Cousins Properties Inc (CUZ) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cousins Properties second quarter conference Call. (Operator Instructions) This call is being recorded on Friday, August 1, 2025.

女士們、先生們，早安，歡迎參加 Cousins Properties 第二季度電話會議。（操作員指示）此通話於 2025 年 8 月 1 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 second quarter earnings conference call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; 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 第二季財報電話會議。今天與我一起的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)、我們的執行副總裁兼首席財務官格雷格·阿澤馬 (Gregg Adzema) 和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 due to 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 cousins.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意義上的前瞻性陳述，並且由於各種風險和不確定性以及其他因素，包括我們的 10-K 表格年度報告和其他 SEC 文件中規定的風險因素，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 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，無論其是否因新資訊、未來事件或其他原因而產生。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，而有關潛在風險的詳細討論則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. Before I begin my remarks, I want to take a moment to remember the extraordinary life of Tom Cousins, he passed away this week at 93 years old. When Tom founded Cousins Properties in 1958, he had a bold vision for real estate development rooted in integrity and purpose. His leadership helped shape not only the Atlanta Skyline but also the broader residential and commercial real estate landscape across the Sun Belt.

謝謝你，帕姆，早安。在我開始發言之前，我想花點時間來紀念湯姆·考辛斯非凡的一生，他於本週去世，享年 93 歲。1958 年，湯姆創立 Cousins Properties 時，他對房地產開發有著大膽的願景，其根基是誠信和目標。他的領導不僅幫助塑造了亞特蘭大的天際線，還幫助塑造了陽光地帶更廣泛的住宅和商業房地產格局。

Tom's impact extended far beyond the buildings he developed. We believe deeply in giving back and in the power of business to serve communities. This transformation of Atlanta's East Lake neighborhood is a powerful example of this belief. With Tom, it was not just what he did that was special. It was also how he did it. His legacy lives on in the culture of our company. It is an honor that Cousins Properties is part of his remarkable legacy and we will miss him dearly. On behalf of all of us, I extend our heartfelt condolences to the Cousins family.

湯姆的影響遠遠超出了他所發展的建築。我們堅信回饋社會以及企業服務社區的力量。亞特蘭大東湖社區的轉型就是這項信念的有力例證。對湯姆來說，特別之處不僅僅在於他所做的事情。這也是他做事的方式。他的遺產在我們公司的文化中永存。我們非常榮幸 Cousins Properties 能夠成為他傑出遺產的一部分，我們將深深懷念他。我代表我們所有人向考辛斯一家表示最深切的哀悼。

Now turning to the quarter. We had a strong second quarter at Cousins. On the earnings front, the team delivered $0.70 a share in FFO, which was $0.01 above consensus. Same-property net operating income increased 1.2% on a cash basis and 1.6% year-to- date. Leasing remained very strong. We completed 334,000 square feet of leases during the quarter and remarkably, 80% of that was new or expansion leases. Cash rents on a second-generation space increased 10.9% in the quarter and 5.4% year-to-date. These are remarkable results.

現在轉向本季。我們在考辛斯的第二節表現強勁。在獲利方面，該團隊的 FFO 每股收益為 0.70 美元，比普遍預期高出 0.01 美元。同店淨營業收入以現金計算成長 1.2%，年初至今成長 1.6%。租賃業務依然強勁。我們在本季完成了 334,000 平方英尺的租賃，其中 80% 是新租賃或擴建租賃。第二代空間的現金租金本季上漲了 10.9%，年初至今上漲了 5.4%。這些都是了不起的成果。

Post quarter end, we purchased The Link, a trophy lifestyle office property in Uptown Dallas, which grows our presence in a strategic market. We plan to fund the acquisition with excess proceeds from our unsecured note offering in June, proceeds from the settlement of common shares previously issued a forward basis under our ATM program and/or potential future asset dispositions.

季度結束後，我們購買了位於達拉斯上城區的高級生活方式辦公大樓 The Link，這擴大了我們在策略市場的影響力。我們計劃利用 6 月發行的無擔保票據的超額收益、根據 ATM 計劃以遠期方式結算先前發行的普通股的收益和/或潛在的未來資產處置來為此次收購提供資金。

Given the solid second quarter performance, we have increased the midpoint of our guidance to $2.82 a share, which represents 4.8% growth rate over last year. I believe there's a perception that an office company cannot grow earnings. We are proving that wrong and for the second consecutive year, and we are excited to do it.

鑑於第二季穩健的表現，我們將預期中位數提高至每股 2.82 美元，比去年同期成長 4.8%。我認為人們有一種看法，認為辦公公司無法增加收益。我們連續第二年證明這種說法是錯的，我們很高興能夠做到這一點。

Before discussing our strategy in more detail, I will start with a few observations on the market. While uncertainties over tariffs and interest rates remain, we continue to see encouraging signs in the Sun Belt lifestyle office market. Leasing demand is healthy. New-to- market activity in Atlanta, Austin, Dallas, Charlotte, Tampa and Phoenix is accelerating.

在更詳細地討論我們的策略之前，我將先對市場做一些觀察。儘管關稅和利率的不確定性仍然存在，但我們繼續看到陽光地帶生活方式辦公室市場令人鼓舞的跡象。租賃需求健康。亞特蘭大、奧斯汀、達拉斯、夏洛特、坦帕和鳳凰城的新上市活動正在加速。

New development activity remains constrained. Inventory removals from conversions and demolitions are also accelerating. The net result is a declining supply of office at the exact same time demand is growing. The market is resetting and tightening is underway. Net absorption has now turned positive and vacancy levels are on the decline. Not surprising, the investment sales market is opening and more private investors are actively pursuing office acquisitions.

新的開發活動仍然受到限制。改造和拆除帶來的庫存清除也正在加速。最終結果是，辦公室供應量下降，而需求量卻在增加。市場正在重置，緊縮政策正在進行中。淨吸收量現已轉為正值，空置率正在下降。毫不奇怪，投資銷售市場正在開放，越來越多的私人投資者正在積極尋求辦公室收購。

This is an excellent setup for Cousins to advance our strategic priorities. We remain highly focused on the following goals: growing earnings, cash flow and NAV by increasing occupancy, reducing CapEx and opportunistically investing in compelling new opportunities.

這對於考辛斯推進我們的戰略重點來說是一個極好的安排。我們仍然高度關注以下目標：透過提高入住率、降低資本支出和抓住機會投資於引人注目的新機會來增加收益、現金流量和資產淨值。

Second, continuously upgrading the quality of our lifestyle portfolio and enhancing our geographic and industry diversification; and finally, maintaining our fortress balance sheet. Aggressively leasing space in identifying compelling investment opportunities are the key drivers to advance these strategic priorities, to fund new acquisitions and select developments, in addition to other potential alternatives, we will likely prioritize recycling capital from our few remaining older vintage properties that have a lower occupancy and/or higher CapEx profile. We will also consider selling non-office noncore land.

第二，不斷提升我們生活方式投資組合的質量，增強我們的地域和行業多元化；最後，維持我們的堡壘資產負債表。積極租賃空間以尋找引人注目的投資機會是推進這些策略重點的關鍵驅動力，為新的收購和精選開發提供資金，除了其他潛在的替代方案外，我們可能會優先考慮從我們剩下的幾個入住率較低和/或資本支出較高的老式房產中回收資本。我們也將考慮出售非辦公非核心土地。

Given our past recycling activity, we are fortunate to have a few properties today that do not meet our lifestyle office definition. But as disciplined owners, we always have a bottom 10%, and we will remain active as we upgrade quality and diversification of the portfolio while growing earnings.

鑑於我們過去的回收活動，我們很幸運今天擁有一些不符合我們生活方式辦公室定義的房產。但作為自律的所有者，我們始終保持最低 10% 的資產，並且我們將繼續保持活躍，在提高投資組合品質和多樣化的同時增加收益。

At Cousins, we've been running this play for years. Since 2019, we have acquired $2.3 billion of lifestyle office properties started approximately $600 million of new developments and sold $1.3 billion of noncore assets. Important to note, we executed these transactions and significantly upgraded our portfolio with the headwinds of a global pandemic and a rising interest rate environment.

在考辛斯，我們已經實行這個戰術好幾年了。自 2019 年以來，我們已收購了價值 23 億美元的生活風格辦公物業，啟動了約 6 億美元的新開發項目，並出售了價值 13 億美元的非核心資產。值得注意的是，在全球疫情和利率上升的逆風下，我們執行了這些交易並大幅升級了我們的投資組合。

Yet, we still grew core FFO by 6.1% and core FAD by 7.3% over this time frame and did so approximately leverage neutral. This is a tremendous accomplishment and highlights the capability of our platform. We are excited about what is ahead for Cousins.

然而，在此期間，我們的核心 FFO 仍成長了 6.1%，核心 FAD 成長了 7.3%，且槓桿率基本上保持中性。這是一個巨大的成就，凸顯了我們平台的能力。我們對考辛斯的未來充滿期待。

The office market is rebalancing. We are growing earnings, both organically and externally while also improving an already terrific portfolio. The investment sales market is accelerating, and we believe private market pricing will soon provide a boost to public market valuations.

辦公大樓市場正在重新平衡。我們的收益正在不斷增長，包括內部收益和外部收益，同時也在改善已經非常出色的投資組合。投資銷售市場正在加速發展，我們相信私募市場定價很快就會推動公開市場估值。

Before turning the call over to Richard, I want to thank our dedicated Cousins employees who provide outstanding service to our customers and each other every day. Richard?

在將電話轉給理查德之前，我想感謝我們敬業的 Cousins 員工，他們每天為我們的客戶和彼此提供出色的服務。理查德？

Thanks, Colin. Good morning, everyone. Our operations team closed the first half of the year with another solid quarter. In the second quarter, our total office portfolio end of period least and weighted average occupancy percentages were 91.6% and 89.1%, respectively. As expected, both were down compared to last quarter, primarily due to the known move out of OneTrust at North Park in Atlanta. Without the OneTrust move-out, occupancy would have been down only about 20 basis points.

謝謝，科林。大家早安。我們的營運團隊以另一個穩健的季度結束了今年上半年。第二季度，我們的辦公大樓組合總期末最低入住率和加權平均入住率分別為 91.6% 和 89.1%。正如預期的那樣，與上一季相比，兩者均有所下降，主要原因是已知的亞特蘭大北園 OneTrust 的遷移。如果沒有 OneTrust 的遷出，入住率只會下降約 20 個基點。

While not reflected in second quarter results, Bank of America and Charlotte has now also inspired. Both of these large expirations have been anticipated for a very long time. So our expected occupancy trends remain unchanged. Specifically, we still see occupancy declining through the third quarter of this year and then beginning to build back toward the end of the year and beyond.

雖然沒有反映在第二季的業績中，但美國銀行和夏洛特現在也受到了鼓舞。這兩次大規模到期事件都已預料到了很長時間。因此，我們預期的入住率趨勢保持不變。具體來說，我們仍然看到今年第三季的入住率下降，然後在年底及以後開始回升。

A major driver of our occupancy projections continues to be our best-in-class near-term expirations profile. Our team continues to do great work in this area. And as of second quarter end, we only had 8.1% of annual contractual rent expiring through the end of 2026.

我們入住率預測的主要驅動力仍然是我們一流的近期到期情況。我們的團隊繼續在這一領域做出出色的工作。截至第二季末，我們只有 8.1% 的年度合約租金將在 2026 年底到期。

As of today, we only have 1 customer larger than 100,000 square feet expiring through 2026, which is Samsung for 123,000 square feet at Brier Lake Plaza in Houston at the end of November '26. During the second quarter, our team completed 41 office leases

截至今天，我們只有 1 位客戶的面積超過 100,000 平方英尺，租期至 2026 年，即三星公司，租期為 2026 年 11 月底，租期為休士頓 Brier Lake Plaza 的 123,000 平方英尺。第二季度，我們的團隊完成了 41 份辦公室租賃

totaling 334,000 square feet with a weighted average lease term of 7.9 years. Importantly, 268,000 square feet of our completed leases this quarter were new and expansion leases, representing a very impressive 80% of our activity and directly in line with our three year quarterly run rate.

總面積為 334,000 平方英尺，加權平均租賃期限為 7.9 年。重要的是，本季我們完成的租賃中有 268,000 平方英尺是新租賃和擴建租賃，占我們活動的 80%，與我們三年的季度運作率一致。

While second quarter total volume was down sequentially, I would note that our total leasing volume for the first half of this year is nearly 10% higher than the first half of 2024. We are very pleased with our year-to-date leasing activity.

雖然第二季的總租賃量較上季下降，但我要指出的是，今年上半年的總租賃量比 2024 年上半年高出近 10%。我們對今年迄今的租賃活動感到非常滿意。

Beyond our completed activity, our leasing pipeline remains very healthy at all stages with no signs of slowing. In fact, our combined early and late-stage pipeline is currently at its highest level since we began consistently tracking this metric. With regards to lease economics, this quarter was 1 of the best in Cousins history.

除了已完成的活動之外，我們的租賃管道在各個階段都保持著非常健康的狀態，沒有放緩的跡象。事實上，自從我們開始持續追蹤這項指標以來，我們的早期和後期合併管道目前處於最高水準。就租賃經濟而言，本季是考辛斯歷史上最好的季度之一。

Second-generation cash rents increased yet again in the second quarter by a strong 10.9%, all but 1 of our markets with a second- generation activity saw roll-ups in rent with Atlanta being the largest positive contributor on a weighted average basis.

第二代現金租金在第二季再次強勁上漲 10.9%，除一個市場外，所有有第二代活動的市場都出現了租金上漲，其中亞特蘭大是加權平均數最大的積極貢獻者。

Our average net rent this quarter came in at $40.95, a 14% increase over last quarter and the second highest quarterly level in our company's history. This quarter, average leasing concessions, the sum of free rent and tenant improvements were $9.42 and resulting in an average net effective rent of $28.35, also the second highest quarterly level in our company's history.

本季我們的平均淨租金為 40.95 美元，比上一季成長 14%，是我們公司歷史上第二高的季度水準。本季度，平均租賃優惠（免租金和租戶改善的總和）為 9.42 美元，導致平均淨有效租金為 28.35 美元，這也是我們公司歷史上第二高的季度水準。

I want to make an important point about this quarter's economics. A few times in the past when we had delivered net effective rents around this level, it was typically driven by 1 market or 1 sizable transaction. That is not the case this quarter. The fact is that our net effective rents were solid in every market this quarter, which is a testament to the broad strength of our markets and lifestyle office assets.

我想就本季的經濟狀況提出一個重要觀點。過去，當我們的淨有效租金達到這個水準時，通常是由一個市場或一筆大額交易所推動的。本季的情況並非如此。事實上，本季我們在每個市場的淨有效租金都很穩健，這證明了我們市場和生活風格辦公資產的廣泛實力。

Touching on our markets, JLL noted that Austin saw healthy demand for office space in the second quarter with market leasing volume reaching 1.2 million square feet, which was 11.4% above the 3-year quarterly average and up 32% year-over-year. They also noted that sublease availability was stable sequentially and down over 14% relative to mid-2024.

談到我們的市場，仲量聯行指出，奧斯汀第二季辦公空間需求旺盛，市場租賃量達到 120 萬平方英尺，比三年季度平均值高出 11.4%，較去年同期成長 32%。他們還指出，轉租供應量較上季保持穩定，與 2024 年中期相比下降了 14% 以上。

We signed 79,000 square feet of leases in Austin in the second quarter. Of which 71% were new leases. And our very stable operating portfolio currently stands at 95.3% leased. A particular note is that with recent strong demand in the Southwest submarket, the Austin team was able to take our 619,000 square foot terrace project to 90% leased for the first time since 2021.

我們在第二季在奧斯汀簽署了 79,000 平方英尺的租約。其中71%為新租約。我們的營運組合非常穩定，目前的租賃率為 95.3%。特別值得注意的是，由於西南子市場近期需求強勁，奧斯汀團隊自 2021 年以來首次將我們 619,000 平方英尺的露台項目的出租率提升至 90%。

In Atlanta, the office market continues to show strength at the top end of the market, while low incoming supply persists. JLL has also stated that office inventory decreased by 2.9 million square feet this quarter, which is the largest ever quarterly reduction recorded in the Atlanta market. This quarter also represented the first quarterly positive net absorption in 10 quarters.

在亞特蘭大，辦公大樓市場持續展現高端市場的強勁勢頭，但供應量持續較低。JLL 還表示，本季辦公大樓庫存減少了 290 萬平方英尺，這是亞特蘭大市場有史以來最大的季度降幅。本季也是10個季度以來首次出現季度淨吸收量為正。

We signed a strong 115,000 square feet of leases in our Atlanta portfolio this quarter, including over 36,000 square feet of expansions across three of our Buckhead projects. And as I already alluded to, the Atlanta team also rolled up rents an impressive 17% this quarter.

本季度，我們在亞特蘭大投資組合中簽署了 115,000 平方英尺的租約，其中包括三個 Buckhead 項目中超過 36,000 平方英尺的擴建空間。正如我已經提到的，亞特蘭大隊本季的租金也上漲了 17%。

Turning to Charlotte. According to the Bureau of Labor Statistics, Charlotte has been the leader among the largest domestic markets and office using job growth for the better part of this year. Major brokerage firms are citing growing completed leasing activity, decidedly positive year-to-date net absorption in the trophy segment, a robust level of tenants in the market in a new construction pipeline that now sits at 0.

轉向夏洛特。根據美國勞工統計局的數據，今年大部分時間裡，夏洛特一直是美國國內最大市場和辦公大樓就業成長最多的城市之一。各大經紀公司都指出，已完成的租賃活動不斷增長，獎杯級物業領域的年初至今淨吸收量明顯為正，新建築管道市場租戶數量強勁（目前為 0）。

The fundamental backdrop in Charlotte could not be much better in the prevailing opinion, is that the market is likely to see a shortage of high-quality large blocks of available space in the near future. This is 1 reason why we continue to be very excited about our redevelopment projects at both 550 South and Fifth Third Center in Uptown.

普遍的看法是，夏洛特的基本背景不可能更好，即市場在不久的將來可能會出現優質大面積可用空間的短缺。這就是我們繼續對位於 Uptown 的 550 South 和 Fifth Third Center 的重建項目感到非常興奮的原因之一。

We also have an important announcement about Fifth Third Center, which is that we have completed an agreement with Fifth Third Bank a valued and long-term customer at the project allowing Cousins to, among other things, rebrand the property.

我們還有一個關於五三中心的重要公告，那就是我們已經與五三銀行達成了一項協議，五三銀行是該項目的重要長期客戶，允許 Cousins 對該物業進行品牌重塑等。

Going forward, the property will be branded as 201 North Tryon and we are confident this new name will appeal to a much broader range of potential new customers, especially those in the financial services sector. Phoenix, Class A net absorption remained positive across the MSA with vacancies moving down across nearly all submarkets.

展望未來，該物業將命名為 201 North Tryon，我們相信這個新名稱將吸引更多潛在的新客戶，尤其是金融服務業的客戶。鳳凰城，MSA 的 A 級淨吸收量保持正值，幾乎所有子市場的空置率都在下降。

I'm pleased to report that our team completed 67,000 square feet of leasing this quarter, including a 39,000 square foot new lease with a financial services company at Hayden Ferry 1. The market reaction to our Hayden Ferry redevelopment continues to be very encouraging.

我很高興地報告，我們的團隊在本季完成了 67,000 平方英尺的租賃，其中包括與 Hayden Ferry 1 的一家金融服務公司簽訂的 39,000 平方英尺的新租賃。市場對我們海登渡口重建計畫的反應仍然非常令人鼓舞。

In Tampa, CBRE reports that total vacancy fell 50 basis points this quarter and JLL notes that new developments and rising rents and Trophy in Class A properties highlight continued interest in high-quality office space, while Class B properties experienced negative net absorption and further rent declines. Tampa leasing velocity is 12.5% ahead of last year with 2.5 million square feet completed in the first half of the year.

在坦帕，世邦魏理仕報告本季總空置率下降了 50 個基點，仲量聯行指出，新開發案、不斷上漲的租金和 A 級物業的獎杯凸顯了人們對高品質辦公空間的持續興趣，而 B 級物業則經歷了負淨吸收量和進一步的租金下降。坦帕租賃速度比去年同期成長 12.5%，上半年竣工面積達 250 萬平方英尺。

Our Tampa team signed 7 leases totaling 46,000 square feet, all of which were new leases and 6 of them have expected commencements in 2025. Our Tampa portfolio was 95.1% leased as of quarter end.

我們的坦帕團隊簽署了 7 份租約，總面積達 46,000 平方英尺，全部為新租約，其中 6 份預計將於 2025 年開始生效。截至本季末，我們的坦帕投資組合的租賃率為 95.1%。

Finally, we continue to be pleased with the progress in our new of mixed-use development in Nashville. The apartment component of the project was 78% leased as of the end of the quarter. And based on our current velocity, we expect it to be stabilized by the end of the year.

最後，我們對納許維爾新的混合用途開發項目的進展感到滿意。截至本季末，該專案的公寓部分出租率為 78%。根據我們目前的速度，我們預計它將在今年年底前穩定下來。

The commercial component is 51% leased, and I'm pleased to report that we have seen a recent pickup in tour activity. We are now anticipating stabilization of the commercial space in the third quarter of 2026, which is more reflective of the commencement requirements we are seeing in our leasing pipeline.

商業部分的出租率為 51%，我很高興地報告，我們最近看到旅遊活動有所回升。我們現在預計商業空間將在 2026 年第三季趨於穩定，這更能反映我們在租賃管道中看到的開工要求。

As always, I want to thank our operations team for your great work, which has positioned us well as we look to the second half of this year.

像往常一樣，我要感謝我們的營運團隊所做的出色工作，這為我們展望今年下半年做好了準備。

Kennedy?

甘迺迪？

Thanks, Richard. In addition to our strong operating quarter, we are excited to announce another acquisition. Earlier this week, we closed on The Link in Uptown Dallas, a trophy asset that fits squarely into our lifestyle Sun Belt office strategy.

謝謝，理查。除了我們強勁的營運季度之外，我們還很高興地宣布另一項收購。本週早些時候，我們完成了對位於達拉斯上城區的 The Link 的投資，這是一項極具價值的資產，完全符合我們的陽光地帶辦公生活方式策略。

We acquired the property for $218 million or $747 per square foot, pricing that represents the discount to replacement cost and is immediately accretive to earnings. The buildings appeals evident from his quick lease-up and the types of customers that is attracted. After it delivered in 2021, the 25- story building leased up within 12 months featuring a stellar rent roll of professional service firms, including Houlihan Lokey, PMG, Newmark and McGuireWoods.

我們以 2.18 億美元或每平方英尺 747 美元的價格收購了該房產，這個價格相當於重置成本的折扣，並立即增加了收益。從其快速的出租情況和所吸引的客戶類型可以看出，該建築具有吸引力。這座 25 層樓高的建築於 2021 年交付後，12 個月內就被租出，其中包括 Houlihan Lokey、PMG、Newmark 和 McGuireWoods 等專業服務公司的出色租金記錄。

Today, the asset is 94% leased with a weighted average remaining lease term of 9.3 years. Furthermore, all of the customers are fully utilizing their workspaces. Spaces that they have made significant investments in with a focus on employee experience.

目前，該資產的租賃率為 94%，加權平均剩餘租賃期限為 9.3 年。此外，所有顧客都充分利用了他們的工作空間。他們對這些空間進行了大量投資，並專注於員工體驗。

The building offers a full complement of first-class amenities and enjoy the walk score of 94. Clearly, from a quality and profile perspective, The Link is an excellent fit for our portfolio. From a market perspective, we have now planted a flag in Uptown Dallas, one of the strongest and most dynamic submarkets in the country.

建築提供全套一流的設施，步行評分高達 94。顯然，從品質和形象的角度來看，The Link 非常適合我們的投資組合。從市場角度來看，我們現在已經在達拉斯上城區打下了基礎，這裡是美國最強大、最具活力的次市場之一。

For CoStar, Dallas as a whole has experienced 1.3 million square feet of positive net absorption in the past 12 months. Uptown is receiving an outside share demand, thanks to the quality of its inventory and its status as the most dense and amenitized submarkets.

對於 CoStar 而言，達拉斯整體在過去 12 個月內經歷了 130 萬平方英尺的淨吸收量。由於庫存品質高，且作為最密集、設施最完善的子市場，Uptown 正受到外部份額需求的青睞。

The Link sits in the heart of Uptown offering great vehicular access and numerous walkable dining and hotel options. It is also just 2 blocks from Goldman Sachs state-of-the-art urban campus, which upon completion is set to house 5,000 workers.

The Link 位於 Uptown 的中心地帶，提供便利的車輛交通和眾多適合步行的餐飲和飯店選擇。距離高盛最先進的城市園區僅 2 個街區，園區建成後將容納 5,000 名員工。

Finally, as mentioned, the financial profile of The Link is compelling and immediately accretive to earnings. We acquired The Link at a basis below today's replacement costs. The initial cash yield over the next 12 months is anticipated to be 6.7% with a GAAP yield of 8.3%, a spread driven by over 9 years of remaining lease terms and in-place rents that are nearly $20 per square foot below what could be achieved today.

最後，如同前面提到的，The Link 的財務狀況令人信服，並能立即增加收益。我們以低於今天的重置成本的價格收購了 The Link。預計未來 12 個月的初始現金收益率為 6.7%，GAAP 收益率為 8.3%，這一差額是由於剩餘租賃期限超過 9 年，而現有租金比目前的租金低近每平方英尺 20 美元。

In the past nine months, we have invested over $1 billion in trophy lifestyle office buildings. Going forward, we intend to continue to execute on that core strategy as we identified Sun Belt investments that are consistent with the quality of our portfolio and will allow us to grow in an accretive manner.

在過去的九個月裡，我們已經在高端生活方式辦公大樓上投資了超過 10 億美元。展望未來，我們打算繼續執行這項核心策略，因為我們確定了與我們的投資組合品質相符的陽光地帶投資，並將使我們能夠以增值的方式成長。

As the capital markets continue to open up, we will also explore capital recycling opportunities with an eye towards continuously upgrading our portfolio composition and increasing cash flow.

隨著資本市場的持續開放，我們也將探索資本循環機會，不斷優化投資組合結構，增加現金流。

I will now turn the call over to Gregg.

現在我將把電話轉給格雷格。

Thanks, Kennedy. I'll begin my remarks by providing a brief overview of our results, and then I'll spend a few minutes on our same-property performance before moving on to our capital markets transactions. And our balance sheet and finally, closing my remarks by updating our 2025 earnings guidance.

謝謝，甘迺迪。在我的演講中，我將首先簡要概述我們的業績，然後我會花幾分鐘時間介紹我們的同類物業表現，然後再介紹我們的資本市場交易。最後，我將更新我們的 2025 年獲利預測，以結束我的演講。

Overall, as Colin stated upfront, our second quarter results were outstanding. Second-generation cash leasing spreads were positive for the 45th straight quarter, same property year-over-year cash only increased and leasing velocity was strong. Focusing on same-

總體而言，正如科林預先指出的那樣，我們第二季度的業績非常出色。第二代現金租賃利差連續第45季為正，同一房產年比現金僅增加，租賃速度強勁。專注於相同

property performance for a moment, GAAP NOI grew 3.2% and cash NOI grew 1.2% during the second quarter compared to last year. This continues a string of positive same property numbers that began in early 2022. I did want to take a moment to point out the lumpiness that can sometimes run through our quarterly same-property expense numbers, usually driven by property taxes.

暫時看一下房地產表現，與去年相比，第二季 GAAP NOI 成長了 3.2%，現金 NOI 成長了 1.2%。這延續了自 2022 年初以來的一系列積極的房地產數據。我確實想花點時間指出我們的季度同物業支出數字有時會出現的不平衡現象，這通常是由物業稅引起的。

Property tax true-ups as we receive actual assessments from the taxing authorities and pushed the quarterly numbers around quite a bit. So it's always best to use longer time frames when looking at property tax numbers. For example, the same property tax expenses that ran through our P&L were up 21.9% in the fourth quarter of 24% over the previous year.

我們從稅務機關收到實際評估數據後，對房產稅進行了調整，並將季度數字推移了不少。因此，在查看房產稅數字時，最好使用較長的時間範圍。例如，計入我們損益表中的相同房產稅費用在第四季度比上年同期增長了 21.9%，即 24%。

They were down 12.1% in the first quarter, and they were down 22.4% this quarter. It's a lot of movement as prior accrual adjustments are made. However, for all of 2025, we currently forecast gross property taxes in our same-property portfolio to be up 2.8% over the prior year.

第一季下降了12.1%，本季下降了22.4%。由於先前進行了應計調整，因此變動很大。然而，我們目前預測，2025 年全年同類房產組合的總房產稅將比前一年上漲 2.8%。

However, net of accrual adjustments that I just discussed, we forecast a 4% decline actually running through our P&L for the year. Moving on to our capital markets activity. We completed our third investment-grade bond offering during the second quarter, issuing $500 million of notes at an initial yield of 5.25%. Proceeds were used to pay off an unsecured note that matured on July 6 and to partially fund our acquisition of The Link that Colin and Kennedy discussed earlier.

然而，扣除我剛才討論的應計調整後，我們預測今年的損益表實際上將下降 4%。繼續討論我們的資本市場活動。我們在第二季完成了第三次投資等級債券發行，發行了 5 億美元的債券，初始殖利率為 5.25%。所得款項用於償還 7 月 6 日到期的無擔保票據，並部分資助我們收購 Colin 和 Kennedy 之前討論過的 The Link。

We now have 3 tranches of unsecured notes outstanding, a 5-, 7- and 10-year maturity with a total face value of $1.4 billion. We also sold 803,000 shares of common stock on a forward basis under our ATM program during the second quarter at an average gross price of $30.47 per share.

我們目前有三批未償還的無擔保票據，期限分別為 5 年、7 年和 10 年，總面額為 14 億美元。我們還在第二季根據 ATM 計劃以遠期方式出售了 803,000 股普通股，平均總價為每股 30.47 美元。

Year-to-date, we have sold 2.9 million shares at an average price of $30.44 per share. None of these shares have yet settled. Looking at our balance sheet. Net debt to EBITDA remains an industry-leading 5.1x. Our liquidity position is strong and our debt maturity schedule is well laddered to accommodate continuing to efficiently access the unsecured bond market.

今年迄今為止，我們已以每股 30.44 美元的平均價格出售了 290 萬股。這些股票均尚未結算。查看我們的資產負債表。淨債務與EBITDA比率仍維持業界領先，達5.1倍。我們的流動性狀況強勁，債務到期安排合理，能夠繼續有效率地進入無抵押債券市場。

I'll close by updating our '25 guidance. Currently, we anticipate full year 2025 FFO between $2.79 and $2.85 per share with a midpoint of $2.82 per share. This is up $0.03 from last quarter and is up $0.13, or as Colin discussed earlier, 4.8% over our '24 results.

最後，我將更新我們的 25 年指導。目前，我們預計 2025 年全年 FFO 將在每股 2.79 美元至 2.85 美元之間，中間值為每股 2.82 美元。這比上一季上漲了 0.03 美元，比我們的 24 年業績上漲了 0.13 美元，或者如 Colin 之前所討論的，上漲了 4.8%。

The increase in FFO guidance is driven by accretion from our acquisition of The Link, higher parking income and better-than-forecast execution on the unsecured note that we issued in June. Our guidance continues to assume no SOFR cuts in 2025.

FFO 指引的成長得益於我們收購 The Link 帶來的增值、停車收入的增加以及我們 6 月發行的無擔保票據的執行情況好於預期。我們的指導方針繼續假設 2025 年 SOFR 不會下調。

As Colin stated upfront, we're funding The Link acquisition with excess proceeds that we raised in our recent unsecured note offering as well as proceeds from the settlement of a portion of the shares we have previously issued on a forward basis under our ATM program or property -- I'm sorry, proceeds from potential asset sales.

正如科林預先聲明的那樣，我們將利用最近發行的無擔保票據籌集的超額收益以及我們之前根據 ATM 計劃或財產以遠期方式發行的部分股份的結算收益（抱歉，是來自潛在資產銷售的收益）來為 The Link 的收購提供資金。

Our guidance assumes the future settlement of approximately $2.3 million of these previously issued shares. However, we may ultimately use some potential asset sales instead of or in combination with the settlement of shares. We'll know more on this topic on our next earnings call.

我們的指導假設未來將以大約 230 萬美元的價格結算這些先前發行的股票。然而，我們最終可能會使用一些潛在的資產出售來代替或結合股份結算。我們將在下次財報電話會議上了解有關該主題的更多資訊。

Bottom line, our second quarter results are excellent, and we are raising the midpoint of our full year earnings guidance. Our best- in-class leverage and liquidity position remains intact. And despite recent macro uncertainty, Sun Belt office fundamentals remain solid.

總而言之，我們的第二季業績非常出色，我們正在提高全年獲利預期的中點。我們一流的槓桿率和流動性狀況保持不變。儘管近期宏觀經濟存在不確定性，但陽光地帶的辦公大樓基本面依然穩固。

And although it's not in our guidance, we anticipate the potential to continue deploying additional capital into compelling and accretive investment opportunities. We look forward to reporting our progress in the coming quarters. With that, I'll turn the call back over to the operator.

儘管這不在我們的指導範圍內，但我們預計有潛力繼續向引人注目且具有增值潛力的投資機會中投入更多資本。我們期待在未來幾季報告我們的進展。說完這些，我就把電話轉回接線生。

(Operator Instructions)

（操作員指示）

Anthony Paolone from JPMorgan.

摩根大通的 Anthony Paolone。

Thank you and good morning. First question relates to the link and was wondering if you can give us a little bit more context around the underwriting, going in the 67 cache, like how do you think about the growth of the assets, replacement cost, and just, how you kind of thought about getting to the value you got to.

謝謝，早安。第一個問題與連結有關，我想知道您是否可以提供一些有關承保的更多背景信息，例如，您如何看待資產的增長、重置成本，以及您如何考慮獲得您所獲得的價值。

Good morning, Tony. It's Colin. It one we're thrilled to, plant a flag in in uptown Dallas, which I think is going to be one of the fastest growing submarkets in the country, and I think for us, looking at that particular situation, with rents. Significantly below market and a terrific rn roll with, good way an average lease term, and I should also add very little CapEx needs. We were excited and I think anytime we can identify a compelling investment opportunity with that type of profile that continues to upgrade the quality.

早安，托尼。我是科林。我們很高興能在拉斯上城區插上我們的旗幟，我認為這將成為全國成長最快的子市場之一，而且我認為對於我們來說，從租金這個特殊情況來看。遠低於市場水平，並且 RN 滾動非常好，平均租賃期限很好，而且我還應該添加很少的資本支出需求。我們很興奮，我認為我們隨時都可以發現一個具有這種持續提升品質的引人注目的投資機會。

Of our portfolio and do that in an accretive manner on a leverage neutral basis and actually do it below replacement cost is checks all the boxes for us.

在我們的投資組合中，以槓桿中性的方式進行增值，並且實際上以低於重置成本的方式進行，這對我們來說是符合要求的。

Okay, and then just more broadly, can you talk about just how much you are actually looking at right now in terms of potential acquisitions and just how attractive the market is with that deal flow? Like are you seeing a lot of things that you have interest in buying?

好的，那麼更廣泛地說，您能否談談您目前實際上正在考慮多少潛在的收購，以及這些交易流程對市場有多大的吸引力？您是否看到很多您感興趣並想購買的東西？

Hey it's Kennedy, yeah, we're continuing, we're always evaluating opportunities that are on market and off market and do you feel like there's going to be more that that fits our criteria coming in the second half of the year, so we're encouraged and think that the capital markets are continuing to open up and should continue to provide acquisition opportunities for us.

嘿，我是肯尼迪，是的，我們會繼續，我們一直在評估市場上和市場外的機會，你是否覺得下半年會有更多符合我們標準的投資機會，所以我們受到鼓舞，並認為資本市場正在繼續開放，應該繼續為我們提供收購機會。

Okay, thank you.

好的，謝謝。

Jana Galan from Bank of America.

美國銀行的 Jana Galan。

You, good morning and Congrats on the strong re-leasing spreads. And thanks for calling out Atlanta for the 17% increase. Can you tell us which is the 1 market that saw a decline? And was that just kind of the prior rent deal specific?

早安，恭喜您獲得強勁的再租賃利差。感謝您對亞特蘭大 17% 增幅的讚揚。您能告訴我們哪個市場出現了下滑嗎？這只是先前租賃協議的具體內容嗎？

Sure, this is Richard. Yes, broad-based strength, really, really excited about our ability to post a number like that, that had broad support, but one market that did not post roll-ups was Phoenix.

當然，我是理查德。是的，廣泛的實力，真的，真的很高興我們能夠發布這樣的數字，得到廣泛的支持，但有一個市場沒有發布匯總，那就是鳳凰城。

And we really only had one lease in that market this quarter that qualified in our definition of second generation, and it was just a tough comp.

本季我們在該市場實際上只有一份租約符合我們對第二代的定義，這只是一個艱難的比較。

Thank you. And then sorry to jump around, then on the noncore dispositions. Can you maybe talk about a range of how much is being marketed and kind of what you're seeing in terms of interest and what type of bidders are out there?

謝謝。然後很抱歉跳來跳去，然後談非核心處置。您能否談談行銷的範圍以及您所看到的興趣以及有哪些類型的競標者？

Yeah, it is -- any dispositions that we do are going to be driven by new investment opportunities that we identify and so I wouldn't characterize it as a broad-based disposition program.

是的，我們所做的任何處置都將受到我們發現的新投資機會的驅動，因此我不會將其描述為廣泛的處置計劃。

I'd say we see an opportunity with an improving market and improving investment sales market to hopefully source more compelling opportunities. And as we do so, we increasingly see dispositions as a potential source of capital. And as we do so, we will prioritize the handful of properties that we have that are perhaps an older vintage and have a higher CapEx profile.

我想說，我們看到了市場改善和投資銷售市場改善的機會，希望能找到更多引人注目的機會。當我們這樣做時，我們越來越多地將處置視為潛在的資本來源。在這樣做的同時，我們將優先考慮那些歷史可能較長、資本支出較高的少數房產。

And as I said, we might also include some kind of noncore land and I would characterize noncore land for us is land that perhaps has a higher, better use, most likely in the multifamily arena.

正如我所說，我們可能還會包括某種非核心土地，我認為非核心土地對我們來說是可能具有更高、更好用途的土地，最有可能是在多戶住宅領域。

Thank you.

謝謝。

Stephen Sakwa from Evercore ISI.

Evercore ISI 的 Stephen Sakwa。

Yeah, thanks. Good morning. Could you maybe just spend a little time talking about Neuhoff. I guess that seems to be 1 project that hasn't had as much traction as some of the other markets and assets. So is it something about that asset specifically? Is it something about Nashville? Or is it just something about tenants needing to pick up and move and that's kind of the more challenging issue right now?

是的，謝謝。早安.您能否花一點時間談談諾伊霍夫 (Neuhoff)？我猜想這似乎是一個沒有像其他一些市場和資產那樣具有吸引力的項目。那麼這是否與該資產有關？和納許維爾有關嗎？或者這只是關於租戶需要收拾東西搬家的事情，而這是目前更具挑戰性的問題？

Hey Dave's Kennedy. It's Kennedy we remain really excited about Neuhoff . As Richard mentioned, the apartments continue to lease up at a really nice pace and we're encouraged by the renewals that we've seen now as well as we're starting to hit our first renewal cycle.

嘿，戴夫是甘迺迪。我們對甘迺迪仍然非常興奮，諾伊霍夫。正如理查德所提到的，公寓的租賃速度持續保持良好，我們對現在看到的續租情況感到鼓舞，而且我們正開始進入第一個續租週期。

Furthermore, in the past, month or so, we've opened several food and beverage options that have been really well received by the market and gotten a lot of great buzz. So the project continues to get more exciting and kind of more interest from the market.

此外，在過去一個月左右的時間裡，我們開設了幾家食品和飲料店，這些店受到了市場的熱烈歡迎，並引起了極大的轟動。因此，該項目將繼續變得更加令人興奮，並引起市場的更多興趣。

On the office side, we did see a little bit of a lull earlier in the spring, but we've seen the pickup in tours and requests for proposals in the past 30 or 45 days. So we're encouraged by that. I think it's just a little bit of a function of timing and then who's out in the market and wanting to pay new construction rents as well. But I think in general, we remain really excited and encouraged by the progress and the momentum.

在辦公室方面，我們確實在春季初看到了一些平靜期，但在過去的 30 到 45 天內，我們看到參觀和提案請求有所回升。所以我們對此感到鼓舞。我認為這只是時間問題，然後是誰進入市場並願意支付新建築租金。但我認為總的來說，我們對取得的進展和勢頭感到非常興奮和鼓舞。

Okay. And second question, I mean, maybe a little bit far off, but as you think about new construction opportunities, I guess, which markets are you most excited about given kind of the land that you have and maybe where is there the strongest demand for potentially in new builds.

好的。第二個問題，我的意思是，可能有點遙遠，但是當您考慮新的建築機會時，我想，考慮到您擁有的土地，您最感興趣的是哪些市場，也許哪裡對新建築的潛在需求最強。

It's Steve, it's Colin. Again, broad-based, we're seeing really attractive demand across all of our markets. But as it relates to new development, I think a key metric is kind of where our top end of the market rents today relative to replacement cost rents.

是史蒂夫，是科林。再次，從廣泛角度來看，我們看到所有市場都存在著非常有吸引力的需求。但就新開發案而言，我認為一個關鍵指標是，相對於重置成本租金，我們目前的市場最高租金是多少。

And if I had to kind of rank where I think some of those opportunities could emerge, certainly out at the domain in Austin where we've got quite a bit of really attractive land in the heart of the domain. Our 2.5 million square feet out there is essentially 100% leased with no space available for sublease and demand. So that's a market where I think you could justify a rent could be achieved.

如果我必須對其中可能出現的機會進行排名，那麼我肯定會選擇奧斯汀，因為我們在該領域的中心地帶擁有相當多非常有吸引力的土地。我們的 250 萬平方英尺空間基本上已 100% 出租，沒有可供轉租和需求的空間。因此，我認為在這個市場上你可以證明租金是合理的。

And then the market where we just entered in Uptown Dallas, I think, is another market where you are seeing some leases executed north of $70 a square foot on a net basis. And as you get into that range, Dallas is not far off.

然後，我認為，我們剛剛進入的達拉斯上城區市場是另一個市場，在這個市場中，你會看到一些租賃的淨價超過每平方英尺 70 美元。當你進入這個範圍時，達拉斯就不遠了。

And then I'd tell you, we're starting to see some opportunities and even in markets like Atlanta where perhaps there's a greater spread between top of market rents today and new development rents. But in certain instances, you've got large customers that want what they want and they might want new.

然後我想告訴你，我們開始看到一些機會，甚至在亞特蘭大這樣的市場，今天的市場最高租金和新開發租金之間的差距可能更大。但在某些情況下，你會有大客戶想要他們想要的東西，而且他們可能想要新的東西。

They might be comfortable paying whatever it costs. And so that's encouraging to us to see some of that activity start to show up in places like Atlanta.

他們可能願意支付任何費用。因此，看到一些此類活動開始在亞特蘭大等地出現，我們感到很受鼓舞。

Great thank you. Thanks Steve.

非常感謝。謝謝史蒂夫。

John Kim from BMO Capital Markets.

BMO 資本市場的 John Kim。

Thank you. I think, Colin, you mentioned at length there's a good mark to market, and I was wondering if you could just quantify that. And also what are the opportunities as far as increasing occupancy at that at the market runs and if there's any upside to the parking is there.

謝謝。科林，我想，你詳細提到了市價合理，我想知道你是否可以量化這一點。另外，在市場運作過程中，增加入住率的機會有哪些，停車是否有任何好處。

Hey John, it's Kennedy. As I mentioned in my prepared remarks, there's about a $20 spread between in-place rents and where we think trends can be achieved today. There's basically 2 office spaces that are available. One is fully built out of spec suites. So we expect to be able to lease that one quickly, and there's good interest in that currently.

嘿，約翰，我是甘迺迪。正如我在準備好的演講中提到的那樣，現有租金和我們認為目前可以實現的趨勢之間大約有 20 美元的差額。基本上有 2 個辦公空間可供使用。其中一個是完全按照規格套件建造的。因此，我們期望能夠快速租賃該房屋，目前人們對此很感興趣。

We'll probably look to explore building a spec suite out and the other one as well. So I feel like that's a little bit of an upside right there and then have been encouraged by the parking growth as well. So as that neighborhood continues to evolve and grow and just with the Goldman Sachs campus coming in, I do you think there's some opportunity to keep pushing parking in the near term. But then again, over the long term, we just really like the basis and the caliber of the tenancy and the below-market rent story.

我們可能會考慮建立一個規範套件以及另一個規範套件。所以我覺得這是一個小小的好處，而且停車位的成長也促進了這個趨勢。因此，隨著社區的不斷發展和壯大，以及高盛園區的落成，我認為短期內有機會繼續推動停車改革。但話又說回來，從長遠來看，我們只是真的很喜歡租賃的基礎和品質以及低於市場的租金故事。

And John, I just -- I want to make sure to highlight with -- as Kenny just mentioned, the rents -- in place rents being $20 a square foot below market. And that's a building that just delivered a handful of years ago.

約翰，我只是想強調一下——正如肯尼剛才提到的，目前的租金比市場價格每平方英尺低 20 美元。這是一棟幾年前剛竣工的建築。

So I think it's important for all of our investors to kind of step back and think more broadly as we look across in our footprint and we continue to share that there's a shortage of high-end lifestyle office space coming to most markets. And a $20 increase in rental rates in a short period of time, can happen. And I think you're going to -- we're getting closer to that happening in more of our footprint.

因此，我認為對於我們所有的投資者來說，重要的是退一步，更廣泛地思考，因為我們縱觀我們的足跡，我們繼續分享的是，大多數市場都缺乏高端生活方式辦公空間。租金在短時間內上漲 20 美元是有可能的。我認為你將會——我們正在越來越接近實現這一目標。

And then you mentioned there's more private buyers looking at office. Wondering what competition was like for this asset? And if you see cap rate compression in some of the markets that you're looking to acquire in?

然後您提到有更多的私人買家在看辦公室。想知道這種資產的競爭狀況如何？如果您發現您想要收購的某些市場中資本化率出現壓縮，該怎麼辦？

Yeah, So this one was softly marketed really, over the past couple of years. I think ultimately, the developer's goal was to sell some stabilization, but they wanted to wait until a better time in the capital markets environment. So we've developed a relationship with them.

是的，所以在過去的幾年裡，這款產品的行銷確實很溫和。我認為，開發商的最終目標是出售一些穩定資產，但他們想等到資本市場環境更好的時候。因此我們與他們建立了關係。

And as their timing needs evolved. I think they viewed us as a very good buyer that could move quickly and that they would get comfortable with the execution. So this one was a little bit different. There are a lot of investors that are looking at Dallas opportunities right now, and that's a private equity firms, family offices, et cetera.

隨著他們的時間需求不斷演變。我認為他們認為我們是一個非常好的買家，可以迅速採取行動，並且他們對執行情況感到滿意。所以這次有點不同。目前有許多投資者正在關注達拉斯的機會，其中包括私募股權公司、家族理財室等等。

So certainly, it's a market that's getting a lot of attention. In terms of cap rates, I mean, I think just the dynamic of having more equity, looking at office, more debt options available, debt has gotten less -- more -- or less expensive rather, base rates have stayed generally the same, but spreads have come in. So that combination inevitably leads to a little bit of cap rate compression. We still feel like we've

因此，毫無疑問，這是一個備受關注的市場。就資本化率而言，我的意思是，我認為隨著股權的增多，辦公室、債務選項的增多，債務變得越來越少——或者說越來越便宜，基準利率基本上保持不變，但利差已經出現。因此，這種組合不可避免地會導致資本化率略有壓縮。我們仍然覺得

got a competitive advantage in terms of the certainty that we offer as a buyer and then our cost of capital, but it is becoming a little bit more competitive. Okay, thanks.

就我們作為買家提供的確定性和資本成本而言，我們具有競爭優勢，但競爭正在變得更具競爭力。好的，謝謝。

Blaine Heck from Wells Fargo.

富國銀行的布萊恩·赫克。

Great thanks. Good morning. Can you talk a little bit more about your leasing pipeline and any trends you're seeing with respect to tenant size or industry? Are you seeing any specific segment of the market strengthening or weakening as we progress through 2025?

非常感謝。早安.您能否再多談談您的租賃管道以及您所看到的與租戶規模或行業相關的趨勢？隨著我們進入 2025 年，您是否看到任何特定的市場領域正在增強或減弱？

Blaine, this is Richard. So I think the first thing I'd note is that we continue to see really constructive dynamics in every one of our markets. And if you kind of look to the building blocks of the fundamental backdrop that I outlined with regard to Charlotte, I mean we're seeing those building blocks to some degree in every market. So we're just broadly encouraged, I would say, about the strength of the pipeline. It's very, very broad in terms of markets.

布萊恩，這是理查。因此我認為首先要注意的是，我們繼續看到每個市場都呈現出真正建設性的動態。如果你看一下我針對夏洛特概述的基本背景的構成要素，你會發現我們在每個市場都在一定程度上看到了這些構成要素。因此，我想說，我們對管道的強度感到非常鼓舞。就市場而言，它的範圍非常非常廣闊。

Industry mix, really, there's not much of note there. I'd say that financial services is the heaviest contributor to our pipeline today and not far behind that is legal. As you'll recall, legal was pretty heavy kind of earlier in the year for us. And then tech still is playing a more modest but still meaningful role in our pipeline.

行業組合確實沒有什麼值得注意的。我想說，金融服務是我們目前管道中貢獻最大的，其次是法律服務。您可能還記得，今年早些時候我們的法律事務相當繁重。然後，技術在我們的管道中仍然發揮著更溫和但仍然有意義的作用。

And interestingly, health care companies, not health care providers, but certainly health care industry participants are a larger segment than we normally see.

有趣的是，醫療保健公司（不是醫療保健提供者，而是醫療保健行業參與者）的份額比我們通常看到的要大。

Great. That's helpful. And maybe sticking with you. Can you talk about what you're seeing with respect to your net migration to your markets? Have you seen any interest -- increase in interest from tenants that currently have exposure to other markets to expand or relocate to the Sun Belt? If so, are there any specific markets that stand out?

偉大的。這很有幫助。並且可能一直陪伴著你。您能談談您所看到的有關淨移民到貴國市場的情況嗎？您是否看到過一些興趣——目前已接觸其他市場的租戶對擴張或搬遷到陽光地帶的興趣增加？如果是的話，有哪些特定的市場表現突出？

Kind of a similar story, really. We're seeing new-to-market requirements and this is not just new this quarter. I think we've been seeing it really for the balance of this entire first half of '25, where new-to-market requirements have really come to come into view, say mostly Atlanta and Charlotte, again, this kind of lines up with our leasing pipeline in general, but Phoenix has been an interesting story in terms of some new-to-market requirements.

確實，這是一個類似的故事。我們看到了新的市場需求，而且這不僅僅是本季的新需求。我認為，在整個 2025 年上半年，我們確實一直在看到這種情況，新市場需求確實開始顯現，主要是亞特蘭大和夏洛特，這與我們總體上的租賃管道相一致，但就一些新市場需求而言，鳳凰城的故事很有趣。

And I think we've pointed out in the past, too, that these new requirements to various markets aren't always big singular headquarters leases. A lot of times, these can be companies that are headquartered elsewhere certainly outside the Sun Belt that are deciding to increase their presence or build hubs within some belt markets or transition over time to a larger presence outside of where they currently are headquartered.

我認為我們過去也曾指出，針對不同市場的新要求並不總是大型的單一總部租賃。很多時候，這些公司可能總部設在其他地方，當然是在陽光地帶之外，它們決定擴大影響力或在某些陽光地帶市場內建立樞紐，或者隨著時間的推移轉型到目前總部所在地以外的更大範圍的影響力。

So, you're seeing a combination of both headquartered through traditional headquarters and these smaller hubs.

因此，您會看到傳統總部和這些較小樞紐的結合。

And Blaine, I'd just add on to that, that we are seeing some of that activity in Austin as well, some new-to-market or large growth and further growth of existing hubs of kind of West Coast-type companies and that 95% leased effectively, we just don't have the space today unless we were to consider something new.

布萊恩，我想補充一點，我們在奧斯汀也看到了一些這樣的活動，一些新進入市場或大規模增長以及現有西海岸類型公司中心的進一步增長，其中 95% 的有效租賃，除非我們考慮一些新的東西，否則我們今天沒有足夠的空間。

Okay. Great. Lastly for me, Colin, you talked about targeting maybe lower occupancy and higher CapEx office assets for disposition if you ultimately decide to sell. I guess given that profile, would it be fair to assume that the cash cap rates after CapEx could be close to where you've acquired recently? Or are they likely to be higher than that?

好的。偉大的。最後，科林，您談到，如果您最終決定出售，那麼目標可能是處置入住率較低、資本支出較高的辦公資產。我想，考慮到這種情況，是否可以公平地假設資本支出後的現金資本化率可能接近您最近獲得的水平？或者它們可能會更高嗎？

Yeah, I mean a big driver there will be what is the occupancy level of those particular assets. And so I think certainly, if it is a lower occupancy building, I think, just on a stand-alone basis, there's potential to recycle capital into newer better lease buildings perhaps at a lower stabilized yield, but relative to that lower in-place occupancy that could still be kind of neutral to accretive.

是的，我的意思是，一個重要的驅動因素是這些特定資產的佔用水準。因此，我認為，如果這是一棟入住率較低的建築，我認為，僅從獨立的角度來看，就有可能將資本回收到更新、更好的租賃建築中，也許穩定的收益率會更低，但相對於較低的現有入住率，這仍然可能是中性的或增值的。

But we're going to look, as I said, any disposition is going to -- the catalyst for that will be the new investment opportunity. And we're confident that as we identify those opportunities, we can look to our small pool of what I'd characterize as kind of noncore assets and perhaps even match that with some land to make sure that we are reinvesting and doing so accretively.

但正如我所說，我們將關注任何處置——其催化劑將是新的投資機會。我們相信，當我們識別出這些機會時，我們可以專注於我們所說的非核心資產的小池子，甚至可以將其與一些土地相匹配，以確保我們進行再投資並實現增值。

And Kennedy touched on the investment sales market picking up and more activity. And I'd say where a lot of that capital is focused is probably on the exact type of buildings that we'll consider selling. And so we think it is a better environment.

甘迺迪也談到了投資銷售市場的回暖更多活動。我想說，大部分資金可能都集中在我們考慮出售的建築類型。因此我們認為這是一個更好的環境。

We've been very patient over the last several years in a less appealing sales market, and we think that's changing. And so as disciplined owners, we think that should be a source of capital that we give priority to make sure that we continue to upgrade the quality of the portfolio, increase the occupancy and lower the CapEx profile.

過去幾年，在銷售市場不太景氣的情況下，我們一直非常有耐心，但我們認為這種情況正在改變。因此，作為自律的業主，我們認為這應該是我們優先考慮的資金來源，以確保我們繼續提升投資組合的質量，提高入住率並降低資本支出。

Great color. Thanks everyone.

顏色很棒。謝謝大家。

Thanks.

謝謝。

Nick Thillman from Baird.

來自貝爾德的尼克·蒂爾曼。

Hey good morning maybe, Colin, just overall, you guys tend to be first movers and my kind of adapters that kind of trends you're seeing in today's environment.

嘿，早安，科林，總的來說，你們往往是先行者，也是我所看到的當今環境中的趨勢的適應者。

So maybe as you're looking at acquisitions now since you've been a little bit more aggressive here in the last 18 months or so, are there any sort of changes or type of characteristics you've noticed in the assets you're looking at, whether it be just size or submarket that you've just seen shift or you guys are thinking about it a little bit differently?

因此，也許您現在正在考慮收購，因為在過去 18 個月左右的時間裡，您在這方面採取了更積極的行動，您是否注意到您正在考慮的資產發生了任何變化或特徵，無論是規模還是子市場發生了變化，或者您對此的看法略有不同？

Yeah, Well, I think if you kind of look back more broadly over the span of the last 5 years, and we've been particularly active.

是的，嗯，我想如果你更廣泛地回顧過去 5 年，你會發現我們特別活躍。

I'd say there's certainly a bit of a bias on our part to sell what we would call old and tall and heavily invest in new and small and particularly the assets that have what we would characterize a lifestyle orientation, which is important not only to be a new vintage asset with great ceiling heights and great amenities and all the things that you would expect within the 4 walls of the trophy building. But it's really important to us that they're located in really vibrant neighborhoods that have energy.

我想說的是，我們確實有點偏向於出售我們所謂的“老而高”的建築，而大力投資“新而小”的建築，特別是那些具有我們所說的生活方式導向的資產，這不僅是一項新的復古資產，具有很高的天花板高度和一流的設施，以及您所期望的獎杯建築四面牆內的所有東西。但對我們來說，真正重要的是它們位於充滿活力的社區。

And as we talk to our customers and as they evaluate space, I think that's one of the key priorities is to find spaces that are in environments that are exciting and appealing for their employees to show up spend time together in the office and also outside of the office. So that clearly, as you look at our activity over the last 5 years, I think it all fits squarely with that.

當我們與客戶交談並評估空間時，我認為關鍵優先事項之一是找到令人興奮且有吸引力的環境空間，讓員工願意在辦公室內外一起度過時光。因此，當你回顧我們過去五年的活動時，我認為這一切都與此完全相符。

That's helpful. And then maybe just a quick follow-up on I'm just Samsung at Brier Lake. I believe there was potentially some subtenants there that you guys could go direct with but updates there.

這很有幫助。然後也許只是快速跟進一下，我是布里爾湖的三星。我相信那裡可能有一些轉租人，你們可以直接與他們聯繫，但那裡有更新。

And then also just kind of Houston overall, do you kind of put that in that bucket? I know it's still probably fits kind of lifestyle office, but not a core market for you guys, but would you put that in the likes of North Park or kind of that non-core sales?

那麼，就休士頓的整體情況而言，您將其歸類為這一類別嗎？我知道它可能仍然適合某種生活方式辦公室，但不是你們的核心市場，但你會把它放在北園或那種非核心銷售中嗎？

So I'll -- this is Richard. I'll touch really quickly on Samsung and the situation from a leasing perspective. So when a property shows really well at this point. Obviously, we put Apache in there. They're in their space, a lot of energy now did a fantastic redevelopment, really upgraded the amenities across the board.

所以我會——這是理查德。我將從租賃的角度簡要介紹三星的情況。因此，當某個屬性在此時表現非常好時。顯然，我們將 Apache 放在那裡。他們在自己的空間裡投入了大量精力，進行了出色的重建，真正全面升級了設施。

So any tours, any time we have an opportunity to show that asset, I think folks come away very impressed and love the project. Samsung, you're right, there are subtenants in the bulk of that space. Samsung is going to be relocating. They're leading the West Chase submarket. So it really is not a commentary on the building.

因此，任何時候我們有機會展示該資產，我認為人們都會留下深刻的印象並喜歡這個項目。三星，您說得對，大部分空間都有轉租者。三星即將搬遷。他們正引領著 West Chase 子市場。所以這其實並不是對這棟建築的評論。

And we do. We do feel that we have an opportunity to likely had a shot to go direct with some number of those subtenants could be 10% of the space could be 30%. Time will tell. But we have very good activity already since that expiration is obviously a little over a year away, but getting closer, they're starting to be more interested in it from the market. So we feel very good about our competitive position and our ability to backfill that efficiently.

我們確實這麼做了。我們確實覺得我們有機會直接與一些轉租者合作，他們可能佔據空間的 10% 甚至 30%。時間會證明一切。但我們已經擁有了非常好的活動，因為距離到期顯然還有一年多的時間，但隨著時間的臨近，他們開始對市場更感興趣。因此，我們對自己的競爭地位和有效填補這一空缺的能力感到非常滿意。

This is Kennedy. As it relates to our thoughts around Brier Lake. As a potential disposition candidate. I would say you characterized it well. It's a lifestyle office property. We've been really pleased with the reception that we've gotten from our customers post renovation. Richard said, we feel good about the backfill of the Samsung space and the ability to go direct.

這是甘迺迪。因為它與我們對布里爾湖的想法有關。作為潛在的處置候選人。我想說你對它的描述很到位。這是一處生活風格辦公物業。我們對裝修後客戶的回饋感到非常滿意。理查德表示，我們對三星空間的補充和直接進入的能力感到滿意。

So it's not on the top of the list. Over time, as you said, Houston is not a core market. So I think we'll continue to evaluate that as we find acquisitions. But at this point, it's not on the top of the list to sell.

所以它並不在列表的頂部。隨著時間的推移，正如你所說，休士頓不再是一個核心市場。因此我認為我們會在找到收購機會時繼續評估這一點。但目前，它還不是最值得出售的。

Great, that's it for me thank you.

太好了，對我來說就這樣了，謝謝。

Your next question is from the line of Peter Abramowitz from Jeffreys. Please go ahead.

您的下一個問題來自 Jeffreys 的 Peter Abramowitz。請繼續。

Yes, I know you covered North Park and the OneTrust move out there in terms of why the occupancy dipped. Just noticed occupancy also went down a little bit in Tampa. Could you talk about anything specifically that drove that?

是的，我知道您已經報道了北園和 OneTrust 的搬遷，以及入住率下降的原因。剛剛注意到坦帕的入住率也略有下降。您能具體談談是什麼原因導致了這現象嗎？

So it was an expiration of a customer on the second floor of Harborview, very standard at 25-ish thousand square feet. We have those kinds of ins and outs in the portfolio routinely.

所以這是 Harborview 二樓一位顧客的到期日，面積約 25,000 平方英尺，非常標準。我們的投資組合中常會有這樣的細節。

Okay. That's helpful. And then maybe to go back to Colin's comments on capital recycling in the prepared remarks. I guess as your kind of valuation, underwriting also include potentially new markets? And could you talk about how you're sort of thinking about potential entry into new markets?

好的。這很有幫助。然後也許可以回到科林在準備好的評論中關於資本循環的評論。我猜想，作為您的估值，核保也包括潛在的新市場？您能否談談您對進入新市場的潛在可能性有何看法？

Yeah, We're always evaluating all markets. I mean that we think is core to our job, as we certainly continue to always pressure test our Sun Belt lifestyle strategy. But we do think that those prevailing long-term secular trends of the migration to the Sun Belt and the flight to quality will continue to endure. So I think our focus will absolutely remain for now focused on top flight Sun Belt markets.

是的，我們一直在評估所有市場。我的意思是，我們認為這是我們工作的核心，因為我們肯定會繼續對我們的陽光地帶生活方式策略進行壓力測試。但我們確實認為，向陽光地帶遷移和追求高品質生活的長期普遍趨勢將會持續下去。因此我認為我們現在的重點絕對會放在頂級陽光地帶市場。

And there's a handful of markets that we're not invested in today that have got scale like a Raleigh, like a South Florida.

目前我們還沒有投資一些規模像羅利和南佛羅裡達這樣的市場。

We continue to look at those and evaluate those. But I'd say our current priority at the moment is to expand our presence in some markets that we're already in, and I'd certainly include markets like Dallas and Charlotte and Nashville and Tampa and Phoenix is probably the best opportunities for us in the near term to, as I said, continue to upgrade the quality of the portfolio, enhance our geographic diversification and hopefully continue to do that on an accretive basis.

我們將繼續關注並評估這些問題。但我想說，我們目前的首要任務是擴大我們在一些現有市場的影響力，當然包括達拉斯、夏洛特、納許維爾、坦帕和菲尼克斯等市場，這可能是我們近期最好的機會，正如我所說的，繼續提升投資組合的質量，增強我們的地域多樣化，並希望繼續以增值的方式做到這一點。

Okay. That's helpful. And just 1 more. Richard, you talked about the leasing pipeline and kind of roll big tech playing in that. Could you talk about big tech specifically in Austin kind of how demand is trending, whether they're kind of getting close to getting back to growing their footprint and any sort of trends you're seeing specifically in Austin among that cohort of tenants?

好的。這很有幫助。僅剩 1 個。理查德，您談到了租賃管道以及大型科技公司在其中發揮的作用。您能否具體談談奧斯汀的大型科技公司的需求趨勢，它們是否即將恢復擴張，以及您在奧斯汀租戶群體中看到的任何趨勢？

Sure. One, I'd say we are absolutely seeing better trends. And so I think the demand equation is improving from big tech. It's not broad. But I mean we all see the headlines of who's announcing bringing people back, whether it be four, or more, five days a week.

當然。首先，我想說我們絕對看到了更好的趨勢。因此我認為大型科技公司的需求方程式正在改善。它並不廣泛。但我的意思是，我們都看到了誰宣布讓人們回來的頭條新聞，無論是四天還是更多，每週五天。

I think Amazon obviously, is a very notable participant in that trend but we're seeing absolutely tangible signs that there is some growth needs starting to reemerge. Again, I'm not characterizing it as the heyday of '21, '22, where tech was just growing hand over fist in Austin, but it is improving.

我認為亞馬遜顯然是這一趨勢中非常引人注目的參與者，但我們看到了絕對明顯的跡象，表明一些成長需求開始重新出現。再說一次，我並不是說這是 21、22 年的鼎盛時期，當時奧斯汀的科技發展迅速，但情況正在好轉。

Alright, that's all for me thank you.

好的，就這些了，謝謝。

The next question is from the line of Yalana from Key Bank Capital Markets. Please go ahead.

下一個問題來自 Key Bank Capital Markets 的 Yalana。請繼續。

Alright, thank you. Gregg, you mentioned the bond deal you did earlier was been anticipated. I was wondering how you describe the Capital Markets today and if you were to do a similar deal today, what kind of rate would you be able to get? Thanks.

好的，謝謝。格雷格，你提到你之前做的債券交易是可以預期的。我想知道您如何描述當今的資本市場，如果您今天進行類似的交易，您能獲得什麼樣的利率？謝謝。

Morning you folk. Yeah, the, on the credit side, the capital markets continue to improve, whether it's CMBS or corporate spreads as we typically borrow at. And we issued that five-year bond at 117 over the 5-year treasury.

大家早安。是的，在信貸方面，資本市場持續改善，無論是 CMBS 還是我們通常藉入的公司利差。我們發行的五年期債券的利率是五年期公債利率的 117%。

Today, that bond is trading in the mid-90s. And so it's coming at least 20 basis points from where we issued it. So we could get even a lower coupon today, which feeds into the remarks that I made earlier about an improving capital market.

如今，該債券的交易價格為 90 多美元。因此，它與我們發行時的水平相比至少高出 20 個基點。因此，我們今天可以獲得更低的票面利率，這與我先前關於資本市場改善的言論相符。

And that Kennedy kind of flashed onto as well when we talk about kind of the liquidity and pricing and cap rates in the office space. I mean Credit is the oil and the machine. And when credit is flowing, that's a good thing for transactions, and we're seeing that. And the credit markets have absolutely improved over the last six months

當我們談論辦公空間的流動性、定價和資本化率時，甘迺迪也提到了這一點。我的意思是，信用就是石油和機器。當信貸流動時，這對交易來說是一件好事，我們看到了這一點。信貸市場在過去六個月確實有所改善

Okay. Great. That was helpful. And then just wondering, is there any update on the Bank of America move out that's occurring now? And any updates on your plans there?

好的。偉大的。這很有幫助。我只是想知道，目前美國銀行撤出的消息有什麼最新消息嗎？您在那裡的計劃還有什麼更新嗎？

Nothing concrete. Again, I mentioned that we are rebranding the property, which we think is actually really exciting and important for increasing the funnel for potential customers to backfill BofA they literally expired yesterday.

沒什麼具體內容。我再次提到，我們正在重塑該物業的品牌，我們認為這實際上非常令人興奮，並且對於增加潛在客戶的管道以填補美國銀行的空缺非常重要，而美國銀行昨天就已經到期了。

So we finally have control of the space, which is going to allow us to start to execute and move -- though it's been planned for a long time, move on our redevelopment those plans have come together very nicely and can't wait to get started with that.

因此，我們最終控制了空間，這將使我們能夠開始執行和移動 - 儘管它已經計劃了很長時間，但我們的重新開發計劃已經非常順利地結合在一起，迫不及待地想要開始。

And I'll just add on to that, Upal, that in many respects, I'm glad that, that expiration finally occurred yesterday, it's kind of been much anticipated over the last several years. And I think specific to that property, as Richard mentioned, the rebranding is a big deal. And our development team has a fantastic plan to reposition that asset in such. In a similar manner as we did to Promenade here in Midtown Atlanta.

烏帕爾，我還要補充一點，從很多方面來說，我很高興，這一期限終於在昨天到期，過去幾年來人們對此一直充滿期待。我認為，對於該酒店而言，正如理查德所提到的，品牌重塑是一件大事。我們的開發團隊有一個絕妙的計劃來重新定位該資產。就像我們在亞特蘭大中城的海濱長廊所做的那樣。

But I think importantly for the company, just stepping back, there are no other large known move-outs to talk about. And as Richard indicated, we believe the portfolio occupancy will trough with that move out during this third quarter. And we think then directionally, things are up, and we'll be talking about growing occupancy and growth with very few -- a very modest expiration schedule in '26 and no other large customers. We think it's going to be a really, really good setup for us to drive that occupancy in an improving market.

但我認為，對於公司來說，重要的是，回顧一下，沒有其他已知的大型搬遷事件值得談論。正如理查德所指出的，我們相信投資組合的入住率將在第三季達到低谷。然後，我們認為，從方向上看，情況正在好轉，我們將討論入住率的增長和增長，而 26 年的到期計劃非常適中，而且沒有其他大客戶。我們認為，這將是一個非常非常好的設置，有利於我們在不斷改善的市場中提高入住率。

Okay great that was helpful thank you.

好的，太好了，很有幫助，謝謝。

Dylan Burzinski from Green Street.

來自格林街的迪倫·布爾津斯基。

Just a quick one for me. Richard, I think you mentioned that leasing pipeline remains strong and the late-stage pipeline is actually at the highest level since you guys started tracking it.

對我來說只是一個快速的步驟。理查德，我想你提到過租賃管道依然強勁，後期頻道實際上處於自你們開始追蹤以來的最高水平。

I guess, can you sort of give us details on what you think is causing this continuation of strong demand? Is it just a rise in aggregate office demand in general? Or do you guys think that Cousins given the call of the portfolio is just continuing to garner a significantly larger share of the leasing activity that's going on across the markets.

我想，您能否向我們詳細說明您認為導致這種持續強勁需求的原因？這僅僅是整體辦公需求的成長嗎？或者你們認為，考辛斯在投資組合的號召下，將繼續在整個市場的租賃活動中佔據更大的份額。

Hey hey Dylan, it's Colin. I'll answer that. I just want to kind of again look bigger picture here because certainly, there's angst, and we feel the angst is you get what is a relatively weak employment report this morning and angst about the macro economy.

嘿嘿，迪倫，我是柯林。我會回答這個問題。我只是想再次從更大的角度來看待這個問題，因為確實存在焦慮，我們覺得這種焦慮來自於今天早上相對疲軟的就業報告以及對宏觀經濟的焦慮。

But I just think it's really important for us all to recognize what's playing out in the office space today is the reversal of an extraordinarily anemic market over the last four years. You had companies significantly shrinking their space, in some cases, losing their space all together and certainly not growing.

但我認為，我們所有人都必須認識到，今天辦公空間的現狀是過去四年極度低迷的市場的逆轉。有些公司大幅縮小了他們的空間，在某些情況下，甚至完全失去了他們的空間，而且肯定沒有成長。

And now companies are scrambling and there continues to be pent-up demand because of the length of that anemic market. And so notwithstanding what looks like a tepid employment environment and it perhaps is, companies are still playing catch-up to get their workers back into their office.

現在，各公司都在忙於應對，由於市場長期低迷，被壓抑的需求仍在持續。因此，儘管就業環境看起來並不樂觀，但企業仍在努力讓員工重返辦公室。

And I'd say, importantly, for Cousins. And while we're seeing a disproportionate amount of the demand is, it is focused on a smaller percentage of the inventory in our portfolio fits squarely into that. And I think that's kind of a key driver for us of why we're seeing that pipeline continue to remain strong.

我想說，對考辛斯來說，這一點很重要。儘管我們看到需求量不成比例，但它只集中在我們投資組合中較小比例的庫存上，這與此完全相符。我認為這是我們看到該管道繼續保持強勁的關鍵驅動因素。

Great thanks calling I really appreciate that.

非常感謝您的來電，我真的很感激。

Brendan Lynch from Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. Just one for me. As you're looking at capital allocation at this point in the cycle, it seems like you're picking up the pace of acquisitions fairly significantly. Where does the mezzanine financing opportunities sit in your list of priorities?

太好了，感謝您回答我的問題。對我來說只有一個。當您在週期的這個階段查看資本配置時，似乎您正在大幅加快收購步伐。夾層融資機會在您的優先考慮中處於什麼位置？

Yeah, It's not -- it's certainly not our core business and not our priority. We are equity investors and long-term equity investors at that. But we have a really creative team, entrepreneurial team that identifies opportunities that whether it be in the mezzanine or preferred or structured investments and we think in certain instances, when collateralized by lifestyle office that it's -- they can be compelling opportunities for us in the short term in their structure form, but perhaps can lead to longer-term acquisition and investment opportunities.

是的，這當然不是我們的核心業務，也不是我們的首要任務。我們是股權投資者，而且是長期股權投資者。但我們擁有一支真正富有創意的團隊，創業團隊，他們能夠識別機會，無論是夾層投資、優先投資還是結構化投資，我們認為在某些情況下，當生活方式辦公室作為抵押時，它們在短期內可能以結構形式為我們帶來引人注目的機會，但也許可以帶來更長期的收購和投資機會。

And so we'll continue to explore those. I think from a sizing perspective, we recently did three of those, two have been paid off. I don't think it will be a material part of our balance sheet. But anything under $100 million in the aggregate, I think we're comfortable with.

因此我們將繼續探索這些問題。我認為從規模角度來看，我們最近完成了其中三項，其中兩項已經付清。我認為它不會成為我們資產負債表的重要組成部分。但只要總額低於 1 億美元，我想我們就可以接受。

Again, we don't want to do anything in that form that from a size perspective, could create while a near-term earnings boost could create a longer-term earnings headwind if those are ultimately paid off. So we'll size the overall scale of that opportunity appropriately.

再說一次，我們不想以這種形式做任何事情，從規模的角度來看，如果最終得到回報，短期獲利成長可能會造成長期獲利逆風。因此，我們將適當評估該機會的整體規模。

But I do think it's a unique and compelling way to source some longer-term acquisition opportunities.

但我確實認為這是尋找一些長期收購機會的獨特且引人注目的方式。

Great thanks thanks for calling.

非常感謝您的來電。

Thank you. There are no further questions at this time. I'd like to turn the call over to Colin Connolly for closing comments. Sir, please go ahead.

謝謝。目前沒有其他問題。我想將電話轉給科林康諾利 (Colin Connolly) 來做最後發言。先生，請繼續。

Thank you all for your time this morning and interest in Cousins Properties. If you have any follow-up questions, please feel free to reach out to Gregg Adzema or Roni Imbeaux and we hope to see many of you at some of the upcoming conferences in September. Have a great weekend.

感謝大家今天早上抽出的時間以及對 Cousins Properties 的關注。如果您有任何後續問題，請隨時聯繫 Gregg Adzema 或 Roni Imbeaux，我們希望在 9 月即將舉行的一些會議上見到您。祝你周末愉快。

Ladies and gentlemen, this concludes the day's conference call. Thank you very much for your participation in I disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您參與「我斷開連線」。