first quarter was included in our original earnings guidance and was based on known move-outs. Three-fourths of these move-outs were proactively initiated by us.

第一季有三項因素導致 FFO 高於目前運行率。首先，如同先前所揭露的，我們向矽谷銀行金融集團出售了 460 萬美元的破產債權。其次，我們在第一季實現了異常高的終止費，約 290 萬美元。第一季這些學期費用的前期負擔已包含在我們最初的獲利預測中，並且是基於已知的搬離情況。其中四分之三的搬遷都是我們主動發起的。

Third, although the mezzanine alone on the Radius property in Nashville was paid off early in March, our recent loan modification guaranteed us interest income on this loan through September '25. We recognize this extra interest of $858,000 during the first quarter. This is a timing issue only and does not change the total amount of interest that we received during 2025.

第三，儘管納許維爾 Radius 房產的夾層部分已於 3 月初付清，但我們最近的貸款修改保證了我們在 2025 年 9 月之前獲得這筆貸款的利息收入。我們在第一季確認了 858,000 美元的額外利息。這只是一個時間問題，並不會改變我們在 2025 年收到的總利息金額。

All three of these items, the SVB bankruptcy claim sale, the large amount of termination fees and the Radius interest guarantee were in our internal numbers and do not impact our full year earnings guidance.

所有這三項，即 SVB 破產債權出售、大額終止費和 Radius 利息擔保均在我們的內部數據中，不會影響我們的全年盈利預期。

Focusing on same-property performance for a moment. GAAP NOI grew 4% and cash NOI grew 2% during the first quarter compared to last year. This continues a string of positive same property numbers that began in early 2022 and with the most recent quarterly cash increases, largely driven by our Atlanta portfolio with increased occupancy and cash -- cash rent commencement at Prominent Central, Bucket Plaza and 3350 Peachtree.

暫時關注同屬性表現。與去年同期相比，第一季 GAAP NOI 成長 4%，現金 NOI 成長 2%。這延續了自 2022 年初開始的一系列積極相同的物業數據，以及最近幾季的現金成長，這主要得益於我們亞特蘭大投資組合的入住率和現金增加——Prominent Central、Bucket Plaza 和 3350 Peachtree 的現金租金開始增加。

There is one unusual item that ran through our cash same property performance this quarter. Our lease with Parsley Energy, now Exxon at 300 Colorado for 298,000 square feet included a Middle East rent abatement for January, February and half of March 2025. Without this onetime abatement, Year-over-year, same-property cash NOI would have increased 4% this quarter instead of the reported 2%. It's a better indication of underlying portfolio performance.

本季度，我們的現金同類財產表現中出現了一個不尋常的現象。我們與 Parsley Energy（現為埃克森美孚）位於科羅拉多大道 300 號的租賃合約面積為 298,000 平方英尺，其中包括 2025 年 1 月、2 月和 3 月上半月的中東租金減免。若沒有這一次性減免，本季同類房產現金淨營業收入將年增 4%，而不是報告的 2%。它更能反映基礎投資組合的表現。

I also wanted to take a moment to point out the lumpiness that can sometimes run through our quarterly same property expense numbers. It's usually driven by property taxes. Property tax true-ups as we receive actual assessments from the taxing authorities can push the quarterly numbers around quite a bit. So it's always best to use longer-term time frames when looking at expense numbers.

我還想花點時間指出我們季度相同財產支出數字有時會出現的不一致性。這通常由財產稅推動。當我們從稅務機關收到實際評估結果時，房產稅的真實值可能會對季度數字產生很大影響。因此，在查看費用數字時，最好始終使用較長的時間範圍。

For example, last quarter, our same property cash expenses were up 11.7% compared to the previous year. This quarter, they declined by 0.3%. However, for full year '24 Same property cash expenses were up 3.6% over the previous year, and they have increased only 2.3% each year on average over the past 4 years.

例如，上個季度，我們的同項房地產現金支出比去年增加了11.7%。本季度，它們下降了0.3%。然而，24年全年同類房產現金支出較前一年上漲3.6%，過去4年平均每年僅上漲2.3%。

Moving on to our transaction activity. We completed three significant deals during the first quarter. In January, we received the payoff of $138 million mortgage loan secured by the Saint Ann Court building in Uptown Dallas. In March, we received the payoff of a $12.8 million mezzanine loan secured by the radius building that I discussed earlier.

繼續我們的交易活動。我們在第一季完成了三筆重要交易。一月份，我們收到了以達拉斯上城區聖安法院大樓為抵押的 1.38 億美元抵押貸款的還款。3 月份，我們收到了 1,280 萬美元夾層貸款的還款，由我之前提到的半徑大廈擔保。

And finally, over the course of the first quarter, we sold 2.1 million shares of common stock on a forward basis under our ATM program at an average gross price of $30.43 per share. These shares were issued in anticipation of potential new investments and will likely be settled when we identify and close on a potential new investment.

最後，在第一季度，我們根據 ATM 計劃以遠期方式出售了 210 萬股普通股，平均總價為每股 30.43 美元。這些股票是為了預期潛在的新投資而發行的，並且很可能在我們確定並完成潛在的新投資時結算。

Looking at our balance sheet, net debt to EBITDA remains an industry-leading 4.9x. Our liquidity position is strong with only $39 million outstanding on our $1 billion credit facility and our debt maturity schedule is well laddered to accommodate efficiently accessing the unsecured bond market.

從我們的資產負債表來看，淨債務與 EBITDA 比率仍為業界領先的 4.9 倍。我們的流動性狀況良好，在 10 億美元的信貸額度中，未償債務僅為 3,900 萬美元，而且我們的債務到期安排十分合理，可以有效進入無擔保債券市場。

Turning to our development efforts. The current pipeline is now only comprised of a 50% interest in Neuhoff and Nashville. We've moved Domain 9 in Austin, which is 98.5% occupied to our operating portfolio. Our share of the remaining development costs at Neuhoff will be funded by a combination of our Neuhoff construction loan and our operating cash flow.

談到我們的發展努力。目前的管道僅由 Neuhoff 和 Nashville 各佔 50% 的權益組成。我們已將奧斯汀的 Domain 9（佔用率為 98.5%）移至我們的營運組合中。我們在 Neuhoff 剩餘開發成本中的份額將由我們的 Neuhoff 建設貸款和我們的營運現金流共同提供資金。

I'll close by updating our 2025 earnings guidance. we currently anticipate full year '25 FFO between $2.75 and $2.83 per share with a midpoint of $2.79. This is up $0.01 from the last quarter and is up $0.10 or 3.7% over our '24 results. The increase in FFO guidance is driven by higher parking income and lower real estate taxes, primarily in Atlanta and Austin.

最後，我將更新我們 2025 年的獲利預測。我們目前預計 25 年全年 FFO 將在每股 2.75 美元至 2.83 美元之間，中間值為 2.79 美元。這比上一季上漲了 0.01 美元，比我們 24 年的業績上漲了 0.10 美元或 3.7%。FFO 指引的成長主要得益於停車收入的增加和房地產稅的降低，主要在亞特蘭大和奧斯丁。

Our guidance continues to assume the assumed refinancing of a $250 million senior note that matures on July 6. It also continues to assume no sulfur cuts in 2025. Our guidance does not include any speculative property acquisitions, property dispositions or development starts. If any of those do take place, we'll update you on future earnings calls accordingly.

我們的指導繼續假設 7 月 6 日到期的 2.5 億美元優先票據的再融資。它也繼續假設 2025 年不會削減硫含量。我們的指導不包括任何投機性房地產收購、房地產處置或開發啟動。如果其中任何一項確實發生，我們將在未來的收益電話會議上向您通報相應的情況。

Bottom line, our first quarter results are excellent, and we're raising the midpoint of our full year earnings guidance. Our best-in-class leverage, and liquidity position remains intact. And despite macro uncertainty, Sunbelt office fundamentals are solid. And although it's not in our guidance, we anticipate the potential to deploy capital into compelling and accretive investment opportunities. We look forward to reporting our progress in the coming quarters.

總而言之，我們的第一季業績非常出色，我們正在提高全年獲利預期的中位數。我們一流的槓桿率和流動性狀況保持不變。儘管宏觀情勢存在不確定性，但陽光地帶的辦公大樓基本面依然穩固。儘管這不在我們的指導範圍內，但我們預計有潛力將資本部署到引人注目且具有增值作用的投資機會中。我們期待在未來幾季報告我們的進展。

With that, I'll turn it back over to the operator. Operator, are you there?

說完這些，我就把它交還給操作員。接線員，您在嗎？

(Operator Instructions) Dylan Burzinski, Green Street.

（操作員指示） 迪倫·布爾津斯基 (Dylan Burzinski)，綠街。

Talked about how the demand pipeline remains fairly robust. Obviously, occupancy within the portfolio is high. even though it's expected to dip throughout the rest of the year, it should continue to grow over the near term. I guess just given that backdrop in your comments around the supply expectations moving forward, I mean you guys get the sense that you're going to start to see rent spikes eventually across the portfolio? And can you guys talk about sort of the ability to push net effective rents in today's environment?

討論了需求管道如何保持相當強勁。顯然，投資組合內的入住率很高。儘管預計今年剩餘時間內會出現下滑，但短期內應該會繼續成長。我想，鑑於您在評論中對未來供應預期的背景，我的意思是，您是否感覺到最終將會看到整個投資組合的租金飆升？你們能談談在當今環境下推動淨有效租金的能力嗎？

Dylan, it's Colin. Yes, I think it -- in the backdrop for the lifestyle office sector, I think it's a positive one because again, anytime you've got demand improving, at the same time, supply is declining. I think that will ultimately rebalance the market and I think in time, show show itself in really positive improvements in the leasing market, both from a volume perspective as well as the underlying lease economics.

迪倫，我是科林。是的，我認為——在生活方式辦公領域的背景下，我認為這是一個積極的方面，因為任何時候需求都在增加，同時供應量也在下降。我認為這最終將重新平衡市場，我認為隨著時間的推移，無論是從數量角度還是從基礎租賃經濟角度來看，租賃市場都會出現真正積極的改善。

And so we are starting to see some signs of that tightness or tightening. I'd say that's showing up in some of the concessions and tenant improvement allowances starting to level off. And as those do, I think, in time, we'll begin to see rental rates improve. I think if we see spikes, I think that's going to be determined by how long a period we have with kind of very little to no new supply. And as I've mentioned, earlier today, many times in the past, we do see some shortages of high-quality lifestyle office in certain submarkets.

因此，我們開始看到一些緊張或收緊的跡象。我想說的是，一些優惠和租戶改善津貼開始趨於平穩。隨著這些因素的發生，我認為，隨著時間的推移，我們將開始看到租金率的增加。我認為，如果我們看到峰值，那將取決於我們幾乎沒有或完全沒有新供應的時期有多長。正如我今天早些時候提到的，過去我們確實看到某些子市場缺乏高品質的生活方式辦公室。

And I think over time, if this delay in any construction starts is takes quite a while, I think you could see some meaningful upside in rents, particularly when you compare that to what new construction rents are, in some cases, it's 50% higher. So I do think there's a long runway for the highest quality lifestyle office rents kind of the existing where they are today and where they need to go to get to new construction levels.

我認為，隨著時間的推移，如果任何建築開工的延遲持續相當長一段時間，那麼你會看到租金出現一些有意義的上漲，特別是當你將其與新建築租金進行比較時，在某些情況下，租金要高出 50%。因此，我確實認為，最高品質的生活方式辦公室租金還有很長的路要走，就像它們現在的現狀以及它們需要達到新的建設水平一樣。

Appreciate that color, Colin. And then maybe just one, Gregg, you alluded to sort of the acquisition pipeline and looking for -- continuing to look for opportunities. I guess, given you guys did the forward equity raise -- at the start of the year, I mean, is it safe to assume that there's something in the near-term hopper as it relates to the pipeline?

欣賞那個顏色，科林。然後也許只有一個，格雷格，你提到了收購管道並尋找 - 繼續尋找機會。我想，考慮到你們在年初就進行了遠期股權融資，那麼是否可以安全地假設短期內有與管道相關的事物？

And then maybe if you can just sort of talk further about sort of the pipeline today versus maybe at the start of the year, are you seeing any changes with regards to seller appetite, wanting to part ways with their properties given volatility in the capital markets?

然後，如果您可以進一步談談今天的通路情況，與年初相比，您是否看到賣家意願方面有任何變化，考慮到資本市場的波動，他們是否想出售自己的房產？

Yes, sure, Dylan. It's Colin again. I definitely think we are seeing more owners explore the opportunities to sell and perhaps some of these owners have kind of delayed decisions to sell for several years, and they're now looking to monetize.

是的，當然，迪倫。又是科林。我確實認為我們看到越來越多的業主正在探索出售的機會，也許其中一些業主已經推遲了幾年才做出出售決定，現在他們正在尋求貨幣化。

And so I think there is a greater volume of opportunity. That being said, I think the recent, I'd say, disruption in the capital markets with impacts to equity prices, debt spreads, that has a tendency to create a bid-ask spread. So we've seen that creep back into the market. But I could also see that being fairly short-lived.

因此我認為機會更多。話雖如此，我認為最近資本市場的混亂會對股票價格、債務利差產生影響，並有造成買賣價差的趨勢。因此，我們看到這種趨勢正在悄悄回歸市場。但我也看到這種情況不會持續太久。

For us, in particular, we're always looking at a wide variety of opportunities. We're always hanging around the hoop. We've got great relationships with owners out there. I think we're somewhat of a preferred buyer given our track record. And so we're always evaluating. We think we've got interesting opportunities out there.

尤其是對我們來說，我們總是在尋找各種各樣的機會。我們總是徘徊在籃框附近。我們與那裡的業主保持著良好的關係。我認為，根據我們的業績記錄，我們在某種程度上是優先買家。因此我們一直在評估。我們認為我們在那裡擁有有趣的機會。

I wouldn't say any of them are immediately actionable as we balance the impact of those investments on our FFO accretion, our FAD accretion, what does it do to leverage and some other strategic considerations. But as the forward equity raise highlighted, we are optimistic over the course of this year that we're going to find creative ways to deploy capital, and it could come in a lot of different forms as it did last year.

我不會說其中任何一個都是可以立即採取行動的，因為我們要平衡這些投資對我們的 FFO 成長、FAD 成長的影響、它對槓桿的影響以及其他一些策略考量。但正如未來股權融資所強調的那樣，我們對今年充滿信心，我們將找到創造性的方式來配置資本，而且它可能像去年一樣以多種不同的形式出現。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Richard, I didn't know if you could maybe provide a little bit more color on the pipeline, maybe either by market where you're seeing kind of the most activity? And then maybe by kind of industry? Is it legal, financial services? Is it tech? I'm kind of interested in where if, in fact, you're seeing any big tech kind of picking up.

理查德，我不知道您是否可以提供更多關於渠道的詳細信息，也許是按您看到最活躍的市場來提供？然後可能是按行業劃分？這是合法的金融服務嗎？這是技術嗎？我感興趣的是，事實上你是否看到任何大型科技公司正在崛起。

Sure. Steve. So I'll start with the industry breakout of our pipeline. It really is remarkably diversified -- but as you drill down, I would say that there's today and overweight to legal, which we view as encouraging particularly in that industry segment, we're seeing some pent-up demand that's starting to come through the pipeline. But again, it's diversified.

當然。史蒂夫。因此，我將從我們的管道行業突破開始。它確實非常多樣化——但當你深入研究時，我會說今天法律方面的投資佔比過高，我們認為這令人鼓舞，特別是在該行業領域，我們看到一些被壓抑的需求開始透過管道湧現。但同樣，它是多樣化的。

We're seeing strong presence from our bread-and-butter kind of segments of technology and financial services and general professional services. So I feel very good about the diversification of the pipeline. When you look at it by market, it is skewed -- well, first all, started strong in every market. So we feel good about demand across the board, but it's skewed toward Atlanta, and Charlotte mainly, it's no coincidence though, that's where most of our availability is.

我們看到，我們賴以生存的技術和金融服務以及一般專業服務領域表現強勁。因此，我對管道的多樣化感到非常滿意。如果從市場角度來看，就會發現存在偏差——首先，每個市場都開局強勁。因此，我們對整體需求感到滿意，但主要集中在亞特蘭大和夏洛特，但這並非巧合，我們大部分的可用資源都在那裡。

And Phoenix is also screening very strong. But again, we have a lot of availability there as well. One other data point I put out there is that the -- in terms of field type, we're seeing that we're over 70% new and expansion leasing opportunities versus renewals. So a very healthy metric, we think, as well.

而且菲尼克斯的陣容也很強。但同樣，我們在那裡也有很多可用資源。我提出的另一個數據點是——就領域類型而言，我們發現新的和擴建的租賃機會與續約相比超過 70%。因此，我們認為這也是一個非常健康的指標。

Okay. And then maybe just to kind of follow up on Colin -- some of Colin's comments about development. Obviously, you have some attractive land parcels down in the Austin market. I'm just curious, how do you sort of think about new development? It doesn't sound like maybe large tech is maybe as robust on in Austin today. But how do you sort of think about activating a new development? And I guess, how would you think about a yield requirement for new development today versus some of the acquisitions you've recently done?

好的。然後也許只是為了跟進科林——科林對發展的一些評論。顯然，奧斯汀市場上有一些很有吸引力的土地。我只是好奇，您對新發展有什麼看法？聽起來，大型科技公司在今天的奧斯汀可能不那麼強大。但是您如何看待啟動新的發展呢？我想，您如何看待當今新開發項目的收益要求與您最近進行的一些收購相比？

Yes. Steve, we look at development as we do any other investment opportunities. So we compare it relative to acquisition opportunities. And any other ways we could allocate capital. And ultimately, the risk-adjusted return has to justify itself.

是的。史蒂夫，我們看待發展就像看待其他投資機會一樣。因此，我們將其與收購機會進行比較。以及我們可以分配資本的任何其他方式。最終，風險調整後的報酬必須證明其合理性。

And so today, obviously, I mentioned construction costs have -- are materially higher than they were some years ago that ultimately means that the rents need to be materially higher to have going in yield that's attractive relative to where we've been able to invest on the acquisition side.

所以今天，顯然，我提到建築成本已經比幾年前大幅提高，這最終意味著租金需要大幅提高才能獲得相對於我們在收購方面能夠投資的領域而言有吸引力的收益。

I do think, though, as we look across the company, we've got a land bank of some really highly attractive sites not just in Austin, but in places like Atlanta and Charlotte and otherwise, and we're always looking at those opportunities. You mentioned in Austin. I think that's actually a really unique situation where we could see new development perhaps sooner than some than one would expect. And that's a function of the 2.5 million square feet that we own out as a domain is effectively 100% leased with almost no sublease space available.

不過，我確實認為，縱觀整個公司，我們擁有一些非常有吸引力的土地儲備，不僅在奧斯汀，而且在亞特蘭大、夏洛特等地，我們一直在尋找這些機會。您提到了奧斯汀。我認為這實際上是一個非常獨特的情況，我們可能會比一些人預期的更快地看到新的發展。這是我們擁有的 250 萬平方英尺土地的功能，因為這片土地實際上已 100% 出租，幾乎沒有可供轉租的空間。

And I do think there is some big tech as well as some other large corporate users that might make their own independent decisions and be willing to make a rental rate commitment to get the space that they want and the submarket they want.

我確實認為，一些大型科技公司以及其他一些大型企業用戶可能會做出自己的獨立決定，並願意做出租金承諾，以獲得他們想要的空間和他們想要的子市場。

And so I do think Austin is -- has potential and hopefully in the not-too-distant future, places like in Atlanta and Charlotte, Nashville and some others. We do believe there's going to be opportunity and that rents are ultimately tend to go up, and we'll justify development. The question is just kind of when.

因此我確實認為奧斯汀具有潛力，並且希望在不久的將來，像亞特蘭大、夏洛特、納許維爾和其他一些地方一樣。我們確實相信會有機會，而且租金最終會上漲，我們會證明開發的合理性。問題只是何時。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

I think this is the first time you mentioned office removals in your markets accelerating. So I was wondering what markets, in particular, you're seeing that at? And what's driving some of the removals. And is this going into multifamily redevelopment or some other use?

我想這是您第一次提到您所在市場的辦公室搬遷正在加速。所以我想知道您具體在哪些市場看到了這種情況？以及導致一些拆除的原因是什麼。這是否會用於多戶住宅重建或其他用途？

John, it's really now broad-based across all of our markets. And I think all across the country, and it's a function of obsolete space -- as you've heard me say in the past, in the office market really isn't that oversupplied. It's just under demolished, and there's probably been too little demolition in the office sector over the last 10 to 20 years.

約翰，現在它確實廣泛地涵蓋了我們所有的市場。我認為，在全國各地，這都是由於過時的空間造成的——正如你過去聽我說過的那樣，辦公大樓市場實際上並沒有供過於求。只是拆除工作還不夠，過去 10 到 20 年間，辦公大樓領域的拆除工作可能太少了。

And so I think there's a certain amount of catch-up that's taking place. And it's those obsolete properties that can really no longer attract tester demand. And therefore, investor demand, and they ultimately are being repriced to a level where they can be either repurposed or turn down.

因此我認為，一定程度的追趕正在發生。而那些過時的屬性確實不再能吸引測試人員的需求。因此，投資者需求最終會被重新定價到可以重新利用或拒絕的程度。

And I'm sitting in our corporate headquarters in Atlanta today in the Buckhead submarket, and I can look out the window from where I'm sitting now and look at several different properties, one of which there's plans to demolish parts of it and reposition others, another park just down the road where they're planning on demolishing roughly half of the project in multiple buildings and consolidate the office into the other half and likely build multifamily. So it's a combination of teardowns, repositioning.

今天，我坐在亞特蘭大巴克海特子市場的公司總部，從我現在坐的地方透過窗戶可以看到幾處不同的房產，其中一處他們計劃拆除部分建築，重新安置其他建築，另一處就在路的盡頭的公園，他們計劃拆除多棟建築中大約一半的項目，並將辦公室合併到另一半，並可能建造多戶住宅。所以它是拆卸和重新定位的組合。

I think you're going to see kind of a wide variety of executions. But ultimately, what's driving it is product that today is no longer relevant.

我想你會看到各種各樣的處決。但最終，推動這項進程的是如今已不再相關的產品。

Okay. That's interesting. In recent weeks, Blackstone has made office investments in Manhattan and San Francisco. And I was wondering if you comments on either Blackstone or the large private equity firms, their interest in office in your markets?

好的。那很有意思。最近幾週，黑石集團在曼哈頓和舊金山進行了辦公大樓投資。我想知道您是否對黑石集團或大型私募股權公司在您所在市場開設辦事處的興趣進行了評論？

Yes. Look, I think it's a positive. I think ultimately, there's more capital into the space. First, I think it shows their conviction that perhaps the or that they have taken a view that the secular concerns and the overhang around the office business is perhaps faded. And I think that should ultimately translate into a rerating in the public sector and higher multiples.

是的。瞧，我認為這是正面的。我認為最終會有更多的資本進入該領域。首先，我認為這表明他們堅信，或者他們認為，圍繞辦公業務的長期擔憂和懸而未決的問題可能已經消退。我認為這最終將轉化為公共部門的重新評級和更高的倍數。

And they see the opportunity. And really, I don't want to speak for Blackstone. But I think more investors are seeing an interesting and compelling opportunity that's driven by a market where demand is improving and supply is declining and that ultimately should translate into higher occupancies and higher rental rates and an interesting investment opportunity to be on the front end of.

他們看到了機會。事實上，我並不想代表黑石集團發言。但我認為，越來越多的投資者看到了一個有趣且引人注目的機會，這個機會是由需求不斷改善、供應不斷下降的市場所驅動的，最終將轉化為更高的入住率和更高的租金，以及一個值得處於前沿的有趣投資機會。

Are you seeing them in your markets in particular?

您是否在您的市場中看到過它們？

We're seeing an increase in private equity, in particular, some of the large private equity firms in markets all over the country. Again, I think they're not just Blackstone, but others are interested in this higher end of the market or assets that can be repositioned into the lifestyle and quality assets where they think there's going to be, again, this interesting opportunity and perhaps in the not-to-distant future, an imbalance where there's perhaps more demand and less supply. So I think it's across all major markets of the country, investment firms, both public and private are looking for those opportunities.

我們看到私募股權正在成長，特別是全國各地市場的一些大型私募股權公司。再說一次，我認為不僅僅是黑石，其他公司也對這個高端市場或可以重新定位為生活方式和優質資產的資產感興趣，他們認為這將再次帶來這個有趣的機會，並且可能在不久的將來，出現需求增加而供應減少的不平衡。所以我認為，全國所有主要市場，無論是公共的還是私人的投資公司都在尋找這些機會。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Just following up on the investment side, are you seeing any more or better opportunities on the debt side, given the uncertainty that's come about and some disruption in the credit market. Just wondering if we could see debt opportunities come back to the forefront you guys.

就投資方面而言，考慮到出現的不確定性和信貸市場的某些混亂，您是否看到債務方面有更多或更好的機會？只是想知道我們是否可以看到債務機會重新成為你們關注的焦點。

Yes, I think it's a possibility, Blaine. Last year, we executed on three different debt investments. And then some of the bid-ask spread and the uncertainty faded, you saw us begin to invest directly into the equity of properties with a bit of dislocation that's happened more recently. I think it's definitely a possibility that we would look at the debt side is an interesting way and the appropriate part of the capital stack to invest in.

是的，我認為這是有可能的，布萊恩。去年，我們執行了三項不同的債務投資。然後，一些買賣價差和不確定性消失了，你看到我們開始直接投資房地產的股權，最近出現了一些混亂。我認為我們絕對有可能以有趣的方式看待債務方面，並將其作為資本結構中適合投資的部分。

As we've said in the past, we're not looking to build a large-scale debt book here at Cousins, but we're in a unique part of the cycle, and we think we need to be flexible as to where we invest. And Gregg highlighted, we've been paid off on two of the three investments that we've made.

正如我們過去所說的那樣，我們並不打算在 Cousins 建立大規模的債務帳簿，但我們正處於週期的獨特階段，我們認為我們需要靈活地選擇投資方向。格雷格強調，我們所做的三項投資中，有兩項已經獲得了回報。

And so if situations arise and the debt part of the capital stack is the right place to invest and the right basis to invest. And it's ultimately an asset that we would be comfortable owning if need be, we'll make the select few investments if those arise.

因此，如果發生情況，資本堆疊的債務部分就是正確的投資地點和正確的投資基礎。如果需要的話，它最終會成為我們樂意擁有的資產，如果發生這種情況，我們會進行少數精選的投資。

All right. Great. That's helpful. And then can you talk a little bit more about the strong increase in leasing you guys saw at the multifamily portion at Neuhoff this quarter, maybe touch on whether you've adjusted rents or concessions to kind of increase that velocity of lease signings?

好的。偉大的。這很有幫助。然後，您能否再多談談本季度 Neuhoff 多戶型住宅部分租賃的強勁增長，或許可以談談您是否調整了租金或優惠，以提高租賃簽約速度？

Sure. Blaine, it's Kennedy. As Richard mentioned, I mean, we're very encouraged by the velocity and it just really keeps going. So we've leased a lot of apartments there, and we are now looking at increasing base rates, we do -- we will start to have some renewals coming later this summer, but we are increasing base rates. We've held concessions for now but are evaluating that on a daily basis.

當然。布萊恩，我是甘迺迪。正如理查德所提到的，我的意思是，我們對這種速度感到非常鼓舞，而且它確實在不斷前進。因此，我們在那裡租賃了許多公寓，現在我們正在考慮提高基本利率，我們將在今年夏天晚些時候開始進行一些續約，但我們正在提高基本利率。我們目前已做出讓步，但每天都在進行評估。

Okay. Great. And related to that, can you talk a little bit about the activity you have on the commercial space at Neuhoff? I'm assuming you have some kind of large contiguous blocks of space -- are there any large tenant requirements in the Nashville market that you think might sit there and be kind of a quick boost to leasing? Or are you still more focused on some of the smaller tenants and slowly making progress towards that stabilization?

好的。偉大的。與此相關，您能否談談您在 Neuhoff 商業空間的活動？我假設您擁有某種大型連續的空間區塊——您認為納許維爾市場是否存在大型租戶需求，這些需求可能會迅速促進租賃業的發展？或者您仍然更關註一些較小的租戶並慢慢地朝著穩定的方向前進？

So we do have a large contiguous block that's left. We've also got some spec suite that we'll deliver here any day now. And it's a bit of a mix. I would say at the moment, we feel that a one or two floor lease up per customer is the right cadence, but there are some bigger requirements that are out there. They just may be a little bit further out in their decision-making. So we're still seeing a steady flow of tour activity and think we'll continue to make progress on the lease up there.

所以我們確實還剩下一大塊連續的土地。我們還有一些規格套件，隨時可以交付。這有點混亂。我想說，目前，我們認為每位客戶租用一層或兩層樓是正確的節奏，但還有一些更大的要求。他們在做決策時可能只是稍微偏離了一點方向。因此，我們仍然看到穩定的旅遊活動流，並認為我們將繼續在那裡的租賃方面取得進展。

Upal Rana, KeyBanc.

Upal Rana，KeyBanc。

Great. Richard, you went through some of the implications of some of the renewal leasing in the quarter, but lease term did come down a bit to 5.5 years. Was there anything that was particularly driving that?

偉大的。理查德，您討論了本季部分續租的影響，但租賃期限確實縮短了一點，至 5.5 年。有什麼特別的因素推動了這現象嗎？

Okay. Well, I think it was 6.3% this quarter. And really, think Time Warner weighed on that a little bit. They tend just historically to do renewals at more of the kind of five-year or less time frame. But -- just to give some context, if you look at our pipeline today, late stage, the lease term is pushing nine years. So I think it's just the quarter dynamic that will obviously bounce around over time like it typically does.

好的。嗯，我認為本季是 6.3%。事實上，我認為時代華納對此有點擔心。從歷史上看，他們往往傾向於在五年或更短的時間內進行續約。但是－僅舉一些背景例子，如果你看看我們今天的管道，後期階段，租賃期限已經接近九年。所以我認為這只是季度動態，顯然會像往常一樣隨著時間的推移而波動。

Okay. Great. And then you guys noted that you're seeing parking revenues increase, which is driving the guidance. How much of that is a function of higher office utilization versus increased pricing? And is there any markets that stick out to you the most?

好的。偉大的。然後你們注意到停車收入正在增加，這推動了指導。其中有多少是因為辦公室利用率提高而不是價格上漲造成的？有哪些市場最讓您印象深刻？

Upal, it's Gregg. So the increases that we've seen on the parking revenue side, about 75% of that is driven by higher utilization and about 25% of that is driven by increasing pricing -- so it's a really good proxy we have found over the last few years for utilization of our buildings, and it's an encouraging sign for us. And then in terms of kind of where it's coming from, Atlanta by far was our largest market in terms of parking revenues.

烏帕爾，我是格雷格。因此，我們看到停車收入方面的成長，其中約 75% 是由更高的利用率推動的，約 25% 是由價格上漲推動的——因此，這是我們在過去幾年中發現的衡量建築物利用率的一個很好的指標，對我們來說是一個令人鼓舞的信號。就其來源而言，就停車收入而言，亞特蘭大迄今為止是我們最大的市場。

[Jenna, Galen], Bank of America.

[詹娜，蓋倫]，美國銀行。

Going back to the potential acquisition and investments pipeline, with your balance sheet so well positioned today, how large could this opportunity be this year while still kind of balancing your leverage targets?

回到潛在的收購和投資管道，鑑於您目前的資產負債表狀況如此良好，那麼在平衡您的槓桿目標的同時，今年的這個機會有多大？

it's Gregg. What we've done in the past is as we've executed these transactions, we raised the incremental capital at the same time on a leverage-neutral basis. And so we've locked in the spread upfront with 0 risk, and it's been terrific.

是格雷格。我們過去的做法是，在執行這些交易的同時，以槓桿中性的方式籌集增量資本。因此，我們預先鎖定了利差，風險為零，效果非常好。

So how we fund potential acquisitions going forward will depend upon what's available to us at that point in time. We'll see what happens to credit spreads, as Colin talked about earlier, we'll see what happens to our share price.

因此，我們如何為未來的潛在收購提供資金將取決於我們當時可用的資金。我們將看看信用利差會發生什麼變化，正如科林之前談到的，我們將看看我們的股價會發生什麼變化。

But as the cycle matures, we'll also have an opportunity to maybe sell assets. And so again, I don't want to commit to how we're going to fund these acquisitions, although we do have the $64 million of forward equity sitting on our balance sheet, which, by the way, I know it's not large, but I see it as a very powerful asset that we have as we move forward with transactions. But outside of that, we're going to look at what's available to us at the time and make a decision as to how we fund it.

但隨著週期的成熟，我們也許還有機會出售資產。因此，我再次重申，我不想承諾我們將如何為這些收購提供資金，儘管我們的資產負債表上確實有 6,400 萬美元的遠期股權，順便說一句，我知道這並不多，但我認為它是我們推進交易時非常強大的資產。但除此之外，我們將考慮當時我們可以獲得的資源，並決定如何為其提供資金。

And then just on -- in terms of kind of the leasing discussions. On renewals, in some of your markets, are you having any tenants kind of realizing the markets are really firming up in terms of space? Are you getting approached in any of your markets for early renewals?

然後就租賃討論而言。關於續約，在你們的某些市場中，是否有任何租戶意識到市場在空間方面確實正在變得穩固？您所在的市場中是否有人與您聯繫提前續約？

Yes. I think it's a short answer. We're definitely seeing situations where customers are looking at the landscape, especially paying attention to the fact that there really is a shutdown of new supply and doing the math and realizing that that they need to get ahead of the game. So it's absolutely something we are experiencing right now.

是的。我認為這是一個簡短的回答。我們確實看到這樣的情況：客戶正在觀察情況，尤其關注新供應確實停止的事實，經過計算後，他們意識到自己需要搶佔先機。所以這絕對是我們現在正在經歷的事情。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Maybe I just wanted to follow up on something and broaden the discussion. But -- what are you guys seeing on the new-to-market requirements. Obviously, understanding corporate relocate large corporate relocations aren't like a huge driver of this business, but we've been hearing in Atlanta that there is a big pickup or not a big pickup, but a slight pickup here on requirements. Just curious if you could broaden that scope to the entire portfolio on markets kind of we didn't touch.

也許我只是想跟進一些事情並擴大討論範圍。但是──你們對新上市的要求有何看法？顯然，了解企業搬遷，大型企業搬遷並不是這項業務的巨大推動力，但我們在亞特蘭大聽說，這裡的需求有一個很大的回升，或者不是一個很大的回升，但略有回升。我只是好奇您是否可以將這個範圍擴大到我們未涉及的市場中的整個投資組合。

Yes. Look, it we're seeing an impact or increase in all sorts of demand and whether it's folks that just are now making a decision to -- and ready to make the decision to move from 1 building to the other within our markets to, I'd say, an increase in some new-to-market activity and some of the relocation activity has begun to pick back up.

是的。你看，我們看到各種需求都受到了影響或增加了，無論是人們現在做出決定——還是準備做出決定從我們市場中的一棟建築搬到另一棟建築，我想說，一些新進入市場的活動有所增加，一些搬遷活動已經開始回升。

But a lot of the -- I'd say, a key driver for us now, and I think historically, oftentimes, the new-to-market activity isn't necessarily a company that's picking up and moving from California to Austin, but it might be a company that is already -- that's headquartered in California has a presence in Austin and a company making the decision to have more of their growth in Austin and continuing to grow and expand these hubs.

但我想說，現在對我們來說一個關鍵的驅動力是，從歷史上看，很多時候，新進入市場的活動不一定是一家從加利福尼亞遷往奧斯汀的公司，而是一家總部設在加利福尼亞、在奧斯汀設有業務的公司，一家決定在奧斯汀實現更多增長並繼續發展和擴大這些中心的公司。

We've seen that from the likes of Amazon and companies like Workday and Microsoft and others who have established these large hubs and continue to draw from the talent in our Sun Belt markets to grow their presence. And it's really driven ultimately by a decision by these companies to more broadly distribute their workforce across the country.

我們已經看到，亞馬遜、Workday、微軟等公司已經建立了這些大型中心，並繼續從我們的陽光地帶市場吸收人才來擴大其影響力。而這最終是由這些公司決定在全國範圍內更廣泛地分配勞動力所驅動的。

And that's certainly true of the tech companies on the West Coast as well as the financial services companies in the Northeast. And so I think you're going to continue to see large-scale hubs in all of our markets across those industries, and I think those will benefit places like Charlotte, like Atlanta, like Austin, like Tempe and there's that type of activity underway in each of those markets.

對於西岸的科技公司和東北部的金融服務公司來說，情況確實如此。因此，我認為你將繼續看到我們所有行業市場中的大型樞紐，我認為這些樞紐將使夏洛特、亞特蘭大、奧斯汀、坦佩等地受益，而且每個市場都在進行此類活動。

No, that's helpful. And then maybe just following up on acquisitions and I don't know if I actually get an answer on this one, but are there any markets in particular where there's a little bit more of a priority to kind of enter, I think of the likes of like Dallas, you have the Saint Ann Court loan. Is that a market that you view as one that definitely needs more exposure on this next round of kind of deployment?

不，這很有幫助。然後也許只是跟進收購，我不知道我是否真的得到了這個問題的答案，但是是否有任何特定的市場需要優先進入，我想到像達拉斯這樣的市場，你有聖安法院貸款。您是否認為該市場在下一輪部署中肯定需要更多的曝光？

It is. Again, I would say as we look across all of our markets and the fundamentals in them. We've got conviction to invest in any market where we operate today. maybe less so in Houston. But aside from that, I think the markets are all performing well, and we would deploy capital.

這是。再次，我想說，當我們審視所有市場及其基本面時。我們有信心投資目前我們經營的任何市場。休士頓的情況可能沒那麼嚴重。但除此之外，我認為市場表現都很好，我們會部署資本。

But from a strategic perspective, as we look at how the company is positioned today. We are, I'd say, a bit -- have a bit of an outsized presence in Atlanta and Austin, -- not surprising, given the size and scale of those markets compared to some of our other markets.

但從策略角度來看，我們看看公司目前的定位。我想說，我們在亞特蘭大和奧斯丁的業務有點過大，這並不奇怪，因為與我們的其他一些市場相比，這兩個市場的規模和規模都比較大。

But I do think in time, it's a long-term goal, not necessarily a short-term goal, but a long-term goal to continue to enhance the geographic diversification of the company. So I think you'll see us hopefully, in time, grow our presence in markets like Dallas, like Charlotte, like Nashville, Tampa and certainly out in the Phoenix market as well.

但我確實認為，從長遠來看，這是一個長期目標，不一定是短期目標，而是一個持續增強公司地域多樣化的長期目標。所以我想，隨著時間的推移，您會看到我們在達拉斯、夏洛特、納許維爾、坦帕以及菲尼克斯等市場的影響力不斷擴大。

But we're not going to -- as I said, that's a long-term goal, and we're only going to make those investments when we feel like they meet our investment criteria as it relates to impacts to FFO to FAD, how we are able to finance it and impacts the leverage and liquidity and then again, some of these strategic considerations and enhancing our geographic diversification is one of those long-term goals.

但我們不會 — — 正如我所說，這是一個長期目標，而且我們只會在認為它們符合我們的投資標準時才會進行這些投資，因為這與對 FFO 和 FAD 的影響有關，與我們如何為其融資以及對槓桿率和流動性的影響有關，再說一次，其中一些戰略考慮和增強我們的地域多樣化是這些長期目標之一。

Michael Lewis, Truist Securities.

邁克爾·劉易斯（Michael Lewis），Truist Securities。

Some other office REITs are reporting good leasing volume, but their cash flow is suffering you didn't have as big an occupancy dip to kind of recover from. But could you talk about -- is there anything in terms of timing of free rent or leasing concessions that might pressure the cash flow?

其他一些辦公房地產投資信託基金報告的租賃量良好，但其現金流受到影響，入住率下降幅度並不大，因此需要恢復。但是您能否談談—免租或租賃優惠的時間表是否會對現金流造成壓力？

And then also talk about kind of how the leasing concessions are trending in your markets? I know you got some questions about whether there could be rent spikes, but maybe you might see changes in concessions first? And I wonder if you're seeing that at all.

然後也要談談租賃優惠在你們的市場中的趨勢如何？我知道您對租金是否可能上漲有一些疑問，但也許您可能會先看到優惠方面的變化？我不知道您是否看到了這一點。

Well, Michael, I think there's a lot of different things at play. But I do think that, for us, as it relates to cash flow, you're seeing some of the, I think, the benefits of the work that we've done at Cousins really over the last 10 years, but I think as it relates to our portfolio and some of the recycling that we've done.

嗯，邁克爾，我認為有很多不同的因素在起作用。但我確實認為，對我們來說，就現金流而言，您會看到我們過去 10 年在 Cousins 所做的工作所帶來的一些好處，但我認為這與我們的投資組合和我們所做的一些回收有關。

And most recently, if you go back to 2020 and 2021, we made a very intentional decision at Cousins to sell when the market was open, $1.3 billion of our lower quality, older vintage assets that were also the most capital-intensive and rotated into newer higher quality assets. And since today, we've got, I think, the youngest portfolio across the office sector.

最近，如果回顧 2020 年和 2021 年，我們在 Cousins 做出了一個非常有意的決定，在市場開放時出售價值 13 億美元的低品質、較舊且資本密集度最高的資產，並將其輪換為更新、品質更高的資產。從今天起，我認為我們已經擁有了整個辦公領域最年輕的投資組合。

And ultimately, that comes with a lower profile. And I think also some of the most attractive properties to lease and enabling us to drive better lease terms, kind of lower TIs and lower free rent. And that was always part of our goal in building the portfolio that we have today.

最終，這將帶來更低的知名度。我認為這對租賃來說也是最具吸引力的，這使我們能夠獲得更好的租賃條款、更低的TI和更低的免租期。這始終是我們建立當今投資組合的目標之一。

Trophy assets that benefit from the greatest demand and at the same time, are able to be operated and run with the lowest CapEx profile.

受益於最大需求的獎盃資產，同時能夠以最低的資本支出進行營運和運作。

Okay. Great. And then Gregg mentioned when he talked about lease termination fee income, that you initiated three tenant move-outs. Is there a theme among those? Or maybe explain what's going on there?

好的。偉大的。然後，格雷格在談到租賃終止費收入時提到，您發起了三名租戶搬離。其中有主題嗎？或者可以解釋一下那裡發生了什麼事？

This is Richard. I think the theme on a few of those that were initiated by us is fairly simple, which is we had customers that were looking for expansion or new space for them that didn't quite match up with timing, but they wanted to be at our project -- excuse me, timing relative to our expirations. So for instance, Hayden Ferry, we had a customer that was actually set to expire in a full floor later in 2025. We knew we had a prospect for that floor. We knew we needed to get control of the space earlier.

這是理查德。我認為我們發起的一些專案的主題相當簡單，那就是我們的客戶正在尋找擴展或新空間，但這些空間與時間不太匹配，但他們希望參與我們的專案 - - 對不起，時間是相對於我們的到期日而言的。舉例來說，Hayden Ferry，我們有一位客戶，其整個樓層的租期實際上將於 2025 年稍後到期。我們知道那層樓有前景。我們知道我們需要儘早控制空間。

So we simply approached the existing expiring customer that we knew was going to move out, said, can we accelerate your expiration. We were able to negotiate a fee to get control of the space earlier and essentially immediately backfill that space.

因此，我們只是聯繫了即將退出的現有到期客戶，並詢問是否可以加速您的到期。我們能夠協商費用以儘早控制空間並立即填補該空間。

So the theme is when we identify opportunities where we can better our position, whether from a timing perspective, whether it's a rent roll up, better credit, we are not afraid to approach existing customers and try and facilitate a change in control of that space. So it's not unlike what we did last year with IBM and Meta.

因此，主題是，當我們發現可以改善我們地位的機會時，無論是從時間角度來看，還是從租金累積，更好的信貸角度來看，我們都不怕接觸現有客戶，並嘗試促進該領域控制權的變化。因此，這與我們去年與 IBM 和 Meta 合作的做法並無不同。

Okay. Got it. And then my last question, and maybe it's too early to ask this one. You guys have really low financial leverage, but the maturities you do have are going to be at low interest rates. So I know the unsecured notes this year are in your guidance you're a year out from Fifth Third Center in Colorado Tower, those both have fixed interest rates below 3.5%. Is there anything at this early stage to talk about in the strategy or the pricing for refinancing those low interest rate maturities?

好的。知道了。這是我的最後一個問題，也許現在問這個問題還為時過早。你們的財務槓桿確實很低，但你們的到期債務利率卻很低。所以我知道今年的無擔保票據符合您的指導，您距離科羅拉多大廈的第五第三中心還有一年的時間，這兩家公司的固定利率都低於 3.5%。在這個早期階段，對於這些低利率期限的再融資策略或定價有什麼好談的嗎？

Michael, it's Gregg. Yes, I'm not going to provide specific guidance on kind of what we're going to do with those maturities, but we can talk kind of globally about what they mean for our P&L. We'll see where interest rates are when those two mortgage notes that you noted mature next year.

邁克爾，我是格雷格。是的，我不會就如何處理這些到期債務提供具體指導，但我們可以從整體上談論它們對我們的損益表意味著什麼。我們將看看您提到的兩張抵押貸款票據明年到期時的利率是多少。

But we, as kind of the entire REIT industry has been facing a headwind over the last year or two as everybody has had to refinance debt at higher rates. We have two. One, having a lower leverage gives you less debt to refinance. So that's a positive from our perspective. But two, we've been able to -- because of the organic growth that we've had, we talked about rolling up rents and positive same-property growth and high leasing velocity.

但過去一兩年，我們整個房地產投資信託基金產業都面臨逆風，因為每個人都必須以更高的利率進行債務再融資。我們有兩個。首先，較低的槓桿率可以減少您需要再融資的債務。從我們的角度來看，這是一件正面的事情。但其次，由於我們實現了有機成長，我們能夠實現租金上漲、同房銷售成長和高租賃速度。

That stuff at the end of the day, results in solid organic growth. And so despite the headwinds of higher rates for us, the lower leverage and good organic growth has allowed us to grow FFO during this period. I think we've been one of the few office REITs out there that have been able to grow FFO in '24 and have a midpoint of growth for FFO in '25.

最終，這些因素將帶來穩健的有機成長。因此，儘管我們面臨利率上升的不利因素，但較低的槓桿率和良好的有機成長使我們在此期間實現了 FFO 的成長。我認為我們是少數能夠在 24 年實現 FFO 成長並在 25 年實現 FFO 中點成長的辦公房地產投資信託基金之一。

So yes, it's an issue. We've got a refinancing in our numbers this year, as I've said a couple of times. But we've been able to grow FFO despite that. I think it's just kind of a testament to the underlying organic growth that we've got embedded in this portfolio.

是的，這是一個問題。正如我多次說過的，我們今年的數據中包含了再融資。但儘管如此，我們仍然能夠增加 FFO。我認為這只是我們在該投資組合中嵌入的潛在有機成長的一種證明。

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茲 (Peter Abramowitz)，傑富瑞 (Jefferies)。

Yes. Just wondering if you could touch on specifically leasing requirements in your Charlotte portfolio and specifically progress on Fifth Third Center.

是的。只是想知道您是否可以具體談談您在夏洛特投資組合中的租賃要求以及第五第三中心的具體進展。

Sure. This is Richard. Like I mentioned in my prepared remarks, we feel very confident in the supply and demand dynamics that are taking place in Charlotte, especially with really no new development activity happening from here in the near term, at least in South end.

當然。這是理查德。正如我在準備好的演講中提到的那樣，我們對夏洛特的供需動態非常有信心，特別是短期內這裡不會發生新的開發活動，至少在南端不會發生。

The deliveries are kind of at the tail end right now and anything in uptown -- and for us, as we sit with our two assets that are underway in terms of redevelopment or certainly imminent in 550 South and Fifth Third Center, we think we are entering a great spot where we will fill avoid left by a lack of new development. So -- and as a result, we're seeing very good activity and interest in uptown. Nothing to report today, nothing imminent, but our positioning is very good, and we're very optimistic.

目前，交付工作已經接近尾聲，而且在住宅區，對我們來說，當我們擁有正在進行重建或即將進行的兩項資產，即 550 South 和 Fifth Third Center 時，我們認為我們正進入一個絕佳的位置，我們將填補這一空缺，避免因缺乏新開發而留下的空白。因此，我們看到住宅區的活動和興趣非常活躍。今天沒有什麼好報告的，也沒有什麼迫在眉睫的事情，但我們的定位非常好，我們非常樂觀。

Thanks, Richard. And then maybe one for Gregg. So you did a fair amount of capital raising to fund the acquisitions in the fourth quarter of last year. I think on a weighted average cost of capital basis, it was somewhere in sort of the mid 6s, maybe high 6s. So just curious, where do you kind of see your cost of debt and cost of equity today and if you did find opportunities, would you be comfortable issuing more equity where the stock is today?

謝謝，理查。然後也許給格雷格一個。因此，您在去年第四季籌集了相當多的資金來資助收購。我認為，以加權平均資本成本為基礎，它大約在 6% 左右，或許是 6% 以上。所以只是好奇，您認為今天的債務成本和股權成本是多少？如果您確實找到了機會，您是否願意在目前的股價水準上發行更多股權？

Well, I'll answer that first question first. Unlikely -- highly unlikely to issue stock at the price where it's trading today. The math doesn't work on the acquisition side. Remember, our business is a spread business. So we've got to create a spread between our cost of capital and our use of capital.

好吧，我先回答第一個問題。不太可能——以今天的交易價格發行股票的可能性極小。在收購方面，數學不起作用。請記住，我們的業務是傳播業務。因此，我們必須在資本成本和資本使用之間創造利差。

. And based upon where cap rates are today, I think raising equity at this price mix that pretty much impossible. So unlikely to raise equity at this price. But the two equity raises that we did in the fourth quarter last year were both give or take, around $30 a share. And at that equity price and at where cap rates were at that point in time, we could do accretively.

。根據目前的資本化率，我認為以這種價格組合來籌集股權幾乎是不可能的。因此不太可能以這個價格籌集股權。但我們去年第四季進行的兩次股權增發，每股價格都在 30 美元左右。在當時的股價和資本化率下，我們可以實現增值。

And although the acquisition market has spinned out a little bit, and we've seen fewer trades for our assets, I think we'll get clarity as the year progresses and if it shakes out about where it was in the fourth quarter, I think like I said earlier on the call and as Colin said in his prepared remarks, we're going to have an opportunity to deploy capital -- new capital on an accretive leverage-neutral basis.

儘管收購市場已經有所放緩，我們的資產交易也減少了，但我認為隨著時間的推移，我們會更加明朗，如果它能與第四季度的水平大致相同，我想就像我之前在電話會議上說的那樣，正如科林在他的準備好的發言中所說的那樣，我們將有機會在增值槓桿中性的基礎上部署資本——新資本。

We think the opportunity will reemerge as the year progresses -- and I think balance sheet is in a position to allow us to do that. I think we're in a unique position in the office space. As again, as Colin said, I think we're the buyer of first choice for many sellers now because of the cost of capital advantage we have and the history we have of closing trades reliably.

我們認為隨著時間的推移，機會將會重新出現——而且我認為資產負債表能讓我們做到這一點。我認為我們在辦公領域處於獨特的地位。正如科林所說，我認為我們現在是許多賣家的首選買家，因為我們擁有資本成本優勢，並且擁有可靠地完成交易的歷史。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

You've been redeveloping assets for the past couple of years and improving the quality of the portfolio. At a high level, where do you see where you kind of stand in that process when looking at the portfolio as a whole?

在過去幾年裡，您一直在重新開發資產並提高投資組合的品質。從高層次來看，當您審視整個投資組合時，您認為自己在這個過程中處於什麼位置？

Brendan, it's Colin. We're largely, I'd say, through that. Again, that decision was made in the early part of the pandemic along with, as I said, recycling really the bottom 20% of the portfolio into ultimately acquisitions and development of kind of that extent -- top-tier assets. We also made an intentional decision to pull forward a lot of the redevelopment and repositioning work within the portfolio to do that at a time to minimize disruption when our customers were largely not there.

布倫丹，我是科林。我想說，我們基本上已經度過了這一難關。再說一次，這個決定是在疫情初期做出的，正如我所說，同時將投資組合中排名靠後的 20% 重新用於最終收購和開發某種程度的頂級資產。我們也特意決定提前進行投資組合內的大量重建和重新定位工作，以便在客戶基本上不在場的情況下盡量減少干擾。

So if I had to look at it today, I'd say we're probably 75% of the way and through that work. There's still a handful of properties that, in time, just kind of more normal cadence that I can see us working on a project or so -- a project or two a year. But I think we're largely through it, and I put about a 75% number on it today.

因此，如果我今天必須回顧一下，我會說我們可能已經完成了 75% 的工作。還有一些屬性，隨著時間的推移，我可以看到我們以更正常的節奏進行一個專案左右——每年一個或兩個專案。但我認為我們基本上已經完成了，今天我給出了大約 75% 的完成度。

Great. That's helpful. And maybe one for Gregg. The lease with the Parsley Energy included a onetime mid-lease abatement. Can you just walk through the details of that?

偉大的。這很有幫助。也許還有一本給格雷格。與 Parsley Energy 簽訂的租約包括一次性的中期租約減免。能簡單介紹一下其中的細節嗎？

Yes. I mean it's as simple as I've said. I mean back when the original lease was negotiated and then a follow-up amendment was done years ago. I think it was 2018, it was one that was executed. So almost a decade ago, this 2.5 month rent abatement was placed inside the lease for the first 2.5 months of '25.

是的。我的意思是它就像我說的一樣簡單。我的意思是，當最初的租約已經協商好，然後幾年前就進行了後續修訂。我認為那是在 2018 年，那是已經執行的一次。因此，大約十年前，這 2.5 個月的租金減免就被納入了 25 年 2.5 個月的租約中。

So on a GAAP basis, everything gets smoothed out. You don't notice it. But on a cash basis, obviously, it ran through the numbers this past quarter. So that's what I wanted to point out. mean some of the comments we've gotten on our same-property performance of 2% is, hey, that's positive, terrific, but a little lower than it's been is there anything unique going on and there was something unique going on and we wanted to point it out.

因此，按照 GAAP 計算，一切都變得順利了。你沒注意到。但從現金角度來看，顯然，上個季度的數字已經超過了預期。這就是我想指出的。意思是，我們收到的關於同店銷售額 2% 表現的一些評論是，嘿，這是積極的、很棒的，但比以前略低了一點，有什麼獨特的事情發生嗎？確實有一些獨特的事情發生，我們想指出這一點。

And Brendan, let me just clarify my previous comment. When I say 75%, the vast majority of our portfolio is now in great shape and needs kind of no repositioning or redevelopment. I mentioned in that's on the pool of assets that we had identified several years ago to reinvest. And so again, it's just down to a handful of properties across the whole portfolio. It's really portfolio of assets and the quality of it has never been better at Cousins than it is today.

布倫丹，請容許我澄清一下我之前的評論。當我說 75% 時，我們投資組合中的絕大部分現在都處於良好狀態，不需要重新定位或重新開發。我提到過，這是我們幾年前確定的用於再投資的資產池。所以，這又只是整個投資組合中的少數幾處房產而已。這確實是一個資產組合，而且其品質在考辛斯從未像今天這樣好。

There are no further questions at this time. Please proceed with any closing remarks.

目前沒有其他問題。請繼續做結束語。

Thank you all for joining us this morning. We appreciate your time and interest in Cousins Properties. And we will look forward to hopefully seeing many of you at the upcoming investor conferences and ultimately at NAREIT in June. Have a great day and a great weekend.

感謝大家今天上午參加我們的活動。我們感謝您對 Cousins Properties 的時間和關注。我們期待在即將召開的投資者會議以及 6 月的 NAREIT 上見到你們。祝您有個愉快的一天和週末。

Ladies and gentlemen, this concludes your conference call for today. We do thank you for participating and ask that you please disconnect your lines. Have a great day.

女士們、先生們，今天的電話會議到此結束。我們非常感謝您的參與，並請您斷開線路。祝你有美好的一天。