Cousins Properties Inc (CUZ) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cousins Properties Incorporated conference call. (Operator Instructions) This call is being recorded on Friday, October 31, 2025.

女士們、先生們，早安，歡迎參加 Cousins Properties Incorporated 的電話會議。（操作員指示）本次通話於2025年10月31日星期五進行錄音。

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

現在我謹將會議交給總法律顧問帕梅拉·羅珀女士。謝謝。請繼續。

Thank you. Good morning, and welcome to Cousins Property's third quarter earnings conference call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; Kennedy Hicks, our Executive Vice President and Chief Investment Officer; and Gregg Adzema, our Executive Vice President and Chief Financial Officer.

謝謝。早上好，歡迎參加 Cousins Property 第三季財報電話會議。今天陪同我的有：我們的總裁兼執行長 Colin Connolly；我們的營運執行副總裁 Richard Hickson；我們的執行副總裁兼首席投資長 Kennedy Hicks；以及我們的執行副總裁兼財務長 Gregg Adzema。

The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K. In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. If you did not receive a copy, these documents are available through the quarterly disclosures and supplemental SEC information links on the Investor Relations page of our website, cousins.com.

新聞稿和補充資料包已於昨天下午分發，並已透過 8-K 表格提交。在補充資料包中，本公司已按照 G 條例的要求，將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了核對。如果您沒有收到副本，這些文件可透過我們網站 cousins.com 的投資者關係頁面上的季度披露和補充 SEC 資訊連結取得。

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，實際結果可能因各種風險、不確定性以及其他因素（包括我們在 10-K 表格年度報告和其他提交給美國證券交易委員會的文件中列出的風險因素）而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 the potential risks is contained in our filings with the SEC.

本公司不承擔任何更新前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。有關前瞻性聲明的完整聲明可在昨天發布的補充資料包中找到，而對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.

接下來，我將把電話交給科林·康諾利。

Thank you, Pam. And good morning, everyone. We had a strong third quarter at Cousins. On the earnings front, the team delivered $0.69 a share in FFO and raised the midpoint of our guidance by $0.02 a share to $2.84 a share. The midpoint of our guidance now represents 5.6% growth compared to 2024.

謝謝你，帕姆。大家早安。我們在庫辛斯球場的第三節表現出色。在獲利方面，團隊實現了每股 0.69 美元的 FFO，並將我們的預期中位數提高了每股 0.02 美元，至每股 2.84 美元。我們目前的預測中位數意味著與 2024 年相比成長 5.6%。

Importantly, leasing remained robust. We completed 551,000 square feet of leases during the quarter, which is our second highest quarterly volume over the last three years. And for the 46th consecutive quarter, we delivered a positive cash rent roll-up on second-generation leasing. We also acquired The Link for $218 million, which strategically expands our presence in the fast-growing market of Dallas. These are remarkable results all around.

值得注意的是，租賃業務依然保持強勁勢頭。本季度我們完成了 551,000 平方英尺的租賃，這是我們過去三年中第二高的季度租賃量。我們連續第 46 個季度實現了第二代租賃的現金租金正成長。我們也斥資 2.18 億美元收購了 The Link，這從策略上擴大了我們在快速成長的達拉斯市場的業務。這些結果都非常出色。

I will start with a few observations on the market. Most major companies are phasing out remote work. Office fundamentals are improving. Demand is growing. During the third quarter, net absorption reached a post-pandemic high. Vacancy declined for the first time in seven years. And with new construction starts at de minimis levels, any meaningful increase in new supply is four to five years away. Importantly, for Cousins, corporate migration to the Sun Belt has firmly reaccelerated. As a result, our leasing pipeline is robust across all markets.

我先就市場狀況談幾點看法。大多數大型公司正在逐步取消遠距辦公。辦公基本面正在改善。需求正在成長。第三季淨吸納量達到疫情後最高水準。職位空缺率七年來首次下降。由於新建築開工量極少，任何有意義的新供應成長至少還需要四到五年。對庫辛斯來說，重要的是，企業向陽光地帶的遷移已經穩定加速。因此，我們在所有市場的租賃業務都十分強勁。

We see a notable pickup in leasing interest from West Coast and New York City-based companies. financial service and select large-cap technology companies are particularly active. While not necessarily full corporate relocations, they are significant hubs in some cases and highlight growth away from high tax in high regulation states once again.

我們看到，來自西海岸和紐約市的公司對租賃的興趣顯著增加。金融服務公司和部分大型科技公司尤其活躍。雖然不一定是完整的企業搬遷，但在某些情況下，它們是重要的樞紐，再次凸顯了企業為了遠離高稅收、高監管州而實現的成長。

A recent rise in layoff announcements seems to be weighing on investor sentiment around the office sector. However, we have not seen any meaningful impact on demand. I'll explain why.

近期裁員公告的增加似乎對投資者對辦公大樓產業的信心造成了壓力。然而，我們尚未看到對需求產生任何實質影響。我會解釋原因。

Office using employment growth was historically high during the pandemic. At some companies, headcounts almost doubled. However, because of the pandemic, many of these new hires were remote and associated office space was never leased. Now, as return to office mandates have become widespread, many companies lack the space to accommodate their panic era headcount growth even after modest recent layoffs. Simply said, the tailwinds from the accelerating return to office remain greater than the impact of corporate layoffs from our vantage point.

疫情期間，辦公就業成長處於歷史高點。有些公司的員工人數幾乎翻了一番。然而，由於疫情，這些新員工大多是遠距辦公，相關的辦公空間也從未被租賃。現在，隨著返崗辦公的規定越來越普遍，許多公司即使在最近小幅裁員之後，也缺乏足夠的空間來容納恐慌時期激增的員工人數。簡而言之，從我們的角度來看，加速復工復產帶來的利多因素仍然大於企業裁員的影響。

One more thing I'd like to note on this topic. Given the current exuberance around AI, corporate downsizing is often incorrectly tied to automation. Amazon is the most recent example. However, on last night's earnings call, Andy Jassy confirmed that Amazon's announcement of 14,000 job cuts was aimed at reversing excessive hiring during the pandemic. To put this in perspective, Amazon grew its head count by almost 750,000 jobs since year-end 2019.

關於這個主題，我還有一點要補充。鑑於目前人們對人工智慧的熱情高漲，企業裁員常常被錯誤地與自動化聯繫起來。亞馬遜就是最新的例子。然而，在昨晚的財報電話會議上，安迪賈西證實，亞馬遜宣布裁員 14,000 人是為了扭轉疫情期間過度招募的局面。從這個角度來看，自 2019 年底以來，亞馬遜的員工人數增加了近 75 萬個工作機會。

To reiterate my previous comments, the return to office is a more powerful lever for office demand than corporate rightsizing and AI is not yet a threat as we expect it to be. This is an excellent setup for Cousins to advance our strategic priorities. Our team remains sharply focused on driving occupancy and earnings growth while maintaining our best-in-class balance sheet and enhancing the quality of our portfolio.

重申我先前的觀點，重返辦公室比企業精簡規模更能有效刺激辦公室需求，而人工智慧目前還不像我們預期的那樣構成威脅。這為庫辛斯推進我們的戰略重點提供了絕佳的條件。我們的團隊將繼續全力以赴，在維持一流資產負債表的同時，推動入住率和收益成長，並提升我們投資組合的品質。

To do so, we are prioritizing both internal and external growth opportunities. At quarter end, the portfolio was 88.3% occupied, and finally reflects the expiration of Bank of America's lease in Charlotte. Given our robust leasing pipeline and modest lease expirations in 2026, we are confident that we can grow occupancy next year.

為此，我們將優先考慮內部和外部的成長機會。截至季末，該投資組合的入住率為 88.3%，最終反映了美國銀行在夏洛特的租約到期。鑑於我們強勁的租賃專案儲備和 2026 年適度的租約到期，我們有信心明年提高入住率。

While the ramp will be heavily weighted towards the back half of the year, we have a goal of achieving occupancy of 90% or higher by year-end 2026. Our creative investment team continues to evaluate several interesting investment opportunities. Our track record highlights our openness to a wide variety of transactions, including property acquisitions, select development, debt, structured transactions, and joint ventures. 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. Earnings accretion is a priority.

雖然入住率的提升主要集中在下半年，但我們的目標是在 2026 年底達到 90% 或更高的入住率。我們的創新投資團隊正在持續評估幾個有趣的投資機會。我們的過往業績顯示我們對各種交易持開放態度，包括房地產收購、特定開發、債務、結構化交易和合資企業。然而，我們的核心策略仍然不變，即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物業。獲利成長是首要任務。

To fund any new investments, we will always consider all options. To be clear, new equity at today's stock price certainly does not make financial sense. Dispositions of noncore assets settling shares already outstanding on our ATM and/or utilizing the balance sheet are more likely options. While sometimes characterized as conservative, we view our low-levered balance sheet as a distinct offensive tool.

為了籌集新的投資資金，我們始終會考慮所有方案。需要明確的是，以今天的股價發行新股在財務上肯定是不合理的。處置非核心資產、結算我們ATM機上已發行的股份和/或利用資產負債表是更可能的選擇。雖然有時被認為是保守的，但我們認為我們低槓桿的資產負債表是一種獨特的進攻性工具。

At select times in the past, we have modestly flexed up our leverage to take advantage of compelling investment opportunities. Given improving property fundamentals, and a scarcity of competitive office capital, this could be one of those moments and Cousins is uniquely positioned to seize it.

過去某些時候，我們曾適度提高槓桿率，以掌握極具吸引力的投資機會。鑑於房地產基本面不斷改善，以及具有競爭力的辦公大樓資本稀缺，這可能是一個絕佳的機會，而 Cousins 擁有獨特的優勢來抓住這個機會。

As I mentioned earlier, the current midpoint of our guidance forecasts 5.6% growth over 2024. This would be our second consecutive year of FFO growth. Cousins would be one of one in the traditional office sector to accomplish this multiyear growth. Our team's ability to drive both internal and external growth is key. We plan to continue the streak in 2026.

正如我之前提到的，我們目前的預測中位數顯示，到 2024 年將成長 5.6%。這將是我們連續第二年實現FFO成長。Cousins 將成為傳統辦公領域中少數幾家實現多年成長的公司之一。我們團隊推動內部和外部成長的能力至關重要。我們計劃在 2026 年繼續保持這一連勝紀錄。

We are excited about what is ahead for Cousins. Demand is accelerating, new supplies and historical lows, the office market is rebalancing. We are growing earnings. Bank of America independently ranks our portfolio is the highest quality in the office REIT sector. Our balance sheet is exceptionally strong, and our G&A is highly efficient for our investors.

我們對庫辛斯未來的發展感到興奮。需求加速成長，新增供應量處於歷史低位，辦公大樓市場正在重新平衡。我們的獲利能力正在成長。美國銀行獨立評定，我們的投資組合在辦公房地產投資信託基金領域品質最高。我們的資產負債表非常穩健，而且我們的管理費用對投資人來說非常有效率。

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，我要感謝我們敬業的 Cousins 員工，他們每天都為我們的客戶和彼此提供卓越的服務。理查德？

Thanks, Colin. Good morning, everyone. Our operations team once again delivered exceptional results in the third quarter. This quarter, our total office portfolio end-of-period lease and weighted average occupancy percentages were 90% and 88.3%, respectively. As expected, both were down this quarter, almost exclusively due to the known move out of Bank of America at 201 North Tryon in Charlotte. Without Bank of America's exploration, our occupancy would have been steady this quarter.

謝謝你，科林。各位早安。我們的營運團隊在第三季再次取得了卓越的業績。本季度，我們的辦公大樓組合期末租賃率和加權平均入住率分別為 90% 和 88.3%。正如預期的那樣，這兩個季度都出現了下滑，幾乎完全是由於美國銀行遷出位於夏洛特北特賴恩街 201 號的辦公地點所致。如果沒有美國銀行的勘探，我們本季的入住率將保持穩定。

Like last quarter, I want to reiterate that our near-term occupancy expectations remain generally the same. We still see the third quarter as a bottom. And then expect occupancy to be stable or modestly increase for a couple of quarters and then build higher in the back half of 2026.

與上個季度一樣，我想重申，我們近期的入住率預期基本上保持不變。我們仍然認為第三季是底部。預計入住率將保持穩定或小幅成長幾個季度，然後在 2026 年下半年進一步提高。

I would be remiss if I didn't once again point out that a big driver of our occupancy expectations continues to be our best-in-class near-term expirations profile. As of third quarter end, we only had 6.3% and of annual contractual rent expiring through the end of 2026. We continue to be laser-focused on proactively managing our expirations.

如果我不再次指出，我們入住率預期的一大驅動因素仍然是我們一流的近期到期房源情況，那就太失職了。截至第三季末，我們只有 6.3% 的年度合約租金將於 2026 年底到期。我們將持續高度重視主動式管理產品到期事宜。

During the third quarter, our team completed 40 office leases totaling an impressive 551,000 square feet with a weighted average lease term of 9.4 years. Total leasing volume was up 65% sequentially and even exceeded our strong first quarter activity. This quarter's volume was also well above our one-, three- and five-year volume run rates. We are very pleased with our year-to-date leasing activity, which stands at 1.4 million square feet.

第三季度，我們的團隊完成了 40 筆辦公室租賃交易，總面積達 551,000 平方英尺，加權平均租賃期限為 9.4 年。租賃總量較上季成長 65%，甚至超過了我們強勁的第一季業績。本季銷量也遠高於我們過去一年、三年和五年的銷售平均值。我們對今年迄今的租賃業績非常滿意，租賃面積已達 140 萬平方英尺。

Our leasing pipeline also continues to be very healthy at all stages has grown nicely throughout the year and as a result, remains at record high levels. As Colin mentioned, our pipeline also reflects a notable increase in large user activity including new-to-market requirements looking to either relocate or build a new talent base in the Sun Belt.

我們的租賃專案儲備在各個階段都保持著非常健康的狀況，全年成長良好，因此，目前仍處於歷史高位。正如 Colin 所提到的，我們的業務管道也反映出大型用戶活動的顯著增加，其中包括希望在陽光地帶搬遷或建立新的人才庫的新市場需求。

With regard to lease economics, second-generation cash rents increased yet again in the third quarter by a healthy 4.2%. Dallas and Tampa posted the largest cash rent roll-ups this quarter, with Austin and Charlotte, not far behind. Average net rent this quarter landed at $39.18 which is the third highest quarterly level in our company's history.

就租賃經濟效益而言，第二代現金租金在第三季再次成長了4.2%，增幅可觀。本季達拉斯和坦帕的現金租金漲幅最大，奧斯汀和夏洛特緊追在後。本季平均淨租金為 39.18 美元，是該公司歷史上第三高的季度水準。

Average leasing concessions with some of free rent -- tenant improvements were $8.12, which is 13.8% below last quarter and 7.6% below the full year 2024. The result was average net effective rent of $28.37, slightly higher than last quarter and the second highest quarterly level in the company's history. Our net effective rents were solid in every market once again, a testament to the broad strength of our Sun Belt markets and assets.

平均租賃優惠（包括部分免租期）—租戶裝修費用為 8.12 美元，比上一季下降 13.8%，比 2024 年全年下降 7.6%。最終結果為平均淨有效租金 28.37 美元，略高於上一季度，是該公司歷史上第二高的季度水準。我們在各市場的淨有效租金再次表現穩健，證明了我們在陽光地帶市場和資產的強大實力。

Turning to the markets. JLL reported that transaction volume in Austin totaled 1.3 million square feet in the third quarter, a sequential increase and 16% above the three-year quarterly average. Across our Austin portfolio, we signed 97,000 square feet of leases in the third quarter, also sequentially higher. Of that activity, 52,000 square feet were new leases at The Terrace in Southwest Austin, where demand continues to be impressive. The Austin team also completed an important 40,000 square foot renewal of the long term at Colorado Tower in the CBD. Our Austin portfolio ended the quarter at 94.9% leased.

轉向市場。仲量聯行報告稱，奧斯汀第三季的交易量總計達 130 萬平方英尺，環比成長，比三年季度平均高出 16%。在奧斯汀的投資組合中，我們在第三季簽署了 97,000 平方英尺的租賃協議，環比也有所增長。其中，西南奧斯汀的 The Terrace 新增租賃面積達 52,000 平方英尺，該地區的需求仍然十分強勁。奧斯汀團隊也完成了中央商務區科羅拉多大樓長期租約的重要續簽，面積達 40,000 平方英尺。我們在奧斯汀的房產組合本季末出租率為 94.9%。

Similar to Austin, JLL reverted a quarterly leasing activity in Atlanta increase at 15.5% quarter-over-quarter. They also noted that this quarter, new leasing made up a greater share of leasing volume than in recent years, with renewals accounting for just 17% of volume.

與奧斯汀類似，JLL 亞特蘭大季度租賃活動較上季成長 15.5%，出現逆轉。他們還指出，本季新租賃在租賃總量中所佔比例比往年更高，續租僅佔總量的 17%。

We signed a strong 125,000 square feet of leasing in our Atlanta portfolio this quarter and on a transaction count basis, two-thirds of our activity was new and expansion leasing. That included a 24,000 square foot headquarters expansion of a customer at North Park in the central perimeter, effectively doubling their footprint. Of particular note is that expansion was driven by a recent decision to bring employees back to the office as soon as possible.

本季度，我們在亞特蘭大物業組合中籤署了 125,000 平方英尺的強勁租賃協議，按交易數量計算，我們三分之二的業務活動是新租賃和擴建租賃。其中包括位於北園中心地帶的一家客戶總部擴建 24,000 平方英尺，使其佔地面積翻了一番。尤其值得注意的是，此次擴張是由最近一項決定推動的，該決定旨在盡快讓員工返回辦公室。

Also, in North Park, I'm very excited to report that we are in advanced lease negotiations with a Fortune 50 company to lease 166,000 square feet at the property on a long-term basis, which when complete will represent incremental occupancy of nearly 12% for the 1.4 million square foot project. This will clearly be a huge boost for North Park but also for our occupancy trajectory at the total portfolio level. This quarter, our overall Atlanta portfolio occupancy increased to 83.4%, driven primarily by a handful of new and expansion lease commencements in Buckhead.

另外，我很高興地宣布，在北園，我們正在與一家財富 50 強公司進行深入的租賃談判，以長期租賃該物業的 166,000 平方英尺，建成後將使這個 140 萬平方英尺的項目入住率增加近 12%。這無疑將大大促進北園的發展，同時也將提升我們整個投資組合的入住率。本季度，我們亞特蘭大投資組合的整體入住率上升至 83.4%，這主要得益於巴克海特地區一些新租約和擴租合約的簽訂。

Turning to Charlotte. Fundamentals for high-quality office remains strong with Class A space representing 70% of all new leasing during the quarter. Further, new development inventory in South and Uptown is very close to fully leased. As such, we continue to be very excited about our redevelopment projects at the 550 South and 201 North Tryon in uptown, which we view as the highest quality existing office projects with availability in the market.

轉向夏洛特。優質辦公空間的基本面依然強勁，A級辦公空間佔本季所有新租賃面積的70%。此外，南部和上城區的新開發案房源幾乎全部出租。因此，我們對位於市中心南 550 號和北 201 號 Tryon 街的重建項目感到非常興奮，我們認為這些是市場上品質最高的現有辦公大樓項目。

Consistent with the new supply dynamic I just mentioned, we are pleased to say that in the third quarter, we completed an early long-term renewal of McGuire Woods at 201 North Tryon for 127,000 square feet. This was an important win, and we view this long-term commitment to 201 North Tryon as a validation of the building's quality location and of our ongoing property redevelopment.

與我剛才提到的新的供應動態一致，我們很高興地宣布，在第三季度，我們完成了位於北特賴恩街 201 號的 McGuire Woods 的 127,000 平方英尺的早期長期續租。這是一場重要的勝利，我們認為這項對北特賴恩街 201 號的長期承諾是對該建築優越的地理位置以及我們正在進行的物業重建工作的認可。

Same positive market dynamics are in play in Phoenix as well and the past few months have been remarkably active on the leasing front. You may recall that we signed a 39,000 square foot new lease at Hayden Ferry 1 in the second quarter. Since then, but subsequent to third quarter end, we signed an additional 52,000 square foot new lease at building with a commencement date before year-end 2025.

鳳凰城也出現了同樣的正面市場動態，過去幾個月租賃市場異常活躍。您可能還記得，我們​​在第二季在海登渡口 1 號簽署了一份 39,000 平方英尺的新租賃合約。此後，在第三季末之後，我們在該建築簽署了一份新的 52,000 平方英尺的租賃合同，生效日期在 2025 年底之前。

On top of that, we are in lease negotiations with another new customer for Hayden Ferry 1 that would bring the building to approximately 95% leased in very short quarter. During the third quarter, the team also completed two important renewals at both Hayden Ferry 2 and Tippy Gateway, totaling 44,000 square feet. We could not be more pleased with the recent performance of our Phoenix portfolio.

除此之外，我們正在與海登渡口 1 號樓的另一位新客戶進行租賃談判，這將使該樓在很短的時間內出租率達到約 95%。第三季度，團隊還在 Hayden Ferry 2 和 Tippy Gateway 完成了兩項重要的續約，總面積達 44,000 平方英尺。我們對鳳凰投資組合近期的表現非常滿意。

Last, I'll touch on Dallas. With the addition of The Link, we now own a three-building, 808,000 square foot portfolio in Dallas with the largest asset being the 319,000 square foot legacy Union 1 building in the legacy submarket of North Dallas. Ovintiv is the sole customer in the building, so they subleased substantially all of the building years ago.

最後，我簡單談談達拉斯。隨著 The Link 的加入，我們現在在達拉斯擁有三棟建築，總面積達 808,000 平方英尺的投資組合，其中最大的資產是位於北達拉斯傳統子市場的 Union 1 大樓，面積達 319,000 平方英尺。Ovintiv 是這棟大樓裡唯一的客戶，所以他們多年前就把這棟大樓的大部分都轉租出去了。

In the third quarter, we proactively entered into an early termination agreement with Ovintiv. And upon Ovintiv's new expiration in mid-2026, all of the subtenants will automatically become direct tenants. Through this agreement, we essentially multi-tenanted the building and can now more effectively engage with the subtenancy about future renewals. This move also greatly improves our flexibility in executing creative strategies to proactively backfill whatever space we may ultimately get back.

第三季度，我們主動與 Ovintiv 達成了提前終止協議。當 Ovintiv 的新租約於 2026 年年中到期時，所有轉租戶將自動成為直接租戶。透過這項協議，我們實際上實現了大樓的多租戶化，現在可以更有效地與分租戶就未來的續租事宜進行溝通。此舉也大大提高了我們執行創新策略的靈活性，以便主動填補我們最終可能獲得的任何空缺。

Encouragingly, interest in the building has been very robust even in the short period of time since we executed this agreement, both with existing subtenants and potential new tenants. It is clear that demand for high-quality office in Dallas is very healthy, and we are excited to capitalize on it.

令人鼓舞的是，自從我們簽署協議以來，在短短時間內，無論是現有轉租商還是潛在的新租戶，都對這座建築表現出了非常濃厚的興趣。很明顯，達拉斯對高品質辦公空間的需求非常旺盛，我們很高興能夠抓住這個機會。

I'll conclude with a brief revisit of our leasing pipeline. Again, our overall pipeline is at record levels for Cousins, and 68% is new and expansion leasing. Further, we have 715,000 square feet of leases either signed fourth quarter year-to-date or in lease negotiations, of which 77% are new and expansion leases. That represents a total of 551,000 square feet of new and expansion leasing in our late-stage pipeline alone. For perspective, that's roughly 2x our year-to-date quarterly new and expansion leasing run rate. This is a very encouraging trend.

最後，我將簡要回顧我們的租賃專案進度。再次強調，Cousins 的整體專案儲備已達到歷史最高水平，其中 68% 為新租賃和擴建租賃。此外，截至今年第四季度，我們已簽署或正在洽談租賃協議的面積達 715,000 平方英尺，其中 77% 為新租賃和擴租。僅在我們後期階段的專案中，就意味著新增和擴建租賃面積總計達 551,000 平方英尺。從這個角度來看，這大約是我們今年迄今季度新增和擴大租賃運行率的 2 倍。這是一個非常令人鼓舞的趨勢。

As always, I want to thank our operations team for all of your hard work. Your talent and excellent customer service continue to position our company exceptionally well. Kennedy?

和以往一樣，我要感謝我們營運團隊的辛勤付出。您的才華和卓越的客戶服務使我們公司在市場上保持著非常優異的地位。甘迺迪？

Thanks, Richard. Before I discuss the transaction environment, I want to touch on our mixed-use development project, Neuhoff in Nashville. We finished the quarter with the apartment component up to 86% leased. And we still expect for this part of the project to be stabilized at the end of the year.

謝謝你，理查。在討論交易環境之前，我想先談談我們在納許維爾的綜合用途開發項目 Neuhoff。本季末，公寓部分的出租率達 86%。我們仍然預計該項目的這一部分將在年底前穩定下來。

On the commercial side, we signed two spec suite leases, both of which commenced in 2025 and brought that component up to 53% leased. We've been very encouraged by the recent uptick in tenant demand in the Nashville market with several large office prospects currently considering Neuhoff for both near-term requirements and future expansion needs.

在商業方面，我們簽署了兩份樣板套房租賃合同，這兩份合約均於 2025 年開始，使該部分的出租率達到 53%。近期納許維爾市場租戶需求的回升令我們倍感鼓舞，目前有幾家大型辦公大樓正在考慮選擇 Neuhoff 來滿足近期需求和未來的擴張需求。

As you may recall, as part of the overall project, we have the ability to develop a 280,000 square foot office tower adjacent to the current one. Given the infrastructure that is already in place, we believe we have a competitive advantage in our ability to offer expansion space and an expedited timeline upon tenant commitment. As a reminder, Neuhoff is located in the Germantown neighborhood of Nashville, directly across the Cumberland River from Oracle soon to be developed state-of-the-art headquarters campus.

您可能還記得，作為整個專案的一部分，我們有能力在現有辦公大樓旁邊建造一座 280,000 平方英尺的辦公大樓。鑑於現有的基礎設施，我們相信，在租戶承諾後，我們能夠提供擴建空間並加快進度，這方面我們具有競爭優勢。提醒一下，紐霍夫位於納許維爾的日耳曼敦社區，與即將開發的甲骨文公司最先進的總部園區隔著坎伯蘭河相望。

Oracle has reportedly hired nearly 1,000 employees in the city to date and is pledged to have at least 8,500 workers in Nashville by the end of 2031. Just this month, the company released rendering showing its extensive plans for the campus. These plans include a pedestrian bridge that the company will build across the river to link its campus to Neuhoff.

據報道，甲骨文公司迄今已在該市僱用了近 1000 名員工，並承諾到 2031 年底在納許維爾至少擁有 8500 名員工。就在本月，該公司發布了效果圖，展示了對該園區的宏偉規劃。這些計劃包括公司將在河上建造一座人行橋，連接其園區和諾伊霍夫。

This multibillion-dollar investment by Oracle as well as the recent tenant activity in the market, is a testament to both national's talented and growing workforce as well as company's desire for high-quality differentiated office environments. We are excited about the response from the market for Neuhoff has to date and feel that the momentum is only building for this iconic project.

Oracle 的這項數十億美元投資以及近期市場上的租戶活躍度，既證明了美國擁有才華橫溢且不斷增長的勞動力，也證明了該公司渴望打造高品質、差異化的辦公環境。我們對紐霍夫計畫迄今為止所獲得的市場反應感到非常興奮，並認為這個標誌性計畫的勢頭只會越來越強勁。

Turning to our acquisition activity. As previously announced, we closed on The Link in Uptown Dallas during the third quarter. The link of the trophy building that fits squarely into our lifestyle on belt office strategy while expanding our footprint in Dallas. We acquired the 94% leased property for $218 million or $747 per square foot. Pricing represents a discount to replacement cost and has been immediately accretive to earnings.

接下來談談我們的收購活動。正如先前宣布的那樣，我們在第三季完成了達拉斯市中心 The Link 項目的交易。在達拉斯擴大我們的業務版圖的同時，這座獎盃建築也完美契合了我們的生活方式，符合我們的辦公室策略。我們以 2.18 億美元（每平方英尺 747 美元）的價格收購了這棟出租率達 94% 的房產。定價低於重置成本，並立即增加了收益。

We remain very enthusiastic about the Dallas office market and our ability to continue to expand our presence there. Uptown Dallas is receiving an outsized share of demand, thanks to its appeal as an urban walkable mixed-use district and the ongoing migration of financial and professional service jobs to the region, largely from New York and California. There are very few large blocks of available space remaining in Uptown. And we are already witnessing near-term demand exceeds supply.

我們依然對達拉斯辦公大樓市場充滿信心，並相信我們能夠繼續擴大在該地區的業務。由於達拉斯上城區是一個適合步行的都會混合用途區，並且金融和專業服務工作不斷從紐約和加利福尼亞等地向該地區遷移，因此該地區獲得了不成比例的需求。上城區剩餘的大塊可用空間已經非常少了。我們已經看到，短期內需求超過了供應。

The increasing tenant demand that we are experiencing across all of our markets has led to continued improvement in investor sentiment towards office, which is creating higher transaction volumes. Debt for office assets is now readily available and equity is following, albeit still selectively and generally more oriented towards smaller assets.

我們所有市場都感受到租戶需求不斷增長，這導致投資者對辦公大樓的信心持續改善，從而創造了更高的交易量。現在，辦公資產的債務融資很容易獲得，股權融資也隨之而來，儘管仍然具有選擇性，並且通常更傾向於規模較小的資產。

We continue to seek out acquisition opportunities that meet our criteria. Sun Belt assets that are consistent with or better than the quality of our current portfolio that we can fund in a manner that is accretive to earnings and cash flow. We are mindful of maintaining geographic diversity and will remain laser-focused on asset quality and location.

我們將繼續尋找符合我們標準的收購機會。在陽光地帶，我們可以投資那些品質與我們現有投資組合相符或更優的資產，並且能夠以增加收益和現金流的方式進行融資。我們注重保持地域多樣性，並將繼續高度關注資產品質和地理位置。

With better debt increasing and buyers becoming more constructive around underwriting, we also intend to selectively explore dispositions as a funding source for new acquisitions and eventually develop. Given the quality of our portfolio, we don't have a lot of assets that qualify as noncore and we don't need to sell. But when there are opportunities to accretively rotate into assets that improve our portfolio composition and mitigate higher CapEx needs, we will execute.

隨著優質債務的增加和買家在承銷方面變得更加積極，我們也打算選擇性地探索處置資產作為新收購和最終發展的資金來源。鑑於我們投資組合的質量，我們沒有很多符合非核心資產定義的資產，因此我們不需要出售。但是，當有機會透過增值方式輪動到能夠改善投資組合組成並降低更高資本支出需求的資產時，我們會執行。

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

接下來，我將把電話交給格雷格。

Thanks, Kennedy. Good morning, everyone. I'll begin my remarks by providing a brief overview of our results, spending a few minutes on our same-property performance and moving on to our capital markets transactions before closing my remarks with an update to our 2025 earnings guidance.

謝謝你，甘迺迪。各位早安。我將首先簡要概述我們的業績，花幾分鐘時間介紹我們的同店銷售業績，然後談談我們的資本市場交易，最後更新我們對 2025 年盈利的預期。

Overall, as Colin stated upfront, our third quarter results were outstanding. Second-generation cash leasing spreads were positive, same property year-over-year cash NOI increased, and leasing velocity was pretty strong.

總的來說，正如科林一開始所說，我們第三季的業績非常出色。第二代現金租賃利差為正，同物業較去年同期現金淨營業收入增加，租賃速度相當強勁。

Focusing on same-property performance for a moment, GAAP NOI grew 1.9% and cash NOI grew 0.3% during the third quarter compared to last year. These numbers were negatively impacted by the Bank of America departure at our 201 North Tryon property that Richard discussed earlier. Despite initiating a significant redevelopment plan at this property, we left it in our same property pool.

暫且聚焦於同店業績，第三季GAAP NOI年增1.9%，現金NOI年增0.3%。這些數據受到了美國銀行撤出我們位於北特賴恩街 201 號的物業的負面影響，理查德之前已經討論過此事。儘管我們已啟動了該物業的重大重建計劃，但我們仍將其保留在我們的物業池中。

I also 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. Property tax true ups as we get clarity through the tax assessment and appeal process can push the quarterly numbers around quite a bit. So it's always best to use longer time frames when looking at these numbers.

我還想藉此機會指出，我們季度同店支出數據有時會出現波動，這通常是由房產稅造成的。隨著稅務評估和申訴流程的推進，房產稅的調整可能會使季度數據出現相當大的波動。因此，在查看這些數字時，最好始終使用較長的時間範圍。

For example, same property tax expenses that ran through our P&L were up 21.9% in the fourth quarter of '24. They were down 12.1% in the first quarter of this year, down 22.4% in the second quarter, and up 14.7% this quarter. That's a lot of movement, compared to the prior year. However, if you take a step back and look at all of 2025, we currently forecast our net property tax expenses to be essentially flat compared to 2024.

例如，計入我們損益表的同類型房產稅支出在 2024 年第四季成長了 21.9%。今年第一季下降了 12.1%，第二季下降了 22.4%，本季上漲了 14.7%。與前一年相比，這是一個很大的變化。但是，如果放眼整個 2025 年，我們目前預測淨房產稅支出與 2024 年相比基本持平。

Moving on to our capital markets activity. Our Neuhoff joint venture, of which we own 50%, proactively approached our lender and amended its existing construction loan during the quarter. Our goal was to lower the SOFR spread and extend the maturity date, which we accomplished by paying down $39 million of the outstanding principal balance.

接下來談談我們的資本市場活動。我們擁有 50% 股份的 Neuhoff 合資企業在本季主動聯繫了我們的貸款方，並修改了其現有的建築貸款。我們的目標是降低 SOFR 利差並延長到期日，我們透過償還 3,900 萬美元的未償本金餘額來實現了這一目標。

In connection with this amendment, we also loaned our joint venture partner, $19.6 million at an interest rate of SOFR plus 625 basis points, which they used to fund their portion of the repayment. Although we didn't sell any common shares during the third quarter to date, we've sold 2.9 million shares through our ATM program on a forward basis at an average gross price of $30.44 per share. None of these shares have yet been settled.

為了配合此次修訂，我們也向我們的合資夥伴提供 1,960 萬美元的貸款，利率為 SOFR 加 625 個基點，他們用這筆貸款來支付其應承擔的還款部分。雖然截至目前，我們在第三季度沒有出售任何普通股，但我們透過 ATM 計劃以遠期方式出售了 290 萬股，平均毛價為每股 30.44 美元。這些股份尚未完成結算。

In addition, we paid off a $250 billion note upon maturity in early July, using proceeds from our most recent $500 million bond offering in June. We also used proceeds from this bond to partially fund our acquisition of The Link property in Dallas that Kennedy just discussed.

此外，我們在 7 月初償還了到期的 2500 億美元票據，資金來自我們最近一次在 6 月發行的 5 億美元債券。我們也利用這筆債券的收益部分資助了我們收購甘迺迪剛才提到的達拉斯 The Link 物業。

We continue to assess alternatives to fund the remainder of The Link acquisition and as I discussed in our last earnings call, settling some of the shares we have issued on a forward basis and/or selling some noncore assets are two of the alternatives available to us. With our sector-leading balance sheet, we're in a position to be patient on this front.

我們將繼續評估其他方案，為完成對 The Link 的收購提供資金。正如我在上次財報電話會議上所討論的，結算我們已按遠期方式發行的部分股票和/或出售一些非核心資產是我們可選擇的兩種方案。憑藉我們行業領先的資產負債表，我們有能力在這方面保持耐心。

With that, I'll close our prepared remarks by updating our '25 earnings guidance. We currently anticipate full year 2025 FFO between $2.82 and $2.86 per share with the midpoint of $2.84. This is up $0.02 from last quarter. The increase in FFO guidance is driven by higher parking income higher termination fees, lower SOFR, and interest income from the loan to our joint venture partner. Our guidance assumes no additional SOFR cuts for the remainder of '25

最後，我將更新我們對2025年獲利的預期，以結束我們事先準備好的發言。我們目前預計2025年全年FFO（營運資金）在每股2.82美元至2.86美元之間，中位數為2.84美元。這比上一季增長了0.02美元。FFO 預期成長主要得益於停車收入增加、終止費用增加、SOFR 降低以及來自合資夥伴貸款的利息收入。我們的預測假設2025年剩餘時間內不會進一步下調SOFR利率。

Bottom line, our third quarter results are excellent, and we're raising the midpoint of our full year earnings guidance yet again. The current midpoint is $0.06 per share above the midpoint we provided when initiating the guidance in February.

總而言之，我們第三季的業績非常出色，因此我們再次上調了全年獲利預期中位數。目前的股價中點比我們在 2 月首次發布股價指引時給出的股價中點高出每股 0.06 美元。

And although it's not in our guidance, as Colin said earlier, 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.

雖然這不在我們的指導方針中，但正如科林之前所說，我們預計未來有可能繼續向具有吸引力和增值潛力的投資機會投入更多資金。我們期待在接下來的幾個季度報告我們的進展。

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

這樣，我就把機器交還給操作員了。

(Operator Instructions) Blaine Heck, Wells Fargo.

（操作員說明）布萊恩·赫克，富國銀行。

Colin, I appreciate your commentary on AI and layoffs, very helpful. Just a follow-up, and I know it was a very recent announcement. But given that Amazon is your largest tenant, have you spoken to them about their space within your portfolio and whether the recent announcement might change their utilization at all?

科林，我很欣賞你對人工智慧和裁員的看法，非常有幫助。我只是想跟進一下，我知道這是最近才發布的公告。但鑑於亞馬遜是您最大的租戶，您是否與他們談過他們在您投資組合中的空間，以及最近的公告是否可能會改變他們的使用情況？

And more broadly, I think there's an idea being brought up in our conversations that the Sun Belt might be a bit more susceptible to AI and displacement given the amount of corporate back-office type jobs housed in those markets. So I'm wondering how you would respond to that and how you think your portfolio is insulated from that potential trend?

更廣泛地說，我認為我們的談話中提出了一種觀點，即鑑於陽光地帶市場聚集了大量的企業後台辦公崗位，這些地區可能更容易受到人工智慧和崗位流失的影響。所以我想知道您會如何應對這種情況，以及您認為您的投資組合如何免受這種潛在趨勢的影響？

Blaine, I appreciate the question. There's a lot in there. And I think in particular, there's a lot of misconceptions in air. And the first that I would highlight is kind of a narrative of kind of gateway markets are pushing that the Sun Belt is full of back-office jobs. And that is just far from the case.

布萊恩，感謝你的提問。裡面內容很多。而且我認為，尤其是在空氣方面，有許多誤解。首先我想強調的是，一些門戶市場正在宣傳這樣一種說法：陽光地帶去處都是後台工作。事實遠非如此。

And as we look around the Sun Belt, the migration of technology and financial services companies has been largely driven by moving out of high-tax and high regulation states into markets where there is highly educated workforce and exciting and dynamic markets.

當我們環顧陽光地帶時，會發現科技和金融服務公司的遷移主要是由於它們從高稅收、高監管的州遷往那些擁有高學歷勞動力和充滿活力和令人興奮的市場的地區。

So think Austin, think Atlanta, think Charlotte, think Nashville. And again, I could point to a lot of companies that have made those moves and intentionally made this decision to distribute their workforce more broadly around the country. So it's not the overly concentrated in markets like San Francisco or Seattle or New York, where there have been some significant challenges.

所以想想奧斯汀，想想亞特蘭大，想想夏洛特，想想納許維爾。我還可以指出許多公司都採取了這些措施，並有意做出這項決定，將員工更廣泛地分佈在全國各地。所以，它並不像舊金山、西雅圖或紐約等市場那樣過度集中，儘管這些市場面臨一些重大挑戰。

So I think Oracle moving their corporate headquarters to Nashville. Think of the large hubs of Amazon in Austin and Nashville, as well as DC. Think about Goldman Sachs establishing a new hub, building an 800,000 square foot campus in uptown dollars for 5,000 employees, many of whom will be front-of-house bankers. So I think that is very much a misconception.

所以我認為甲骨文公司會將公司總部遷往納許維爾。想想亞馬遜在奧斯汀、納許維爾以及華盛頓特區的龐大樞紐。再想想高盛建立一個新的樞紐，斥巨資在市中心建造一個佔地 80 萬平方英尺、可容納 5000 名員工的園區，其中許多員工將是前台銀行家。所以我認為這完全是一種誤解。

I think in particular, many of those companies are highly engaged in AI. And so while the start-up AI universe is largely located in San Francisco in time that AI demand will find itself distributed again throughout the country. and we are already seeing that today.

我認為尤其有很多公司都高度重視人工智慧。因此，儘管人工智慧新創目前主要集中在舊金山，但隨著時間的推移，人工智慧需求將再次分散到全國各地。而我們今天已經看到了這種趨勢。

Amazon, as I touched on in my prepared remarks, we have great conversations with Amazon all the time. Again, I think Andy Jassy dissuaded any fears that those risks were AI-related, it was more about rightsizing the headcount to become more efficient. But as I look at Amazon around the country. I think you're likely to see them be a net expender, not contractor. And so I want to make sure to highlight that, that certainly has been the trend with them as of late, and I don't see that changing.

正如我在準備好的發言稿中提到的，我們一直與亞馬遜保持良好的溝通。再次，我認為安迪·賈西打消了人們對這些風險與人工智慧相關的擔憂，更多的是為了調整人員規模以提高效率。但當我觀察全國各地的亞馬遜。我認為他們很可能成為淨支出方，而不是淨承包商。因此，我想強調的是，這確實是他們最近的趨勢，我認為這種情況不會改變。

And then just kind of stepping back with a few statistics, the -- with the enthusiasm around San Francisco and New York over the last 12 months, if you actually drill into the data and look at actual leasing activity in growth markets, which would include all of our markets relative to gateway markets, and this is JLL Research, the growth markets are in a 104% of the leasing levels over the last 12 months compared to 2019. And the gateway markets, which would include San Francisco, New York, Seattle, Boston, that's at about 65%. So that's just the last 12 months of despite the exuberance over certain markets, the Sun Belt and growth markets continue to outperform.

然後，讓我們用一些統計數據來回顧一下——過去 12 個月舊金山和紐約的熱情高漲，但如果你深入研究數據，看看增長型市場的實際租賃活動，包括我們所有相對於門戶市場的市場（這是 JLL 研究的數據），增長型市場在過去 12 個月的租賃水平比 2019 年達到了 104%。而門戶市場，包括舊金山、紐約、西雅圖、波士頓，佔比約 65%。所以，儘管某些市場一片繁榮，但在過去 12 個月裡，陽光地帶和成長型市場仍然表現優異。

Okay. Great. That's really helpful and all makes sense. Sense from my perspective. And then my second question is your expiration schedule, as you guys have mentioned, is relatively light in the next couple of years, which I think, should help with the occupancy build.

好的。偉大的。這真的很有幫助，而且一切都說得通。從我的角度來看。我的第二個問題是，正如你們所提到的，你們的到期計劃在未來幾年內相對較少，我認為這應該有助於提高入住率。

But I was hoping you could give some color on whether the expirations in the next couple of years are kind of proportional relative to your market exposure? Or if there are any specific markets that have a high concentration of expirations in '26 or '27.

但我希望您能詳細說明一下，未來幾年到期的債券是否與您的市場曝險成比例？或是否有某些特定市場在 2026 年或 2027 年有大量到期債券。

Yes. Blaine, this is Richard. So we've talked about in the past, really the only large expiration that we have through end of 2026 is Samsung and Houston at Briar Lake. There are 123,000 square feet. Nothing much has changed in terms of the status of that. A lot of that space has already been sublet.

是的。布萊恩，這位是理查德。所以我們過去也討論過，到 2026 年底之前，我們唯一一個大型到期專案是三星和休士頓在布里亞湖的專案。面積為123,000平方英尺。就目前情況而言，並沒有太大變化。很多空間已經被轉租出去了。

We're engaged with some of the subtenants on going direct or extensions when the subleases expire. We're actually talking with Samsung as well directly for some sort of a renewal. We'll see how that plays out, but it's going well so far, and we feel good about our ability to take care of the vast majority of that space.

我們正在與一些分租戶商討在分租合約到期後直接簽訂合約或續約合約的事宜。我們其實也直接與三星洽談續約事宜。我們拭目以待，看看結果如何，但目前為止進展順利，我們有信心能夠處理好這絕大部分空間。

And so really, there's just not a lot of lumpy big activity right ahead of us. Obviously, we all know that BofA is now in the numbers and behind us. So proportionately, feel good. I mean we obviously have a lot of wood to chop in Charlotte and feel very good about what we're doing with deploying capital to redevelop both 550 South and 201 North Tryon and -- we know that this play works in that when we've done these projects in the past, the most recent being Hayden Ferry, once we get these projects done and the redevelopment can be touched and felt by potential customers and existing customers that we've seen has been robust and very encouraging. So we also feel good about our position there.

所以說，眼前真的沒有什麼大的、大規模的活動。顯然，我們都知道美國銀行現在已經被淘汰了。所以，按比例來說，感覺良好。我的意思是，我們顯然在夏洛特有很多事情要做，我們對投入資金重建南 550 號和北 201 號特賴恩街感到非常滿意——我們知道這種策略是有效的，因為我們過去做過類似的項目，最近的是海登渡口項目，一旦這些項目完成，潛在客戶和現有客戶就能感受到重建帶來的變化，我們看到的反饋非常強勁，令人鼓舞。所以我們也對我們在那裡的地位感到滿意。

Blaine, it's Colin. I'd just add back to your question, I'd say the expirations are pretty evenly distributed throughout the portfolio. There's not kind of any one market that has significantly more than the others. I'd point out Austin probably has some of the, I'd say, the more modest expirations over the next couple of years, and that would be kind of the one market that would stick out for its modest expirations.

布萊恩，我是科林。我只想補充一點，關於你的問題，我認為這些到期日在整個投資組合中分佈得相當均勻。並沒有哪個市場的規模明顯大於其他市場。我想指出的是，奧斯汀未來幾年的到期日可能相對較少，因此奧斯汀市場將因其到期日較少而顯得格外突出。

Andrew Berger, Bank of America.

安德魯·伯傑，美國銀行。

Great. And thank you for the thorough opening remarks. Just wanted to circle back on the comments around the balance sheet and leverage. I appreciate the current leverage levels are a bit lower than maybe some of your peers. What's sort of the upper bound of how high you would potentially be willing to take leverage at this point?

偉大的。感謝您詳盡的開場白。我想就資產負債表和槓桿率相關的評論再補充一點。我知道目前的槓桿水平可能比一些同行要低一些。目前你願意使用的槓桿上限大概是多少？

Andrew, it's Gregg. So if you go back and look over the last 12 years, our leverages remain, give or take, right around 5x net debt to EBITDA. It's kind of varied between 4.5% and 5.5% generally over that period of time. when it's been at the top of that range, it's been associated with -- as Colin stated earlier, when we've gone into kind of offensive mode. So the two biggest pieces, the two biggest instances would be the mergers with both Tier Parkway over the last decade.

安德魯，我是格雷格。因此，回顧過去 12 年，我們的槓桿率基本上保持在淨債務與 EBITDA 比約 5 倍。在那段時間裡，這個數字通常在 4.5% 到 5.5% 之間波動。當它處於這個範圍的上限時，正如科林之前所說，這與我們進入進攻模式有關。因此，過去十年中最重要的兩件事，也是最重要的兩件事，就是與 Tier Parkway 的合併。

In both instances, we used the low levered balance sheet. I know it was an offensive weapon to pick those transactions without having to raise any incremental equity and then subsequently brought leverage back down to 5x. We think we're in another period like that right now, we'll be able to use it on an offensive basis.

在這兩種情況下，我們都使用了低槓桿資產負債表。我知道這是一種進攻性策略，可以在不增加任何股權的情況下選擇這些交易，然後隨後將槓桿率降至 5 倍。我們認為我們現在正處於類似的時期，我們可以將其用於進攻。

In terms of kind of what the cap is, we'll always maintain an industry-leading balance sheet. But we think we have a little bit of room here. Really, the only hard number that you have out there, is we do have an investment-grade rating for both Moody's and S&P.

至於上限是多少，我們將始終保持業界領先的資產負債表。但我們認為這裡還有一些空間。實際上，目前唯一確切的數據是，我們獲得了穆迪和標普的投資等級。

And if you look at their write-ups, they tell you that 6 and below is consistent with what our current rating would be. So from a rating agencies perspective, there's no problem going up to 6. We haven't gone up to 6 as a company and well over a decade. So that -- I'm not taking that off the table. But that would certainly be the absolute upper bound of the range of what we would do.

如果你看看他們的評價，你會發現他們說 6 分及以下與我們目前的評級一致。所以從評級機構的角度來看，升到 6 級沒有問題。我們公司十多年來都沒有達到 6 人。所以——我並沒有排除這種可能性。但這肯定是我們所能採取的行動範圍的絕對上限。

We've got some capacity here, though. I mean we're at 538 right now. That's a little higher than it's been recently because as I discussed in my opening remarks, we bought The Link, we haven't fully funded it yet. We've got lots of options to do that, whether it's asset sales or selling some of the shares that we've issued on a forward basis under the ATM. We've got some capacity to flex the balance sheet here and drive earnings and drive growth at what we think is a really opportune time to do it.

我們這裡還有一些產能。我的意思是，我們現在是 538。這比最近的水平略高一些，因為正如我在開場白中提到的，我們收購了 The Link，但我們還沒有完全為其籌集資金。我們有很多方法可以做到這一點，無論是出售資產，還是出售我們根據 ATM 遠期發行的一些股份。我們現在有能力靈活調整資產負債表，並在我們認為的絕佳時機推動獲利和成長。

Great. And as my follow-up, the parking income has been an area where you've frequently been able to beat over the last several quarters. Can you just talk about how much more upside there is from here, -- what are at a high level, I guess the physical utilization of your buildings and of the parking lots and then also the pricing relative to pre-COVID and also how you forecast this?

偉大的。另外，我想補充一點，在過去的幾個季度裡，停車收入一直是你們經常能夠超越的領域。能否談談未來還有多少上漲空間？ ——從宏觀層面來說，我想是指建築物和停車場的實際利用率，以及相對於新冠疫情前的價格，還有您對此的預測？

Sure. So -- if you go back at kind of pre-COVID times 2018, 2019, total parking revenues generally represented about 8% of our total revenues. Now, the portfolio has changed quite a bit since 2019. But using that as a kind of as a starting point, our current parking revenues as a percentage of total revenues are at just under 7%.

當然。所以——如果你回顧一下新冠疫情爆發前的 2018 年、2019 年，停車總收入通常占我們總收入的 8% 左右。現在，自 2019 年以來，投資組合已經發生了相當大的變化。但以此為起點，我們目前的停車收入佔總收入的比例略低於 7%。

So below where they were pre-COVID as a percentage of total revenues, by the way, they bottomed at around 5%. So they've come up significantly since kind of '21, which we presented at the bottom. But using that prior baseline of 8%, we still think we probably have a little bit of room to push.

因此，與新冠疫情前相比，它們佔總收入的比例已經下降，最低跌至 5% 左右。所以，自 2021 年左右以來，它們已經有了顯著的增長，我們在文末提到過這一點。但以之前的 8% 為基準，我們仍然認為我們可能還有一些提升空間。

In terms of what we've seen in that increases and we keep surprising ourselves every quarter, it's about 75% utilization and 25% price, right? You can drive revenues either by using it more or by increasing the price. It's been a 75% to 25% bounce as we move forward through this. So yes, we think there's still a little bit of room there.

就我們所看到的成長而言，我們每個季度都在不斷給自己帶來驚喜，大約是 75% 的利用率和 25% 的價格，對吧？你可以透過增加使用量或提高價格來增加收入。在此期間，價格經歷了從 75% 到 25% 的反彈。所以，是的，我們認為那裡還有一些發展空間。

We do a ground-up analysis of this every quarter as we reforecast, and we continue to surprise ourselves every quarter. It's a good surprise though because it really is an indication of better utilization of our decks which is exactly what we want to see. It plays into what Colin had talked about at the top of the call, which is the return to office continues and if anything, is accelerating.

我們每季都會對此進行徹底分析，並重新進行預測，而且每季我們都會不斷給自己帶來驚喜。這確實是一個令人驚訝的結果，因為它顯示我們的牌組得到​​了更好的利用，而這正是我們所希望看到的。這與科林在電話會議開始時所談到的內容不謀而合，那就是復工復產仍在繼續，而且速度還在加快。

And then finally, in terms of a breakdown of parking revenues, our parking revenues are about 75% contractual and about 25% transient are noncontractual. And that relationship, that 75-25 relationship, is that incredibly consistent over the years, it doesn't move much.

最後，就停車收入組成而言，我們的停車收入約 75% 為合約收入，約 25% 為非合約臨時收入。多年來，這種 75-25 的關係一直非常穩定，幾乎沒有變化。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

It sounds like you're still on track for your previous expectations for occupancy to trough a third quarter. and improve from here kind of be steady and then improve. How should we expect that to kind of flow through to the trajectory for same-store cash NOI growth going forward?

聽起來你們的入住率仍然有望達到先前的預期，在第三季度達到峰值，並在此基礎上穩步提升。我們該如何預期這會對未來同店現金淨營業收入成長軌跡產生影響？

I'll talk about just the trajectory and Colin can probably add a little granularity. But the increase in occupancy that we've referred to in this call, getting to 90% or better by year-end '26s highly likely to be back-end loaded not completely back-end levered, but more back-end loaded than front-end loaded. In terms of how that plays through to our same property performance.

我只談大致軌跡，Colin 或許可以補充一些細節。但我們在這次電話會議中提到的入住率成長，到 2026 年底達到 90% 或更高，很可能是後期成長而非完全由後期槓桿作用實現的，但後期成長的幅度大於前期成長的幅度。至於這會對我們同類型物業的業績產生怎樣的影響。

The one thing that we've got to deal with is this big Bank of America move out that we just had in July I mean as you do year-over-year comps, which is how we report these numbers, however -- reports these nurses, that's going to sit in the numbers as a prior year comp until we get to July of 2026.

我們必須處理的一件事是美國銀行在7月的大規模撤離。我的意思是，就像我們進行同比比較（這也是我們報告這些數據的方式），然而——報告這些護士的數據，將作為上一年的比較保留在數據中，直到2026年7月。

So you're going to see kind of lower numbers this next quarter, still positive, we think, but lower this next quarter and probably lower in the first half of next year. But once you get that out of the machine out of the system and you don't get the bad prior year comps you're going to see some significant acceleration in our same-property performance in the second half

所以你會看到下一季數字會略有下降，我們認為仍然會是正成長，但下一季會下降，明年上半年可能會更低。但是，一旦把這些因素從系統中剔除，並且不再受去年同期業績不佳的影響，我們就會看到下半年同店銷售業績出現顯著增長。

Great. That's helpful. And maybe sticking with Bank of America and the 201 North Tryon asset, it sounds like you're already making progress backfilling some of that space, I understand there's some redevelopment still going on. Maybe talk about the prospect of leasing up the rest of the space that has become available.

偉大的。那很有幫助。或許可以繼續與美國銀行和北特賴恩街 201 號的資產合作，聽起來你們已經在填補一些空間方面取得了進展，據我了解，還有一些重建工作正在進行中。或許可以討論一下出租剩餘空置空間的可能性。

This is Richard. Again, we feel really good. Again, we just started in the past quarter, the redevelopment of 201 North Tryon, but we're well underway. The market can see it. 550 South, I would notice it's further along, but the activity that we're seeing, I'd say, broadly in Charlotte is very encouraging. There are plenty of large users that are looking in uptown and south in whether kind of figuring out that there's really no space left in South into lease. And so they're all starting to concentrate almost exclusively on uptown and big blocks that are available.

這是理查德。我們感覺非常好。再說一遍，我們上個季度才開始對北特賴恩街 201 號進行重建，但目前進展順利。市場能夠看出這一點。550 South 的進展比較順利，但總的來說，我認為夏洛特的整體發展勢頭非常令人鼓舞。有許多大型用戶正在上城區和南部尋找合適的租賃空間，他們似乎意識到南部真的已經沒有空餘空間了。因此，他們幾乎都開始將注意力集中在上城區和可用的大片街區。

There's new to market activity, as Colin alluded to, that we're seeing that's extremely encouraging. So we feel good about our position relative to supply and demand in the market and think we're going to have success here in the next or so.

正如科林所提到的，我們看到了一些新的市場活動，這非常令人鼓舞。因此，我們對自身在市場供需關係中的地位感到滿意，並認為在接下來的幾年裡我們會取得成功。

Yes. And Brendan, it's Colin. I'd just add on. Consistent with my earlier comments about the reacceleration of Sun Belt migration, I think Charlotte, in particular, you're seeing quite a bit of activity at large New York City-based financial services firms looking to growth and establish large hubs in Charlotte. I can't speak to the specifics of what's driving that, but it's been a noticeable acceleration over the last three to six months.

是的。布倫丹，我是科林。我再補充一點。與我之前關於陽光地帶人口遷移再次加速的評論一致，我認為，尤其是在夏洛特，你會看到很多總部位於紐約市的大型金融服務公司正在尋求發展，並在夏洛特建立大型中心。我無法具體說明是什麼原因導致這種情況，但在過去三到六個月裡，這種趨勢明顯加速發展。

Nick Thillman, Baird.

Nick Thillman，Baird。

Maybe, Colin, you mentioned sort of the New York West Coast sort of migration into Sun Belt markets. As you look at the vacancy within the portfolio and these larger requirements, do you think you have the vacancy in the right spots and sell markets to kind of attract these tenants?

科林，你之前提到紐約西海岸向陽光地帶市場的人口遷移。考慮到投資組合中的空置情況以及這些更廣泛的需求，您認為您的空置房源是否位於合適的地點和銷售市場，能夠吸引這些租戶？

I guess how are you feeling about the pockets where you do have some vacancy on leasing that space up? Obviously, the new North Park AT&T stuff kind of pending here, but just some other stuff.

我想問您對目前還有一些空置空間的出租情況有何看法？顯然，北園 AT&T 的新項目還在籌備中，但還有其他一些事情。

Yes. No, we do feel like -- we said differently, where we do have large blocks of space. Again, you mentioned North Park, Canada, you mentioned Neuhoff the 201 North Tryon, Hayden Ferry. I mean we -- in each of those instances, we are seeing -- we are seeing some interest and larger users taking a look at that space. So that's very much encouraging.

是的。不，我們確實感覺到──我們換個說法，我們確實擁有大片的空間。你又提到了加拿大北帕克，你提到了諾伊霍夫 201 北特賴恩，海登渡口。我的意思是，在這些例子中，我們都看到一些大型用戶對這個領域表現出了興趣。這真是令人鼓舞。

The other thing I'd mention in certain areas of our footprint where we don't have space we're actually starting to have some very preliminary conversations with large users coming out of New York and the West Coast to have potential interest in building new buildings. And so that's been a very encouraging sign and we hope to address some of those needs.

另外，我想提一下，在我們業務涵蓋的某些地區，由於空間不足，我們實際上已經開始與來自紐約和西海岸的大型用戶進行一些初步的對話，這些用戶可能對建造新建築感興趣。所以這是一個非常令人鼓舞的跡象，我們希望能夠滿足其中的一些需求。

That's helpful. And then, Andy, you mentioned some potential dispositions with the capital markets improving. I know you're in the market with one asset in Tampa, but are those the type of assets we should be thinking about as disposition targets here near term?

那很有幫助。然後，安迪，你提到隨著資本市場的改善，可能會出現一些潛在的資產配置方案。我知道你們在坦帕有一項資產，但這類資產是我們近期應該考慮的處置目標嗎？

Yes. I mean, as we've said, we will only look to dispositions when we have exciting acquisition opportunities. So we are -- we're monitoring the market, monitoring our portfolio and assets where we think that match up well with the depth of the buyer pool today, we'll look to transact. So yes, I would say, generally smaller and maybe less tied in to the rest of our portfolio in specific markets.

是的。我的意思是，正如我們所說，我們只會在有令人興奮的收購機會時才會考慮資產處置。所以我們正在密切關注市場，關注我們的投資組合和資產，如果我們認為這些投資組合和資產與當前買家群體的深度相匹配，我們就會考慮進行交易。所以，是的，我會說，總體而言規模較小，而且在特定市場中可能與我們投資組合的其他部分聯繫較少。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Richard, I was just wondering if you could provide maybe a little more granularity on that pipeline. It sounds so impressive. Can you give us maybe a sense of number and kind of size? I guess I'm just thinking if finance are somewhat larger getting them into occupancy by end of the year becomes a little bit more of a challenge if they're smaller in that 25,000, 50,000, 75,000 foot -- can get in quickly. So I'm just trying to get a sense of number and ultimate size of that pipeline.

理查德，我只是想問你是否能更詳細地說明一下那個流程。聽起來真棒。您能大概說說數量和規模嗎？我只是在想，如果金融項目規模較大，那麼在年底前實現入住就更具挑戰性；而如果項目規模較小，例如 25,000、50,000、75,000 平方英尺，則可以很快入住。所以我只是想了解這條管道的數量和最終規模。

Sure. The pipeline overall is definitely partly being driven by larger activity. And again, new to market activity that we're seeing. But to your point, the larger users tend to be slower moving just by the sheer nature of the size and the lift of getting that much space built out an occupied.

當然。整體而言，管道建設無疑在一定程度上受到更大範圍活動的推動。再次強調，我們看到了一些新的市場活動。但正如你所說，大型用戶往往行動較慢，這僅僅是因為規模龐大，而且要建成並投入使用如此大的空間需要付出巨大的努力。

I think right now, we have roughly 100 total prospects within the pipeline overall. But we've actually had some interesting increases just in the last couple of months, I alluded to one in Phoenix where we had a 50,000 square foot new customer that we signed a lease with a very fast-moving lease negotiation, and they're going to occupy the space that they leased literally within 60 days. So that's unusual, but there are little pockets of activity where we're seeing actually a little faster occupancy.

我認為目前我們總共有大約 100 個潛在客戶。但實際上，在過去的幾個月裡，我們確實取得了一些有趣的成長。我之前提到過鳳凰城的一個案例，我們與一位新客戶簽訂了一份面積為 50,000 平方英尺的租賃合同，租賃談判進展非常迅速，他們將在 60 天內入住他們租賃的空間。所以這種情況很不尋常，但在某些小區域，我們看到入住率實際上成長得更快一些。

And for a 50,000 square foot customer to do that, that's pretty impressive. So again, it takes time for the bigger users to filter through the system. End of the day, we welcome large user activity. I think it's wonderful to have that engine beginning to fire again on all cylinders and are happy to waive those into our portfolio if we have the opportunity.

對於一個佔地 5 萬平方英尺的客戶來說，這確實令人印象深刻。所以，大用戶需要時間篩選系統。最終，我們歡迎大量的用戶活躍度。我認為看到這台引擎重新運轉真是太好了，如果有機會，我們很樂意將它們納入我們的投資組合。

And Steve, it's Colin. And you're right, again, larger users take larger or longer periods of time to lease up and timing of commencements and build-outs are always -- that's a big variable and ultimately being able to meet our goals.

史蒂夫，我是科林。你說得對，大用戶需要更長的時間才能完成租賃，而且開工和建造的時間總是——這是一個很大的變數，最終會影響我們能否實現目標。

But I would, I guess, characterize that 90% plus goal at year-end 2026 is largely being driven by the leases that we have already signed and not yet commenced or perhaps leases that we think we're going to do over the fourth quarter. But again, those won't have that large of an impact. And so the timing of the commencement in that pipeline, all of those dates are factored into our projections, and we're optimistic about achieving our goal.

但我認為，到 2026 年底實現 90% 以上的目標，主要得益於我們已經簽署但尚未生效的租賃協議，或者我們認為將在第四季度完成的租賃協議。但話說回來，這些都不會產生太大的影響。因此，該管道的啟動時間，所有這些日期都已納入我們的預測，我們對實現目標持樂觀態度。

Great. That's good color. And then I don't know if Kennedy or Richard, maybe just on the Neuhoff project. Obviously, that's been a little bit slower to lease. But I guess I'm just curious with Oracle making a bigger push. One, have they kind of looked at the project as maybe temporary space for the employees that are coming into the market? And if not, are there maybe companies that are feeding off of Oracle's move into the market and trying to be adjacent to their new campus. Is that a source of demand that's looking at the project?

偉大的。顏色真好看。然後我不知道甘迺迪還是理查德，也許只是參與了諾伊霍夫計畫。顯然，租賃速度稍微慢一些。但我只是好奇Oracle為何加大了投入。第一，他們是否將該專案視為進入市場的員工的臨時辦公場所？如果沒有，是否有一些公司正試圖利用 Oracle 進軍市場的契機，並努力在其新園區附近落腳？是否有潛在需求方正在關注該專案？

Yes. I think certainly, the Oracle being across the river and just their plans in a variety of industries and for the campus and growth is all great for the follow-on demand. So we are starting to see some of that and are excited about the larger users that are showing up again just recently here.

是的。我認為，甲骨文公司就在河對岸，而且他們在各個行業都有發展計劃，包括園區建設和業務成長，這些都對後續需求大有裨益。所以我們已經開始看到一些這樣的變化，並且對最近再次出現的大用戶感到興奮。

And Steve, to kind of directly answer your question, all of those are possibilities. And again, I think Oracle, a company of that size is obviously heavily involved. Again, in AI not just in San Francisco but here in Nashville, in the derivatives off of that and companies that work with Oracle, it's going to be fantastic for Neuhoff. And we've certainly seen an acceleration of interest in our space. since Oracle has made in their grand reveal recently of their project in a specific time line. But it's all very positive.

史蒂夫，直接回答你的問題，這些都是可能性。而且我認為，像甲骨文這樣規模的公司顯然深度參與其中。再說一遍，在人工智慧領域，不僅在舊金山，而且在納許維爾，以及由此衍生出的其他領域，還有與 Oracle 合作的公司，這對 Neuhoff 來說都將是件好事。自從甲骨文公司最近隆重公佈其專案的具體時間表以來，我們確實看到了人們對我們這個領域的興趣加速成長。但一切都非常積極。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Richard, I appreciate the details on the leasing pipeline. Given the stronger pipeline, are you seeing any shift in lease economics as it related to rents or concessions or TIs in there?

理查德，感謝你提供的租賃流程詳情。鑑於專案儲備更加充足，您是否看到租賃經濟方面（例如租金、優惠或裝修補貼）有任何變化？

No, not at this point. I think it's actually been relatively stable. I mean our concession seemed down a little bit this quarter. I'm really pleased with the fact that our net effective rents to are hanging in there and very -- I think we're right on top of the second quarter for net effective rents. So if anything, a day, we're feeling while TIs continue to be large, we're feeling like we're able to hold the line on rate and get net effective rents and produce stability there, yes.

不，目前還不行。我認為它實際上一直比較穩定。我的意思是，我們這季度的讓步似乎有所減少。我很高興我們的淨有效租金保持穩定，而且——我認為我們第二季的淨有效租金已經非常接近預期了。所以，如果有什麼變化的話，那就是我們感覺，儘管TI（租戶資訊）仍然很大，但我們感覺我們能夠控制租金，獲得淨有效租金，並在那裡產生穩定，是的。

It's Colin. I would just add. We do think we're relatively close to an inflection point where it is likely to become a landlord's market. With no new construction having started really over the last couple of years and not expected to have any meaningful uptick there and now demand accelerating a shortage of what I would characterize as lifestyle office in some of our markets is absolutely coming and in some cases, almost here.

是科林。我還要補充一點。我們認為我們距離市場即將轉捩點已經比較近了，市場很可能會轉變為房東市場。過去幾年幾乎沒有新的建築項目開工，預計未來也不會有任何實質性的增長，而現在需求卻在加速增長，因此，在我們一些市場中，我所說的“生活方式辦公室”的短缺絕對將會出現，在某些情況下，這種情況幾乎已經發生了。

And if you talk to the major tenant reps across our markets, whether it's in Atlanta or Austin or Charlotte, those large tenant reps are looking out to their '27, '28, '29 expirations and starting to have some real concern that they won't have the options to accommodate growth for their customers. And so hopefully, that ultimately translate into us driving net effective rents, whether it's face rents or ultimately bringing concessions down.

如果你和我們各個市場的主要租戶代表交談，無論是在亞特蘭大、奧斯汀還是夏洛特，這些大型租戶代表都在關注他們的 2027 年、2028 年、2029 年到期的租約，並開始真正擔心他們將沒有足夠的選擇來滿足客戶的成長需求。因此，我們希望這最終能夠轉化為推動淨有效租金的成長，無論是提高面額租金還是最終降低租金優惠。

Okay. Great. That was helpful. And then with the Ovintiv termination, could you provide any lease economics or rent changes that you may have had with the new subtenants relative to what Ovintiv was paying? If there were none, where is market rent today relative to what Ovintiv was historically paying?

好的。偉大的。那很有幫助。那麼，關於與 Ovintiv 的終止合作，您能否提供一些關於新轉租戶的租賃經濟效益或租金變化方面的信息，以便我們了解與 Ovintiv 之前支付的租金相比，有哪些變化？如果沒有租金，那麼目前的市場租金與 Ovintiv 歷史支付的租金相比如何？

Sure. So there are some changes that will happen as Ovintiv rolls out of the stack in mid-'26. It's not material, it won't move the needle from an NOI perspective. And we're definitely going to be able to push and roll up rents to the extent we backfill or renew any of that space. We're in the market, if you will, with kind of mid-40s net right now for the building, which is meaningfully higher than where employee rents are.

當然。因此，隨著 Ovintiv 在 2026 年中期退出堆棧，將會發生一些變化。這無關緊要，從營業收入的角度來看，不會有任何影響。我們肯定能夠提高租金，只要我們能夠填補或續租任何空置空間。我們現在以大約 40 多美元的淨收益收購這棟大樓，這比員工租金高得多。

Ray Zhong, JPMorgan.

Ray Zhong，摩根大通。

Thanks for the color on looking out in -- on the occupancy guidance. Just curious, it sounds like 201 North Tryon is part of that 90% occupancy comment as well. Just want to confirm that. That's number one. And number two is, can you remind us the redevelopment timing? And how much you're going to spend there -- and when can we expect the best filing to take place in terms of commencing.

感謝您提供的有關入住率指導方面的資訊。只是好奇問問，聽起來 201 North Tryon 也包含在入住率達到 90% 的說法中。我只是想確認一下。這是第一點。第二，您能提醒我們重建的時間安排嗎？以及您打算在那裡花多少錢——以及我們何時才能看到最佳的備案時機。

Ray, just to clarify your question, you -- as it relates to 201 North Tryon, your question is, will it be 90%? Or is it in the 90% guidance. Is that your question?

Ray，為了澄清你的問題，你——就北特賴恩街 201 號而言——你的問題是，它會是 90% 嗎？還是它在90%的指導方針中？這就是你的問題嗎？

Yes, the second one. Yes, you mentioned the 90% comment towards year-end '26. Curious if that includes 201 North Tryon in the occupancy pool? And I'm guessing is yes, but I just want to confirm.

是的，第二個。是的，你提到了 2026 年底時 90% 的評論。想知道入住率是否包含北特賴恩街201號？我猜是的，但我還是想確認一下。

It absolutely does. And again, as we've just gotten that space back and we're that are under construction on our redevelopment, that forecast does not include a significant amount of commencements new leasing at 201 North Tryon by year-end 2026. We certainly hope to outperform that, but I'd say largely the re-leasing and the commencement of those leases at 201 North Tryon more geared towards 2027.

確實如此。再次強調，由於我們剛剛收回了那塊空間，並且我們的重建工作正在進行中，因此該預測不包括到 2026 年底 201 North Tryon 的大量新租賃開工。我們當然希望能夠超越這個目標，但我認為，201 North Tryon 的重新租賃和租賃開始時間主要還是要等到 2027 年。

Got it. Yes, that's what I was trying to get to. And the second part of that question would be, can you remind us the spending amount on there. And I think you guys also mentioned it's not going to be capitalized like on the go and dark space, right?

知道了。是的，這正是我想要表達的意思。問題的第二部分是，您能提醒我們那裡的消費金額嗎？而且我覺得你們也提到過，它不會像 on the go 和 dark space 那樣大寫，對吧？

I'll tackle the gap of it and then Colin to put the total number in there. Yes, since we're not taking this out of the portfolio, we were not capitalizing interest against the basis of the existing building. We just capital interest on the new spend. So not a big movement there in terms of capitalized interest. And then in terms of total spending.

我會先處理其中的空白部分，然後由科林把總數填進去。是的，因為我們沒有將其從投資組合中移除，所以我們沒有將利息資本化到現有建築物的本金上。我們只需為新增支出計息即可。所以就資本利息而言，並沒有太大的變動。然後是總支出方面。

It's approximately $40 million with an anticipated completion in the first quarter of 2027. It's very much consistent with the spending and the type of redevelopment we did at the Prama tower from a central building here in Atlanta or the Hayden Ferry project out in Phoenix that have all been really well received. And so I'd say it's a very similar project, slightly higher nominal dollars because it's just a larger tower.

該項目耗資約 4,000 萬美元，預計將於 2027 年第一季完工。這與我們之前在亞特蘭大 Prama 大廈（一座中心建築）或鳳凰城 Hayden Ferry 項目（這些項目都廣受好評）的支出和重建類型非常一致。所以我覺得這是一個非常相似的項目，只是名義金額略高一些，因為它是一座更大的塔樓。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

This quarter other than the new half loan, you've been making investment either on the assets or debt med side. I was wondering if you could talk about cap rate or yield compression you've seen just given the increased competition.

本季除了新增的半額貸款外，您還在資產或債務方面進行了投資。我想請您談談在競爭加劇的情況下，您觀察到的資本化率或收益率壓縮問題。

And if I could focus on Dallas, there was recently a hardware portfolio sale, which included Canaccord, recently traded. I was wondering if you could discuss how close you were to acquiring that portfolio? And any commentary you have on pricing?

如果我能把注意力集中在達拉斯，那麼最近有一筆硬體資產組合出售，其中包括最近交易的 Canaccord。我想請問您能否談談您距離收購該投資組合還有多遠？您對定價有什麼看法？

John, on hardware -- [6.7%] on it. We appreciate it -- I'll go back to the beginning in terms of cap rates. As Kennedy alluded to, you're certainly seeing more investors focus and become interested in office and debt certainly readily available. So I would say cap rates, we think, are likely compressed -- we haven't seen a lot of that compression just yet, but as more equity investors got to make the decision to pull the trigger in office, we think that that will that is likely to come specifically wood.

John，硬體方面—[6.7%]。非常感謝——我會從資本化率的角度重新討論。正如甘迺迪所暗示的那樣，你肯定會看到越來越多的投資者關注並對現成的辦公大樓和債務感興趣。所以我認為資本化率可能會受到壓縮——我們還沒有看到很多壓縮，但隨著更多股權投資者決定在任期內出手，我們認為這種情況可能會特別明顯地出現。

Obviously, we had some involvement in the -- asset, and they now have subsequently brought the entirety of the portfolio. out to the market. I think you've seen some recent announcements as to how that is playing out. Certainly, something that we looked at, and we're obviously strategically very focused on growing our presence in Dallas. But I think ultimately, we've made a decision to focus our efforts elsewhere.

顯然，我們曾參與過該資產的投資組合，而他們現在已經將整個投資組合推向市場。我想你已經看到了最近一些關於此事進展的公告。當然，這是我們考慮過的事情，而且我們顯然在戰略上非常重視擴大我們在達拉斯的影響力。但我認為最終，我們已經決定將精力集中在其他方面。

Okay. And then on the leasing success that you had at Hayden Ferry 1, can you just provide some commentary on either the tenant or industry that signed there? You can give on redevelopment yields or return on invested capital on the redevelopments? And maybe for Gregg, can you remind us when you plan to place that asset back into the same-store pool?

好的。關於您在 Hayden Ferry 1 的租賃成功，您能否對簽約的租戶或行業做一些評論？您可以按重建收益或重建投資資本回報率來分配嗎？格雷格，您能否提醒我們一下，您計劃何時將該資產重新投入同店資產池？

Sure. I'll start. The leasing has been pretty broad-based, the 50,000-ish square foot customer that we signed subsequent to quarter end was a regional engineering firm that actually has a very nice high-growth data center component to their business. We have previously signed a regional headquarters lease with a financial -- regional bank financial services company.

當然。我先來。租賃業務範圍相當廣泛，我們在季度末之後簽約的 5 萬平方英尺左右的客戶是一家區域性工程公司，該公司在其業務中確實擁有一個非常好的高速增長的數據中心業務。我們之前曾與一家金融機構（一家區域性銀行金融服務公司）簽訂區域總部租賃協議。

The company that is in lease negotiations right now is a corporate headquarters. It's not new to market. And I'd characterize it as a health care/consumer goods-focused company. So it's very diverse. Actually, the new tenants that we're bringing into the project. And again, we've been very pleased with the profile of all of these customers, their headquarters, their high-end uses, not back office. So very excited about the new tenancy Hayden Ferry 1 and elsewhere in the project.

目前正在進行租賃談判的公司是一家企業總部。它並非市場上的新產品。我會將其定義為專注於醫療保健/消費品的公司。所以它非常多樣化。實際上，是我們正在引入到這個項目中的新租戶。再次強調，我們對所有這些客戶的情況都非常滿意，他們的總部、他們的高端用途，而不是後台辦公室用途。非常興奮能入駐 Hayden Ferry 1 號以及該計畫的其他部分。

And then in terms of when we bring it back in our same-property pool, likely Jan 1, '28. We only changed our same-property pool one time a year, January 1 of each year. And so in Jan 1, '27, which would be the next logical time to do it, we won't have a good year-over-year comp because it's not going to stabilize to later in '26. So to be Jan 1, '28.

至於何時將其重新納入我們的同物業池，可能是 2028 年 1 月 1 日。我們每年只更換一次同一物業的泳池，即每年的1月1日。因此，在 2027 年 1 月 1 日（下一個合乎邏輯的比較時間），我們將無法進行良好的同比比較，因為到 2026 年下半年情況不會穩定下來。所以日期是 1928 年 1 月 1 日。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

I guess maybe following up on one of John's questions. Given that bidding tents are growing, and I think in the past, you guys have focused most of your acquisition efforts towards what you could describe as sort of mispriced core assets. given it seems like cap rates are compressing in the subset of investment opportunities, is it your expectation that most of what you guys are going to be looking at going forward will sort of be more closer to the risk profile, say, Precenium versus bell tower Vantage in the leak?

我想這可能是為了回應約翰提出的某個問題。鑑於競標帳篷越來越多，而且我認為你們過去的大部分收購精力都集中在一些你們可以稱之為定價過高的核心資產上。考慮到目前投資機會的資本化率似乎正在下降，你們是否預期未來關注的大部分投資項目會更接近風險狀況，例如像洩漏資訊中提到的Precenium和Bell Tower Vantage？

No, it's Colin. I think, as I said, we expect them to likely to press, but we still have not seen that compression yet. And so I do think that there is more opportunity consistent with what we have been doing. And certainly, those type of assets fit our quality profile. We're not opposed to looking at high-quality assets that have vacancy and taking lease-up risk.

不，是科林。正如我所說，我們預計他們可能會施壓，但我們還沒有看到這種壓迫。所以我認為，在我們一直在做的事情的基礎上，還有更多的機會。當然，這類資產符合我們的品質標準。我們並不反對尋找存在空置的高品質資產並承擔租賃風險。

But I would just kind of point out that in our Sun Belt and urban markets where Cousins operates, just given how robust the leasing has been, there are not that many high-quality buildings that have significant vacancy. And so those like Prosenium can arise from time to time, and we would absolutely look to capitalize on those opportunities.

但我想指出的是，在 Cousins 運營的陽光地帶和城市市場，鑑於租賃情況非常強勁，並沒有那麼多高品質的建築物出現大量空置。因此，像 Prosenium 這樣的公司會不時出現，我們一定會努力抓住這些機會。

But I do think there's more of the recently developed, stabilized, immediately accretive to earnings type opportunities that we're pursuing. And then lastly, as I mentioned before, we are starting to see some large users who are migrating from the West Coast in New York City, very much open to got a new development with deliveries out, call it, in 2029. And so we are also spending time on those type of situations as well that I think would come with a significant amount of pre-leasing and very, very attractive return on cost.

但我認為，我們正在追求的是更多近期開發、穩定且能立即提升獲利能力的投資機會。最後，正如我之前提到的，我們開始看到一些大型用戶從西海岸的紐約市遷移過來，他們非常樂意在 2029 年推出新的產品並交付。因此，我們也在花時間研究這類情況，我認為這類情況會帶來大量的預租，而成本回報將非常非常可觀。

That's helpful. I appreciate that color. And then I guess just one more. You mentioned RTO was outweighing sort of the weak job growth prospects. But at a certain point in time, this tailwind naturally wear off and the important driver of office demand will once again be job growth. So just curious any thoughts on sort of how long or how much use is left related specifically to some of this RTO demand that we're seeing.

那很有幫助。我喜歡這個顏色。然後我想就再來一個吧。你提到RTO（重新分配營運）在某種程度上抵消了疲軟的就業成長前景。但到了某個時候，這種順風自然會減弱，辦公需求的重要驅動力將再次是就業成長。所以，我只是好奇大家對於我們目前看到的這種RTO需求，還剩下多少使用時間或多少使用量有什麼看法。

Yes, I think there's still some runway there, again, highlighting Amazon who grew their headcount over the last five years by 750,000 people and had not signed a significant amount of leasing along the way. And that's representative of what we're seeing from a lot of different companies. So I do think that there's some runway there -- at some point, as you indicated, that will run off.

是的，我認為這方面還有一些發展空間，再次強調亞馬遜，該公司在過去五年中員工人數增加了 75 萬人，但在此過程中並沒有簽署大量的租賃協議。這種情況在許多不同的公司中都很常見。所以我認為那裡還有一些緩衝空間——正如你所指出的，在某個時候，它會耗盡。

But nothing else is static either, and we would anticipate over time while, we're in a bit of a softer -- out at some point, hopefully, the economy begins to grow and job reductions become job growth once again. And so again, that has us very bullish on what's in front of us.

但其他一切都不是一成不變的，我們預計，雖然目前經濟形勢較為疲軟，但隨著時間的推移，希望經濟終有一天會開始增長，就業崗位減少的情況也會再次轉變為就業崗位增加的情況。所以，這讓我們對未來的前景非常樂觀。

I think it's important to continue to highlight the lack of new supply that gives us really positive runway over the next four to five years. And the economy will take -- but without new supply, the market will tighten, and I think it's a good time to be an owner of existing lifestyle office buildings in the Sun Belt.

我認為，繼續強調新供應不足這一點非常重要，這將為我們未來四到五年帶來非常積極的發展前景。經濟將會復甦——但如果沒有新的供應，市場將會趨緊，我認為現在是陽光地帶現有生活方式辦公大樓業主的好時機。

And that ends our question-and-answer session. I will now hand the call back to Mr. Colin Connolly for any closing remarks.

我們的問答環節到此結束。現在我將把電話交還給科林·康諾利先生，請他作總結發言。

We appreciate your time and interest in Cousins Properties. I want to wish everybody a happy Halloween. If you have any follow-up questions, please feel free to reach out to Gregg Adzema or Ronnie Embo and we hope to see many of you at the NAREIT Conference in Dallas in December. Have a good weekend.

感謝您抽空關注 Cousins Properties。祝大家萬聖節快樂！如果您有任何後續問題，請隨時聯繫 Gregg Adzema 或 Ronnie Embo，我們希望在 12 月於達拉斯舉行的 NAREIT 大會上見到你們中的許多人。有一個美好的周末。

And this concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。