Cousins Properties Inc (CUZ) 2026 Q1 法說會逐字稿

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

各位女士、先生，早安，歡迎參加 Cousins Properties 第一季電話會議。

(Operator Instructions)

(接線員指示)

This call is being recorded on Thursday, April 30, 2026. I would now like to turn the conference over to Pamela Roper, General Counsel. Please go ahead.

本次電話會議於 2026 年 4 月 30 日（星期四）錄音。現在我想將會議交給總法律顧問 Pamela Roper。請開始。

Thank you. Good morning, and welcome to Cousins Properties 1st 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. The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K.

謝謝。各位早安，歡迎參加 Cousins Properties 第一季財報電話會議。今天與我一同出席的有：總裁兼執行長 Colin Connolly、營運執行副總裁 Richard Hickson、投資執行副總裁兼投資長 Kennedy Hicks，以及財務執行副總裁兼財務長 Gregg Adzema。新聞稿與補充資料包已於昨天下午發布，並以 Form 8-K 形式提交。

In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Regulation 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.

在補充資料包中，公司已依據 Regulation G 的要求，將所有非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節。若您尚未收到副本，這些文件可透過我們網站 cousins.com 投資人關係頁面上的季度揭露與 SEC 補充資訊連結取得。

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, 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，今日討論的某些事項可能構成聯邦證券法所定義的前瞻性陳述；由於各種風險、不確定性及其他因素，實際結果可能與這些陳述存在重大差異，其中包括我們 Form 10-K 年報及其他 SEC 申報文件中所列的風險因素。

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.

公司不承擔更新任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。關於前瞻性陳述的完整聲明已載於昨日發布的補充資料包中，而潛在風險的詳細討論則包含於我們向 SEC 提交的申報文件內。

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

接下來，我將把電話會議交給 Colin Connolly。

Thank you, Pam, and good morning, everyone. We had an excellent start to 2026 at Cousins.

謝謝你，Pam，各位早安。Cousins 在 2026 年有一個非常出色的開局。

On the earnings front, the team delivered $0.73 a share in FFO during the quarter, which was $0.02 a share above consensus. In addition, we increased the midpoint of our FFO guidance by $0.02 a share to $2.94 a share for the full year in 2026, which represents 3.5% growth over 2025. This would be our third consecutive year of FFO growth and represents a 3.9% compounded annual growth rate since 2023.

在獲利方面，團隊本季每股 FFO 達 0.73 美元，較市場共識高出每股 0.02 美元。此外，我們將 2026 全年每股 FFO 指引中位數上調每股 0.02 美元至每股 2.94 美元，較 2025 年成長 3.5%。這將是我們連續第三年 FFO 成長，且自 2023 年以來的年複合成長率為 3.9%。

Cousins’ earnings growth during this three-year timeframe is unmatched among traditional office REITs. Leasing remained robust. We completed 932,000 square feet of leases during the quarter, which is one of the highest quarterly volumes in the history of the company.

在這三年的期間內，Cousins 的獲利成長在傳統辦公室 REIT 中無人能及。租賃表現依然強勁。本季我們完成 932,000 平方英尺的租賃，為公司史上單季最高水準之一。

Our cash rent roll-up on second-generation leasing was 15.2%, which marks 48 consecutive quarters of positive rent roll-ups. Significant leasing wins included a large renewal with our largest customer at The Domain in Austin and new leases with Oracle at Neuhoff in Nashville and KPMG at Proscenium in Midtown Atlanta. These results underscore the strength of our portfolio and depth of customer demand for high-quality lifestyle office space. I’ll start with a few broader observations on the trends driving the office market. First, most major companies are phasing out remote work.

我們在第二代租賃的現金租金調升幅度為 15.2%，這也標誌著連續 48 個季度租金調升為正。重要的租賃成果包括：奧斯汀 The Domain 與我們最大客戶的大型續租案；以及納許維爾 Neuhoff 的 Oracle 新租約、亞特蘭大中城 Proscenium 的 KPMG 新租約。這些成果凸顯我們投資組合的實力，以及客戶對高品質、生活型態辦公空間的深厚需求。我先就推動辦公市場的趨勢提出幾點較宏觀的觀察。第一，多數大型企業正逐步取消遠端工作。

Yesterday, Fidelity became the latest to announce a 5-day-a-week office mandate. At Cousins, we call it the return to normal, it is boosting demand across all of our markets. Second, the flight to quality is unrelenting. Customers are prioritizing high quality, well-amenitized, and well-located buildings to promote engagement and collaboration.

昨天，Fidelity 成為最新一家宣布每週 5 天到辦公室上班規定的公司。在 Cousins，我們稱之為回歸常態，這正推升我們所有市場的需求。第二，向高品質資產移動（flight to quality）的趨勢持續不減。客戶正優先選擇高品質、配套完善且地點優越的建築，以促進投入度與協作。

According to JLL, nearly all of the positive net absorption in the office sector since the onset of COVID has occurred in buildings that delivered from 2010 to present. Third, the Sun Belt migration has re-accelerated. We have seen a significant uptick in relocation activities as proposals to meaningfully increase personal and business taxes in New York, California, and Washington have advanced. Starbucks recently announced a major East Coast headquarters in Nashville.

根據 JLL，自 COVID 爆發以來，辦公室產業幾乎所有的正向淨吸納量都發生在 2010 年至今交付的建築中。第三，向陽光帶（Sun Belt）遷移的趨勢再度加速。隨著紐約、加州與華盛頓州大幅提高個人與企業稅負的提案推進，我們看到企業搬遷活動明顯升溫。Starbucks 最近宣布在納許維爾設立重要的東岸總部。

Apollo is looking for a second headquarters in Texas or Florida. Capital Group announced a major hub in Charlotte. Each of these companies specifically state access to the growing talent pools in these markets as a major reason for their decisions. These are not back of house or support jobs that they are creating. We believe that we are still in the early innings of this migration trend and expect these announcements to continue.

Apollo 正在德州或佛州尋找第二總部。Capital Group 宣布在夏洛特設立重要據點。這些公司都明確表示，能夠接觸到這些市場日益成長的人才庫，是其決策的重要原因。他們所創造的並非後勤或支援性職位。我們認為這波遷移趨勢仍處於早期階段，並預期此類宣布將持續出現。

Lastly, record high office conversions combined with record low new development starts are leading to shrinking inventory of office properties. Given the three to four-year lead time to deliver a new project, this is unlikely to change until 2030 at the earliest. Simply stated, demand is increasing while supply is decreasing. The net result is an emerging shortage of premier lifestyle office space in the best submarkets of the Sun Belt, and one that will become increasingly acute over the next several years and favor landlords.

最後，辦公室改建（conversion）創新高，加上新開發案動工量創新低，正導致辦公物業存量縮減。鑑於新專案交付通常需要三到四年的前置期，最早也不太可能在 2030 年之前改變。簡而言之，需求正在增加，而供給正在減少。其結果是：在陽光帶最佳次市場中，頂級生活型態辦公空間正出現新興短缺，且未來幾年將愈發嚴峻，並有利於房東。

Cousins is uniquely positioned to benefit from these trends. Before moving on, I want to briefly address a topic that has received a lot of attention recently, and that’s artificial intelligence. While AI is shaping how companies operate internally, we are not seeing evidence that it is reducing long-term demand for high-quality office space.

Cousins 具備獨特優勢，可從這些趨勢中受益。在繼續之前，我想簡要談談近期備受關注的一個主題：人工智慧。雖然 AI 正在改變企業內部的運作方式，但我們尚未看到其會降低對高品質辦公空間的長期需求之證據。

In fact, many of the companies most actively deploying AI are also prioritizing collaboration, talent density, and physical presence, which aligns well with our lifestyle office portfolio in the Sun Belt. Ultimately, space decisions are still being driven by people, culture, and access to talent. In that respect, these trends we’re seeing in our leasing activity remain very encouraging.

事實上，許多最積極導入 AI 的公司，也同樣重視協作、人才密度與實體到場，這與我們在陽光帶的生活型態辦公投資組合高度契合。歸根結底，空間決策仍由人、企業文化與人才取得所驅動。就此而言，我們在租賃活動中看到的這些趨勢仍令人非常鼓舞。

Turning to our strategy, as we outlined in prior earnings calls, our focus remains unchanged. We are sharply focused on driving sustainable earnings growth while maintaining our best-in-class balance sheet and continuing to enhance the quality of our Sun Belt lifestyle office portfolio. Our team’s ability to drive both internal and external growth is key to this effort. During the quarter, we advanced that strategy. First, we increased occupancy to 88.9% across the portfolio as a result of robust leasing activity.

談到我們的策略，如同我們在先前的財報電話會議中所述，我們的重點維持不變。我們高度聚焦於推動可持續的獲利成長，同時維持同業最佳的資產負債表，並持續提升我們陽光帶生活型態辦公投資組合的品質。團隊推動內生成長與外生成長的能力，是這項工作的關鍵。本季我們推進了該策略。第一，受惠於強勁的租賃活動，我們將整體投資組合的出租率提升至 88.9%。

Second, we closed on the acquisition of 300 South Tryon, a 638,000 square feet trophy office asset in Uptown Charlotte for approximately $317 and a half million. Third, we repurchased 3.9 million shares of our own stock at a weighted average price of $23.36. Lastly, we sold Harbor View Plaza in Tampa for $39 and a half million and entered into an agreement to sell 111 Congress in Austin.

第二，我們完成收購位於夏洛特市中心（Uptown Charlotte）的 300 South Tryon，這是一項 638,000 平方英尺的頂級（trophy）辦公資產，收購價約為 3.175 億美元。第三，我們以加權平均價格 23.36 美元回購了 390 萬股自家股票。最後，我們以 3,950 萬美元出售坦帕的 Harbor View Plaza，並已簽訂協議出售奧斯汀的 111 Congress。

Looking ahead, the number one priority for Cousins is to continue to grow occupancy. We have modest lease expirations this year and a robust late-stage leasing pipeline that will support this effort. More broadly, we remain focused on optimizing our portfolio, maintaining flexibility, and creating optionality in our capital allocation decisions.

展望未來，Cousins 的首要任務是持續提升出租率。我們今年到期的租約規模不大，且擁有強勁的後期階段租賃管線，將支持這項工作。更廣泛而言，我們仍專注於優化投資組合、維持彈性，並在資本配置決策上創造更多選擇性。

As I mentioned earlier, everything we do is guided by a disciplined approach that prioritizes earnings accretion, balance sheet strength, and continuous improvement in our portfolio quality. We are excited about what lies ahead for Cousins. The office market is rebalancing, new construction is virtually non-existent, and high-quality lifestyle office space is becoming increasingly scarce.

如我先前提到的，我們所做的一切都以嚴謹自律的方法為指引，優先考量獲利增厚、資產負債表強度，以及投資組合品質的持續提升。我們對 Cousins 的未來發展感到振奮。辦公市場正在重新平衡，新建案幾乎不存在，而高品質的生活型態辦公空間正變得愈發稀缺。

Despite ongoing macro concerns and volatility in the public markets, Cousins continues to outperform, supported by a strong operating platform, a highly efficient G&A structure, and one of the strongest balance sheets in the office REIT sector.

儘管宏觀疑慮與公開市場波動仍在，Cousins 仍持續跑贏同業，這得益於強大的營運平台、高效率的 G&A（一般及行政）成本結構，以及辦公 REIT 產業中最強健的資產負債表之一。

Before turning the call over to Richard, I want to thank our talented Cousins team. Their commitment to excellence and to serving our customers is the foundation of all of our success. Richard?

在把電話會議交給 Richard 之前，我想感謝我們才華洋溢的 Cousins 團隊。他們對卓越的承諾以及服務客戶的投入，是我們所有成功的基石。Richard？

Thanks, Colin. Good morning, everyone. Our operations team delivered the strongest start to a calendar year since Cousins began its focus as a pure play owner of Trophy Sun Belt Office.

謝謝你，Colin。各位早安。我們的營運團隊交出了 Cousins 專注成為純粹的「Sun Belt」頂級辦公資產（Trophy Sun Belt Office）持有者以來，歷年最強的年初開局表現。

In the first quarter, our total office portfolio end-of-period leased and weighted average occupancy percentages were 91.8% and 88.9% respectively. Both metrics increased sequentially and were driven by a combination of organic growth and our recent investment activity.

第一季，我們整體辦公投資組合期末出租率與加權平均入住率分別為 91.8% 與 88.9%。兩項指標皆較前一季提升，主要由內生成長與近期投資活動的綜合作用所帶動。

Our portfolio leased percentage increased in nearly every market, with Atlanta, Charlotte, and Austin as the largest contributors in terms of organic growth. Nashville’s leased percentage increased materially with our recently signed 116,000 square feet new lease with Oracle at Neuhoff. That project will not be included in our overall portfolio statistics until it is stabilized.

我們的投資組合出租率在幾乎每個市場都有提升，其中以亞特蘭大、夏洛特與奧斯汀對內生成長的貢獻最大。納什維爾的出租率也因我們近期在 Neuhoff 與 Oracle 簽下 116,000 平方英尺的新租約而顯著提高。該專案在達到穩定（stabilized）之前，將不會納入我們整體投資組合統計。

The largest market contributors to organic growth in our weighted average occupancy were Atlanta and Austin. Our lease expirations through 2027 now total only 8.3% of contractual rent, which is 320 basis points lower than at the end of 2025. Coming off of a very strong fourth quarter, our leasing activity in the first quarter was record-setting on a number of levels.

在加權平均入住率的內生成長方面，貢獻最大的市場為亞特蘭大與奧斯汀。我們 2027 年前到期的租約目前合計僅占合約租金的 8.3%，較 2025 年底降低 320 個基點。在第四季表現非常強勁的基礎上，我們第一季的租賃活動在多個層面創下紀錄。

Our team completed 49 office leases totaling 932,000 square feet during the quarter, with a weighted average lease term of 6.6 years. Our square footage volume was the highest for a first quarter in well over a decade and was also our highest quarterly level in general since the second quarter of 2019.

本季團隊完成 49 份辦公租約，合計 932,000 平方英尺，加權平均租期為 6.6 年。以面積計，本季為十多年來最高的第一季成交量，同時也是自 2019 年第二季以來的最高單季水準。

On a square footage basis, 52% of our completed leases this quarter were new and expansion leases, totaling 483,000 square feet. New and expansion leasing volume was essentially in line with our very strong fourth quarter, which we view as a great repeat performance.

以面積計算，本季完成的租約中有 52% 為新租與擴租，合計 483,000 平方英尺。新租與擴租的成交量基本與表現非常強勁的第四季相當，我們視之為一次很好的延續表現。

The team also completed 19 renewals during the first quarter, including a material renewal in Austin that took care of what was previously our largest 2027 expiration. Regarding lease economics, our average net rent this quarter came in at $44.54, approximately 18% higher than the full year 2025. This quarter’s average leasing concessions were essentially in line with the full year 2025.

團隊在第一季也完成 19 份續租，其中包括奧斯汀一筆重要續租，處理了先前我們 2027 年最大的一筆到期租約。就租賃經濟條件而言，本季平均淨租金為 44.54 美元，較 2025 全年約高出 18%。本季平均租賃讓步（concessions）與 2025 全年基本一致。

As a result, average net effective rent this quarter came in at a solid $32.28, second only to the third quarter of 2024. Finally, second generation cash rents increased yet again in the first quarter at a strong 15.2%, with cash rents rolling up in every market where we had activity.

因此，本季平均淨有效租金（net effective rent）為穩健的 32.28 美元，僅次於 2024 年第三季。最後，第一季第二代（second generation）現金租金再度上升，增幅達 15.2%，且在我們有成交活動的每個市場，現金租金皆呈現上調。

Beyond our excellent recently completed activity, our overall leasing pipeline remains very healthy at a level comparable to this time last quarter. In our early March investor presentation, we shared that 1.2 million square feet of activity was either signed first quarter to date or in lease negotiations. Even after completing 932,000 square feet of volume in the first quarter, as of today, we have 1 million square feet of leases either signed second quarter to date or in lease negotiations.

除了近期完成的優異成果外，我們整體租賃管線仍維持非常健康，水準與上季同期相當。在 3 月初的投資人簡報中，我們分享有 120 萬平方英尺的活動已於第一季迄今簽約或正在租約談判中。即使第一季已完成 932,000 平方英尺的成交量，截至今日，我們仍有 100 萬平方英尺的租約已於第二季迄今簽約或正在租約談判中。

This late stage pipeline has been growing nicely throughout the second quarter. In fact, it has grown by about 200,000 square feet just in the past two weeks and currently includes 450,000 square feet of new and expansion leases. We believe our late-stage pipeline has us very well positioned for continued strong leasing performance in the near term.

這個後期階段管線在第二季持續穩健成長。事實上，僅在過去兩週就增加約 200,000 平方英尺，目前包含 450,000 平方英尺的新租與擴租。我們相信，後期階段管線使我們在短期內持續維持強勁租賃表現方面具備非常有利的條件。

Turning to our markets. In Atlanta, according to JLL, leasing activity was strong, with 2.3 million square feet of leases signed in the first quarter. Sublease availability declined for the eighth consecutive quarter and is now at its lowest level since the start of 2021. Additionally, average asking rents had the largest quarterly increase in two and a half years.

接著談我們的市場。根據 JLL，亞特蘭大第一季租賃活動強勁，簽約面積達 230 萬平方英尺。轉租（sublease）供給連續第八季下降，目前已降至自 2021 年初以來的最低水準。此外，平均要價租金出現兩年半以來最大的單季漲幅。

We continue to see solid demand in our own portfolio, where we signed 192,000 square feet of leases in the first quarter. This included a 105,000 square foot new lease with KPMG at Proscenium in Midtown. Subsequent to first quarter end, we also signed a new 46,000 square foot lease with CallRail at 725 Ponce in Midtown. CallRail is a homegrown Atlanta-based technology company that decided to relocate to 725 Ponce from downtown because of the property’s location, quality, and direct access to the BeltLine. We are excited to welcome them as a customer. Our Atlanta portfolio was 89.3% leased at first quarter end.

我們在自有投資組合中也持續看到穩健需求，第一季簽下 192,000 平方英尺的租約。其中包括在 Midtown 的 Proscenium 與 KPMG 簽訂 105,000 平方英尺的新租約。在第一季結束後，我們也在 Midtown 的 725 Ponce 與 CallRail 簽下 46,000 平方英尺的新租約。CallRail 是一家在地培育、以亞特蘭大為基地的科技公司，因該物業的地點、品質以及可直接通往 BeltLine，而決定從市中心搬遷至 725 Ponce。我們很高興歡迎他們成為客戶。截至第一季末，我們的亞特蘭大投資組合出租率為 89.3%。

In Austin, JLL notes that tenant demand increased 30% year-over-year from about 3.9 million square feet of requirements in the first quarter of 2025 to nearly 5 million square feet today. The market continues to digest speculative development delivered since 2023.

在奧斯汀，JLL 指出，租戶需求年增 30%，從 2025 年第一季約 390 萬平方英尺的需求量，提升至目前接近 500 萬平方英尺。市場仍在消化自 2023 年以來交付的投機性開發案（speculative development）。

However, new speculative development is now at its lowest level since 2013. Across our Austin portfolio, we signed an impressive 339,000 square feet of leases in the first quarter, including a 273,000 square foot renewal of a Fortune 10 technology company at Domain Eight. This sizable renewal demonstrates a strong commitment to the Austin market and to the value of high-quality office in the core of The Domain.

然而，新的投機性開發案目前已降至自 2013 年以來最低水準。在我們的奧斯汀投資組合中，第一季簽下令人印象深刻的 339,000 平方英尺租約，其中包括在 Domain Eight 與一家《財富》世界 10 大科技公司完成 273,000 平方英尺的續租。這筆大額續租展現了其對奧斯汀市場，以及對 The Domain 核心區高品質辦公空間價值的強烈承諾。

Our Austin portfolio also increased to 95.3% leased as of first quarter end, driven primarily by encouraging new activity in the CBD. In fact, our Austin team has seen a notable increase in overall tenant demand in the CBD since the beginning of the year, and it’s focused primarily on availability in the highest quality office segment.

截至第一季末，我們的奧斯汀投資組合出租率也提升至 95.3%，主要由 CBD（中央商業區）令人鼓舞的新活動所帶動。事實上，自年初以來，我們的奧斯汀團隊在 CBD 看到整體租戶需求明顯增加，且需求主要集中在最高品質的辦公產品供給。

In Charlotte, market-level leasing activity maintained strong momentum in the first quarter with a 74% increase year-over-year. In our portfolio, we signed 181,000 square feet of leases in the first quarter, 58% of which were new and expansion leases, and the team rolled up cash rents 26%.

在夏洛特，市場層級的租賃活動於第一季維持強勁動能，年增 74%。在我們的投資組合中，第一季簽下 181,000 平方英尺的租約，其中 58% 為新租與擴租，且團隊將現金租金上調 26%。

Activity included a 72,000 square feet new lease with Scout Motors at Five Fifty South and a 54,000 square feet renewal and 27,000 square feet expansion of a major law firm at our newly purchased Three Hundred South Tryon. Touching on our redevelopments, our Five Fifty South project is very close to completion within weeks, and with that, we have seen a nice uptick in early-stage leasing interest.

本期租賃活動包括：在 Five Fifty South 與 Scout Motors 簽訂一份 72,000 平方英尺的新租約；以及在我們新近收購的 Three Hundred South Tryon，某大型律師事務所完成 54,000 平方英尺的續租並擴租 27,000 平方英尺。談到我們的改造重建項目，Five Fifty South 專案距離完工僅剩數週、已非常接近完成；隨之而來，我們也看到早期階段的租賃洽詢興趣明顯升溫。

Regarding 201 North Tryon, that redevelopment project is well underway and should be substantially complete during the first quarter of 2027. In looking at our recently completed redevelopments, whether it be Buckhead Plaza and the Promenade buildings in Atlanta or Tempe Gateway and Hayden Ferry in Phoenix, we generally saw a meaningful boost in demand and importantly in lease economics once the projects approached completion and prospects could see the finished product.

至於 201 North Tryon，該改造重建專案進展順利，預計將於 2027 年第一季達到實質完工。回顧我們近期已完成的改造重建案，不論是亞特蘭大的 Buckhead Plaza 與 Promenade 大樓，或是鳳凰城的 Tempe Gateway 與 Hayden Ferry，我們通常在專案接近完工、潛在客戶能看到最終成品後，會觀察到需求顯著提升，更重要的是租賃經濟條件也明顯改善。

Based on this experience, and also knowing the shortage of available premier space in the market is becoming more acute, we are taking an intentionally patient approach to leasing at the property. In short, we are willing to trade some number of months of timing of occupancy in return for meaningfully better net effective rents and outcome for shareholders.

基於上述經驗，並且也了解到市場上可供使用的頂級空間短缺情況正日益加劇，我們在該物業的租賃策略上採取刻意保持耐心的做法。簡言之，我們願意以延後若干月的進駐時點為代價，換取顯著更佳的淨有效租金，以及為股東帶來更好的結果。

In Dallas, the market recorded 3.6 million square feet of leasing activity during the first quarter, above first quarter 2025 levels. New supply also remains limited, which is helping to boost top-tier assets and drive rent growth. Light quality remains the dominant theme consistent with all of our markets, with Class A space accounting for 73% of quarterly lease volume. In our 800,000 square feet portfolio, we signed 65,000 square feet of leases, rolling up cash rents over 32%.

在達拉斯，市場於第一季錄得 360 萬平方英尺的租賃活動，高於 2025 年第一季水準。新增供給仍然有限，這有助於推升頂級資產表現並帶動租金成長。「追求高品質」仍是主導趨勢，與我們所有市場一致；其中 A 級空間占本季租賃量的 73%。在我們 80 萬平方英尺的投資組合中，我們簽訂了 65,000 平方英尺的租約，現金租金上調超過 32%。

This past quarter, we also took over the management of Legacy Union One in Plano, and I’m pleased to report that subsequent to first quarter end, we signed a 52,000 square feet long-term lease with US Renal Care, representing our first direct lease with an existing subtenant at the property. Our Dallas portfolio was 98.1% leased at the end of the first quarter.

本季我們也接手管理位於普萊諾（Plano）的 Legacy Union One；我很高興報告，在第一季結束後，我們與 US Renal Care 簽訂一份 52,000 平方英尺的長期租約，這也是我們在該物業與既有轉租戶（subtenant）簽下的第一份直接租約。截至第一季末，我們的達拉斯投資組合出租率為 98.1%。

Finally, and as I mentioned earlier, our leasing volume this quarter included a 116,000 square feet new lease with Oracle at Neuhoff in Nashville. We are very encouraged by this activity, and Kennedy will share more details about Neuhoff in her remarks. As always, a big thank you to our entire team for the work you put in to make the start of this year an incredibly positive one. We appreciate everything you do.

最後，如我先前提到的，本季租賃量還包括在納什維爾 Neuhoff 與 Oracle 簽訂一份 116,000 平方英尺的新租約。我們對這項進展深受鼓舞，Kennedy 將在她的發言中分享更多 Neuhoff 的細節。一如既往，衷心感謝我們整個團隊的努力，讓今年開局非常正面。我們感謝各位所做的一切。

I will now turn the call over to Kennedy.

接下來我把電話會議交給 Kennedy。

Thanks, Richard. I’ll start with the updates from our recently completed Neuhoff project in Nashville. As you may have noticed, we moved this mixed-use project off of our development schedule in our supplement this quarter, given its near-stabilized status.

謝謝你，Richard。我先從我們近期完成的納什維爾 Neuhoff 專案更新談起。各位可能已注意到，鑑於該混合用途專案已接近穩定狀態，我們在本季補充資料中已將其自開發時程表中移除。

The approximately 400,000 square feet office component is now 84.3% leased, up from 55.3% last quarter, largely driven by the 116,000 square feet new lease with Oracle. The company leased five floors on a long-term basis to accommodate its ongoing rapid growth in Nashville, citing it as the center of Oracle’s cloud and AI growth. We are excited for the company’s employees to take occupancy later this year and add to the vibrancy of this unique project.

約 400,000 平方英尺的辦公室部分目前出租率為 84.3%，高於上季的 55.3%，主要受 Oracle 116,000 平方英尺新租約帶動。該公司以長期方式承租五個樓層，以因應其在納什維爾持續快速成長，並稱此地為 Oracle 雲端與 AI 成長的中心。我們期待該公司員工於今年稍晚進駐，為這個獨特專案增添活力。

I am also pleased to share that we are now in lease negotiations for the remaining two full floors of the project, which, if executed, will bring the office component to almost 96% leased. The accelerated interest in Neuhoff is indicative of the demand we continue to see across our portfolio for best-in-class differentiated assets. The 542 unit apartment component at Neuhoff stabilized this quarter at 92.6 leased.

我也很高興分享，我們目前正就專案剩餘兩個整層進行租賃談判；若順利簽約，辦公室部分出租率將接近 96%。Neuhoff 租賃興趣加速升溫，反映出我們在整體投資組合中持續看到市場對同級最佳、具差異化資產的需求。Neuhoff 的 542 戶公寓部分本季達到穩定，出租率為 92.6。

I want to point out that I added Neuhoff phase two to the land inventory on page 27 of the supplement. As part of the phase 1 development, we completed significant infrastructure, including all of the parking for a future office building that is planned to be approximately 300,000 square feet.

我想特別指出，我已在補充資料第 27 頁將 Neuhoff 第二期列入土地庫存。作為第一期開發的一部分，我們已完成大量基礎設施工程，包括為未來規劃約 300,000 平方英尺的辦公大樓所需的全部停車設施。

The cost for this work, including the allocated land value, are now reflected in our total land inventory number, whereas they were previously part of the overall Neuhoff project spend. Given the work and investment already completed for this next phase, we believe we will have a significant competitive advantage in terms of both speed and pricing when the time is right to move forward with the development. As a reminder, we own Neuhoff in a 50/50 joint venture.

這些工程的成本（含分攤的土地價值）目前已反映在我們的土地庫存總額中；而先前則計入 Neuhoff 專案的整體支出。鑑於下一期所需的工程與投資已先行完成，我們相信當時機成熟推進開發時，無論在速度或定價方面都將具備顯著競爭優勢。提醒各位，我們以 50/50 合資方式持有 Neuhoff。

Turning to our investment activity, we had another busy quarter. In February, as we previously disclosed, we closed on the off-market acquisition of 300 South Tryon in Uptown Charlotte. We acquired the building for $317.5 million, for $497 per square foot, a basis that represents a significant discount to replacement cost.

接著談投資活動，本季我們同樣相當忙碌。2 月，如先前揭露，我們完成在夏洛特上城（Uptown Charlotte）以非公開方式收購 300 South Tryon。我們以 3.175 億美元收購該大樓，折合每平方英尺 497 美元；此成本基礎相較重置成本有顯著折價。

The 638,000 square feet highly amenitized asset is an excellent strategic fit for our portfolio and representative of the continued advantage we have in the market as a buyer for large trophy assets. As Richard said in his remarks, we have already executed a renewal and an expansion of a large customer there, enhancing the remaining lease term and validating the mark-to-market in rents that can be achieved at the building.

這項 638,000 平方英尺、配套設施完善的資產，與我們的投資組合在策略上高度契合，也體現我們作為大型頂級資產買方在市場上持續具備的優勢。如 Richard 在發言中所述，我們已在該處完成一位大型客戶的續租與擴租，延長剩餘租期，並驗證該大樓可實現的租金按市價調升（mark-to-market）。

Across the country, the office transactions market has opened up, with sales volume steadily increasing. Both equity and debt sources are realizing the strengthening fundamentals and are now more constructive around opportunities. Smaller transactions are generating the most depth. Accordingly, we continue to pursue select dispositions within our portfolio that we think line up well with market demand.

全國而言，辦公室交易市場已重新活絡，成交量穩步增加。股權與債務資金來源均已意識到基本面轉強，對相關機會的態度也更為建設性。較小規模的交易帶來最深的市場需求。因此，我們持續在投資組合中尋求部分選擇性處分標的，並認為其與市場需求相當契合。

I will add that we are in the fortunate position that we don’t need to sell any of our assets, so we plan to remain disciplined in our approach. In late February, we closed on the previously discussed sale of Harbor View Plaza in West Shore, Tampa. The building sold for $39.5 million or $191 per square feet. The pricing equates to a low 9% cap rate.

我也補充說明，我們很幸運地處於不必出售任何資產的狀態，因此我們將維持紀律性的策略。2 月下旬，我們完成先前討論過的出售案：位於坦帕 West Shore 的 Harbor View Plaza。該大樓以 3,950 萬美元成交，折合每平方英尺 191 美元。該價格相當於 9% 出頭的資本化率（cap rate）。

As I mentioned last quarter, this standalone asset needed capital upgrades, and we believed our capital was best focused elsewhere. We remain under contract with a residential developer to sell our 303 Tremont land parcel in South End Charlotte. The contract price for the 2.4 acres is $23.7 million, and we expect it to close before the end of the year.

如我上季所提，這項獨立資產需要資本升級，我們認為資本更應投入於其他地方。我們仍與一位住宅開發商就出售位於夏洛特 South End 的 303 Tremont 土地地塊維持簽約中狀態。該 2.4 英畝土地的合約價格為 2,370 萬美元，我們預期將在年底前完成交割。

We are always evaluating the highest and best use of our land bank and resources and determine that this site is now better suited for a residential development as opposed to the office towers that we originally contemplated. We are also now under contract to sell 111 Congress in Austin. This 519,000 square feet asset was built in the late 1980s and is prominently located in Austin’s CBD.

我們一向評估土地儲備與資源的最高最佳用途，並判斷該基地目前更適合住宅開發，而非我們原先構想的辦公塔樓。我們目前也已簽約出售位於奧斯汀的 111 Congress。這項 519,000 平方英尺的資產建於 1980 年代末期，且位於奧斯汀 CBD 的顯著位置。

Our ownership of this asset dates back to the Parkway transaction in 2016, and similar to Harbor View, our view is that this asset is better off in the hands of private capital going forward, and we intend to redeploy the proceeds as part of the funding of 300 South Tryon. We were pleased with the process and the positive sentiment towards the asset and the Austin market.

我們對該資產的持有可追溯至2016年的Parkway交易；且與Harbor View類似，我們認為未來該資產由私人資本持有會更合適，並計劃將出售所得作為300 South Tryon資金來源的一部分加以再部署。我們對整個流程以及市場對該資產與奧斯汀市場的正面情緒感到滿意。

We will disclose more details around pricing after closing, which is anticipated to be early in the third quarter. These dispositions are representative of our strategy to continuously monitor our portfolio and identify opportunities to recycle out of non-core assets to fund acquisitions. Acquisitions of either assets or our own stock, if that’s the better use of proceeds at the time.

我們將在交割後披露更多定價細節，預計交割時間為第三季初。這些處置交易體現了我們的策略：持續監控投資組合，並辨識將非核心資產循環退出以資助收購的機會。收購可以是資產本身或回購我們自己的股票（若當時這是更佳的資金用途）。

We only intend to do so in a manner that is neutral or accretive to earnings. We believe that this ongoing portfolio optimization will only enhance the resiliency of our assets and future cash flows. Going forward, we plan to be opportunistic when it comes to both acquisitions and dispositions, as well as other investment opportunities such as development. We have the flexibility to invest in a variety of ways throughout a capital stack, including preferred equity and mezz positions, as we have demonstrated in the past.

我們只會以對盈餘中性或具增益（accretive）的方式進行。我們相信，這項持續的投資組合優化將進一步提升資產與未來現金流的韌性。展望未來，無論是收購或處置，以及其他投資機會（例如開發），我們都將把握機會、靈活出手。我們具備在資本結構各層級進行多元投資的彈性，包括優先股權（preferred equity）與夾層（mezzanine）部位，正如我們過去所展現的。

Given the emerging scarcity of available lifestyle office space, we believe that there will be select instances where development is compelling and offers an appropriate return premium to trophy acquisitions. We are currently evaluating opportunities with the goal of breaking ground within the next year. We will provide more insights if and as those transactions materialize.

鑑於可供使用的生活風格辦公空間日益稀缺，我們認為在某些特定情況下，開發具吸引力，並可提供相較於頂級資產收購更合適的報酬溢價。我們目前正評估相關機會，目標是在未來一年內動工。若且當這些交易具體成形時，我們將提供更多洞見。

With that, I will turn the call over to Gregg.

接下來，我把電話會議交給Gregg。

Thanks, Kennedy. I’ll begin my remarks by providing a brief overview of our results, spending a moment on our same property performance, moving on to our property transactions and capital markets activity, before closing my remarks by updating our 2026 earnings guidance.

謝謝，Kennedy。我將先簡要概述我們的業績，花一點時間談談同一物業（same property）表現，接著說明我們的物業交易與資本市場活動，最後更新我們2026年的盈餘指引。

As Colin stated up front, our first quarter results were outstanding. Second generation cash leasing spreads were positive. Same property year-over-year cash NOI increased and leasing velocity was exceptionally strong. Focusing on same property performance for a moment. Cash NOI grew 5.5% during the first quarter compared to last year. This was comprised of a 4.5% increase in revenues and a 2.7% increase in expenses.

如Colin一開始所說，我們第一季的業績非常出色。二代（second generation）現金租賃價差為正。同一物業的年對年現金NOI增加，租賃動能也異常強勁。先聚焦同一物業表現。第一季現金NOI較去年成長5.5%。其中包含營收增加4.5%，以及費用增加2.7%。

These numbers were positively impacted by a combination of increased occupancy and the expiration of rent abatements, primarily at Promenade Tower, Tempe Gateway, 300 Colorado, and Hayden Ferry. Before moving on, I wanted to take a moment to highlight our recent same property expense performance. Despite lots of talk around accelerating property level inflation, including taxes, utilities, payroll, we have held same property expenses to an average annual increase of just 1.95% over the past four years.

這些數字受到入住率提升與租金減免到期的正面影響，主要發生在Promenade Tower、Tempe Gateway、300 Colorado與Hayden Ferry。在繼續之前，我想花點時間強調我們近期同一物業費用的表現。儘管市場上大量討論物業層級通膨加速（包括稅負、水電、公用事業費與薪資），我們在過去四年仍將同一物業費用的年均增幅控制在僅1.95%。

I suspect this sub 2% number is well below most investors’ perception of office expense growth over the past few years. A new and efficient portfolio located in affordable and business friendly markets is what has allowed us to contain expenses. As Kennedy Hicks discussed earlier, we acquired a property in Charlotte during the first quarter. We will fund this acquisition with the sale of three non-core properties.

我猜測，這個低於2%的數字，遠低於多數投資人對近年辦公費用成長的認知。一個更新且更有效率、且位於可負擔且商業友善市場的投資組合，使我們得以控制費用。如Kennedy Hicks先前所述，我們在第一季於夏洛特收購了一項物業。我們將透過出售三項非核心物業來為此收購提供資金。

We’ve already sold Harborview during the first quarter, and we’re under contract to sell 111 Congress during the third quarter, and as Kennedy said, 303 Tremont land during the fourth quarter. We also received repayment during the 1st quarter of our $18.2 million mezzanine loan secured by an equity interest in the 110 East property in Charlotte.

我們已在第一季出售Harborview；並已簽約預計於第三季出售111 Congress；以及如Kennedy所說，預計於第四季出售303 Tremont土地。我們也在第一季收到一筆還款，為我們以夏洛特110 East物業之股權權益作為擔保的1,820萬美元夾層貸款（mezzanine loan）。

Moving on to our capital markets activity was very busy and was very productive. We started by issuing a $500 million seven-year unsecured bond immediately after announcing fourth quarter earnings in early February. It was a great execution, generating a yield to maturity of 5%. With this issuance, we have effectively taken care of all of our 2026 refinancing needs.

接著談資本市場活動：我們非常忙碌，且成果豐碩。我們在2月初公布第四季盈餘後不久，即發行了5億美元、7年期的無擔保債券。執行效果非常好，到期殖利率為5%。透過這次發行，我們已實質上處理完所有2026年的再融資需求。

In total, we have issued four unsecured bonds for $1.9 billion since receiving our investment grade credit rating in April 2024. As Colin stated upfront, we also repurchased 3.9 million shares at a weighted average price of $23.36 per share during the first quarter. Please note that subsequent to quarter end, the board authorized an increase to our recently launched share repurchase program, taking the authorization from $250 million to $500 million, of which approximately $410 million remains available. We now have both a share repurchase program as well as an ATM program available for use. We have actively employed both over the past 12 months.

自2024年4月取得投資級信用評等以來，我們已合計發行四筆無擔保債券，總額19億美元。如Colin一開始所說，我們在第一季以每股加權平均23.36美元回購了390萬股。請注意，在季末之後，董事會核准提高我們近期啟動的股票回購計畫額度，將授權金額由2.5億美元提高至5億美元，其中約4.10億美元仍可使用。我們目前同時具備股票回購計畫以及ATM（隨市發行）計畫可供運用。過去12個月我們已積極運用這兩項工具。

In addition to the shares we repurchased this past quarter, we issued 2.9 million shares on a forward basis under our ATM program during the first and second quarters of 2025 at an average price of $30.44 per share. We have not yet settled these forward shares.

除了本季回購的股份外，我們也在2025年第一與第二季透過ATM計畫以遠期（forward）方式發行了290萬股，平均價格為每股30.44美元。我們尚未就這些遠期股份進行交割結算。

On April 1, we closed a new five-year, $1.2 billion unsecured credit facility, increasing the prior facility that was scheduled to mature in April 2027 by $200 million. As part of this process, we also amended our existing $400 million and $100 million unsecured term loans, adding two six-month extensions to each. The borrowing spread improved by 15 basis points on both the credit facility and the larger term loan, and by 30 basis points on the $100 million term loan.

4月1日，我們完成一項新的5年期、12億美元無擔保循環信用額度（credit facility），較原先預計於2027年4月到期的舊額度增加2億美元。在此過程中，我們也修訂既有的4億美元與1億美元無擔保定期貸款（term loans），各新增兩次、每次6個月的展期選項。該信用額度與較大筆定期貸款的借款利差改善15個基點，而1億美元定期貸款的利差改善30個基點。

Before closing with guidance, I wanted to briefly provide some context on leverage. Our goal remains, as it has since 2014, to maintain net debt to EBITDA in the low 5 times range. Metrics a bit elevated this quarter, 5.66 times, but it’s only a timing issue. Once we complete the asset sales to fund the Charlotte acquisition and we complete the funding of the share repurchase, leverage will return to its historic level. With that, I’ll close my prepared remarks by updating our 2026 guidance. We currently anticipate full year 2026 FFO between $2.90 and $2.98 per share, with a midpoint of $2.94.

在以指引作結之前，我想簡要補充一些關於槓桿的背景。自2014年以來，我們的目標一直是將淨負債對EBITDA維持在5倍出頭（low 5 times）的區間。本季指標略高，為5.66倍，但這只是時間點造成的影響。一旦我們完成資產出售以資助夏洛特收購，並完成股票回購的資金安排後，槓桿將回到歷史水準。接下來，我將以更新2026年指引作為我事先準備發言的結尾。我們目前預期2026全年FFO為每股2.90至2.98美元，中位數為每股2.94美元。

This is up from our prior midpoint of $2.92 and represents an increase of approximately 3.5% over the prior year. The increase in FFO guidance is primarily driven by the share repurchases I just discussed, as well as better than forecast execution on the debt financings, partially offset by the elimination of a prior mid-year SOFR cut assumption. We now have no SOFR cut assumptions during 2026 in our guidance.

這高於先前中位數每股2.92美元，並代表較前一年增加約3.5%。FFO指引上調主要由我剛提到的股票回購所帶動，以及債務融資執行優於預期；部分被取消先前對年中SOFR下調的假設所抵銷。我們目前在指引中，對2026年不再納入任何SOFR下調假設。

Our updated guidance assumes the 3.9 million share repurchase that we executed in the first quarter is funded with proceeds from the settlements of the 2.9 million shares we previously issued on a forward basis. In reality, we may ultimately fund some or all of the share repurchase with non-core asset sales.

我們更新後的指引假設，我們在第一季執行的390萬股庫藏股回購，是以先前我們以遠期方式發行的290萬股股票交割結算所得款項來支應。但實際上，我們最終可能會以非核心資產出售所得來支應部分或全部的庫藏股回購。

As Kennedy stated earlier, we are constantly monitoring the sales market and exploring additional sales candidates. For modeling purposes, we have assumed the settlements of all outstanding forward shares during the second quarter, and this is what’s in our guidance. As I mentioned earlier, our guidance also assumes the 300 South Tryon acquisition is funded with proceeds from Harborview, 111 Congress, and 303 Tremont.

如Kennedy先前所述，我們持續監控出售市場，並尋找更多可出售的標的。就模型假設而言，我們假設所有尚未結算的遠期股票將於第二季完成交割結算，這也已反映在我們的指引中。如我先前提到，我們的指引亦假設300 South Tryon的收購資金來源為Harborview、111 Congress與303 Tremont的出售所得。

Finally, our guidance does not include any additional property acquisitions, dispositions, or development starts in 2026. If any of these take place, we’ll update our guidance accordingly.

最後，我們的指引未納入2026年任何額外的不動產收購、處分或開發動工。若上述任何事項發生，我們將相應更新指引。

Bottom line, our first quarter results are among the best we have reported in recent memory. The important operating metrics that we track were outstanding, and we raised full year guidance. Office fundamentals in the Sun Belt remain strong, and we continue to deploy capital into compelling and accretive opportunities. We look forward to reporting on our progress in the coming quarters.

總而言之，我們第一季的業績是近年來表現最好的之一。我們追蹤的重要營運指標表現非常出色，且我們上調了全年指引。太陽帶地區的辦公市場基本面仍然強勁，我們也持續將資本投入具吸引力且具增益（accretive）的機會。我們期待在接下來幾季向各位報告我們的進展。

With that, I’ll turn the call back over to the operator.

接下來，我把電話交回給主持人。

(Operator Instructions) Blaine Heck, Wells Fargo.

（主持人指示）Wells Fargo的Blaine Heck。

Thanks. Good morning. Colin, you commented on the leasing pipeline in the earnings release and again here. Can you and or maybe Richard give any more detail on size of the pipeline today versus maybe 1 year or 18 months ago and versus your historical average? Maybe give a little bit more color on any trends you’re seeing with respect to tenant size or industry. Are you seeing any specific segments or markets strengthening or weakening?

謝謝。早安。Colin，你在財報新聞稿以及剛才都提到租賃案源（pipeline）。你和／或Richard能否更詳細說明一下，目前案源規模相較於一年前或18個月前，以及相較於你們的歷史平均水準如何？也請多補充一些你們觀察到的趨勢，例如承租戶規模或產業別方面。你們是否看到某些特定區隔或市場正在轉強或轉弱？

Sure, Blaine. This is Richard. I can take that, and then Colin can add on if he’d like. For starters, you specifically asked the size of the pipeline overall today. Certainly, the late stage is what I’d focus on more versus, say, a year ago. It’s about 2 times the size of this time last year. That is the late-stage pipeline. It’s about the same size right now as this time last quarter. Year over year, it’s grown significantly. Just some additional detail on the overall pipeline. I would note that the number of prospects in the pipeline overall has increased quite a bit. I’d say on the order of about 15% since last quarter. That’s encouraging to see.

當然可以，Blaine。我是Richard。我先回答，之後Colin若想補充也可以。首先，你特別問到目前整體案源的規模。當然，相較於例如一年前，我會更聚焦在後期階段（late stage）。後期階段案源規模約為去年同期的2倍。這指的是後期階段案源。目前其規模大致與上季同期相當。以年對年來看，成長相當顯著。再補充一些整體案源的細節。我會指出，整體案源中的潛在客戶數量增加了不少。我認為自上季以來大約增加了15%左右。看到這點令人鼓舞。

The, the net size, again, is comparable to last quarter. The mix of industries is roughly the same. I’d say technology is slightly ahead of financial services at this point. They’re both neck and neck and very big drivers of our activity.

至於淨面積規模，同樣地，與上季相近。產業組合大致相同。我會說目前科技業略高於金融服務業。兩者幾乎不相上下，且都是我們活動量的主要驅動因素。

Legal continues to be a significant component of our industry mix, with professional services coming in last and then a good mix beyond that. I mentioned we had about 200,000 square feet that built into the late stage pipeline here in the last couple weeks. It’s been growing nicely throughout the quarter. We’ve seen the most increase in activity migrating through the pipeline in Atlanta, especially in Buckhead and in Midtown. Phoenix has had some nice bump.

法律業仍是我們產業組合中的重要部分，專業服務業則排在其後，此外還有相當多元的組合。我提到過，過去幾週我們在後期階段案源中新增了約20萬平方英尺。整個季度以來一直穩健成長。我們看到案源在亞特蘭大流轉推進的活動增幅最大，特別是在Buckhead與Midtown。鳳凰城也有不錯的提升。

Nashville certainly is contributing as well. As Kennedy mentioned, we’re going to leases with two more floors there. Some good activity in Austin. It’s, it’s pretty broad based.

納什維爾當然也有貢獻。如Kennedy所提，我們那裡將再簽兩個樓層的租約。奧斯汀也有一些不錯的活動。整體來說，分布相當廣泛。

Blaine, it’s Colin. I would just add too, as it relates to the 900,000-plus square feet we leased this quarter and this kind of 1 million-plus square feet pipeline. You know, one kind of piece of commentary that I’ve seen is that the Sun Belt is largely back office and support function. I would characterize just about all of the leasing activity that we’re doing as very much front of house revenue producing employees for very dynamic companies, whether it be in technology, financial services, investment firms, you name it. Particularly also AI companies beginning to kind of infiltrate the Sun Belt. I can very much kind of push back on that narrative.

Blaine，我是Colin。我也補充一下，關於我們本季出租的超過90萬平方英尺，以及這個超過100萬平方英尺的案源。你知道，我看到的一種說法是，太陽帶地區多為後勤辦公與支援職能。但我會形容，我們所進行的幾乎所有租賃活動，都是非常偏向前台、能創造營收的員工，且承租方是非常具活力的公司，不論是科技、金融服務、投資公司等等。尤其是AI公司也開始逐步進入太陽帶地區。我可以很明確地反駁那種敘事。

While there are certainly suburban properties in Atlanta with back office employees, the same holds true with back office employees in suburban New York. The quality of the pipeline or the portfolio that we have and our lifestyle properties is very much attracting very well-educated, knowledge, revenue producing employees.

雖然亞特蘭大郊區確實有一些物件以後勤員工為主，但紐約郊區同樣也有後勤員工。我們的案源品質、我們的資產組合以及我們的生活型態（lifestyle）物件，確實非常吸引受過良好教育、以知識為本、能創造營收的員工。

Great. That’s really helpful commentary. You all mentioned that asking rents have grown the most this quarter in 2.5 years. I was hoping you could quantify that increase. Also, can you comment on what you think is a reasonable forecast or range for net effective rent growth in your segment? You know, Class A+ or trophy within your markets, and whether there are any standout markets on the positive end of that metric or any that could be more muted.

很好。這些說明非常有幫助。你們提到本季要價租金（asking rents）的成長是2.5年來最大。我希望你們能量化這個增幅。另外，你們能否評論一下，在你們的細分市場中，淨有效租金（net effective rent）成長的合理預測或區間會是什麼？也就是你們市場內的A+級或頂級（trophy）物件；以及是否有任何市場在該指標上特別突出，或有哪些市場可能較為溫和。

Sure. This is Richard again. In terms of rent growth, we have a number of different examples we can give on really impressive rent growth across the portfolio. In Atlanta, for instance, at Buckhead Plaza, we’ve been able to grow rents 20% in the last year or so.

當然。我還是Richard。就租金成長而言，我們可以舉出多個例子，顯示整體資產組合中有相當亮眼的租金成長。例如在亞特蘭大，Buckhead Plaza在過去一年左右，我們已能將租金提高20%。

In Dallas Uptown, it’s really been breathtaking how much rents have grown, in particular in Uptown. I think the general number is about 40% in growth since 2021. I think new product and top of market asking rents right now are $80 net. So extremely impressive rent growth there. If you look at Charlotte, all the new product that has leased up in the last year or so in the market is they were kind of taking down large blocks.

在達拉斯Uptown，租金成長幅度之大確實令人驚嘆，尤其是在Uptown。我認為整體數字是自2021年以來約成長40%。我認為目前新產品以及市場頂端的要價租金約為每平方英尺80美元（淨額）。因此那裡的租金成長極為亮眼。如果看夏洛特，過去一年左右市場上所有新產品的去化（lease-up）過程中，他們算是承租了大面積的區塊。

We pegged that rent growth during that process at roughly 10% during that time. In Phoenix, lastly, where we’ve done our redevelopment of Hayden Ferry, which is now complete, we’ve grown rents about 20% since 2024.

我們估算在該過程中的租金成長約為10%左右。最後在鳳凰城，我們對Hayden Ferry所做的改造重建（redevelopment）目前已完成，自2024年以來我們已將租金提高約20%。

Those are just some examples of some really bright spots of where we’ve been able to push rent growth. It’s really just a dynamic market where Colin has mentioned that the supply is shut down. We’re not going to see any new supply really added to virtually any of our markets that isn’t already leased, and demand is still allowing us to push net effective rents. In terms of how much those will grow, I mean, we certainly posted very impressive net effective rent growth this quarter.

那些只是一些例子，說明我們在哪些亮點市場成功推動了租金成長。這確實是一個動態的市場，正如 Colin 提到的，供給已經停滯。我們幾乎不會看到任何新供給真正被加入到我們的各個市場中（除非是已經出租的），而需求仍讓我們得以推升淨有效租金。至於這些租金會成長多少，我的意思是，我們本季確實繳出了非常亮眼的淨有效租金成長。

It was broad-based. The mix of where we did our leasing this quarter was very favorable in a lot of our highest rent markets. We feel good. It’s always hard to prognosticate on exactly how much we’re going to grow net effective rents in any given quarter versus another. Over time, we’re confident that we’re going to continue to be able to grow them in a manner that we’ve done so here in the recent past.

這是全面性的。我們本季的出租組合在許多租金最高的市場都非常有利。我們感覺很好。要精準預測某一季相較於另一季淨有效租金到底會成長多少，總是很困難。但從長期來看，我們有信心能持續以近來的方式推動淨有效租金成長。

Great. Thanks. Just lastly, can you talk a little bit more about the optionality you have for funding the share repurchases? I don’t believe you’ve issued the forward shares yet. Can you talk about the strategic and economic merits for stock issuance versus additional sales? Are there certain cap rates or other factors that would make you lean towards sales instead of the forward equity?

很好。謝謝。最後想請教一下，你們在為股票回購籌措資金方面有哪些彈性選項？我不認為你們已經交割遠期股票。能否談談發行股票相較於進一步出售資產，在策略與經濟效益上的優劣？是否有特定的資本化率（cap rate）或其他因素，會讓你們更傾向於出售資產而不是使用遠期股權？

Hey, Blaine. Good morning. It’s Greg. We’ve issued the forward shares, we just haven’t settled them. I just want to make sure everybody understands that.

嗨，Blaine。早安。我是 Greg。我們已經發行了遠期股票，只是尚未交割。我只是想確保大家都理解這一點。

Sure.

好的。

We have the flexibility right now to settle those shares through year-end 2026, but that can be extended with the banks that helped us issue those shares. We’ve got ultimate flexibility there. In terms of we’ve assumed for modeling purposes because you need, for your models, to put in some type of assumption in there.

我們目前有彈性可以在 2026 年底前交割這些股票，但也可以與協助我們發行這些股票的銀行延長。我們在這方面有最終的彈性。就我們在模型假設上的處理而言，因為你們做模型需要放入某種假設。

This is the most conservative and cleanest assumption, and that’s what we provided. Is that what we actually do at the end of the day? Maybe, maybe not. As Kennedy talked about in her opening remarks we’re always in the market exploring kind of the market and liquidity and pricing for our non-core assets. We don’t have a lot of non-core assets left, but we do have a handful, and so we’re out there exploring.

這是最保守、也最乾淨的假設，因此我們提供了這個。但我們最後實際上會不會這麼做？可能會，也可能不會。正如 Kennedy 在開場致詞中提到的，我們一直在市場上探索非核心資產的市場狀況、流動性與定價。我們剩下的非核心資產不多，但確實還有少數幾項，因此我們正在外部進行探索。

I think how we ultimately pay for the $90 million share repurchase that we executed in the first quarter will depend upon the clarity that we get over the next month or two or three on some of these efforts that Kennedy’s out there doing with the non-core assets. It’s -- we’re in a sources and uses business, and ultimately, at the end of the day, we’re trying to drive accretion on a leverage neutral basis.

我認為，我們最終如何支付第一季執行的 9,000 萬美元股票回購，將取決於未來一到兩到三個月內，對 Kennedy 正在推動的這些非核心資產相關工作能取得多大的明確性。這——我們是在做資金來源與用途（sources and uses）的生意，而最終我們希望在槓桿中性（leverage neutral）的基礎上創造增益（accretion）。

I think one of our secret sauces here at Cousins is I think we’ve been very nimble about, in a position to be nimble with the balance sheet that we have to figure out a way to maximize shareholder value but maintain the balance sheet.

我認為 Cousins 的一個祕密武器是：以我們目前的資產負債表狀況，我們一直很靈活，也有條件保持靈活，去找出最大化股東價值、同時維持資產負債表穩健的方法。

I think we’ve done a good job of that in the last few years, and I think we’ll continue to do so. This transaction, the share repurchase and the funding of it, will just be one more kind of example as we process that strategy.

我認為過去幾年我們在這方面做得很好，而且我相信我們會持續如此。這筆交易——股票回購以及其資金來源——將只是我們在推進該策略過程中的另一個例子。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Perfect. Thanks for taking the question. In light of the really good leasing volumes, I just wanted to ask about your expectations for like second generation CapEx spending going forward. I know you don’t necessarily guide to FAD. I’m just trying to understand and square FFO versus FAD growth, kind of like in the near-term future.

太好了。謝謝讓我提問。鑑於出租量真的很強勁，我想請教你們對未來第二代資本支出（second generation CapEx）的預期。我知道你們不一定會提供 FAD 指引。我只是想了解在短期內，FFO 成長與 FAD 成長之間該如何對照與理解。

Hey, it’s Gregg again. Second gen CapEx, as you know, if you’ve looked at our earnings supplement over the last few years, can be super lumpy. It just depends upon the leasing that we do, and then honestly, when the tenants that we lease to come to us and kind of want their TI dollars back. FAD is a cash basis metric, we base it upon when the actual cash goes out the door.

嗨，又是 Gregg。第二代資本支出，如你所知，如果你看過我們過去幾年的財報補充資料，可能會非常不均勻、波動很大。這取決於我們做了哪些出租，然後坦白說，也取決於我們出租給的租戶何時來找我們、希望把他們的裝修補助（TI）款項領回。FAD 是以現金基礎衡量的指標，我們是以實際現金流出時間點來計算。

Some tenants can ask for it very quickly, some tenants can wait a while before they ask for the money. It’s really hard for us to predict. But it is loosely tied to leasing at the end of the day. You’ve seen it elevated a little bit over the last few quarters because we’ve been leasing so much space.

有些租戶可能很快就會提出請款，有些租戶則可能等一段時間才來要這筆錢。這真的很難預測。但歸根結底，它與出租活動是有一定關聯的。你們看到過去幾季它略為偏高，是因為我們出租了很多空間。

You could see it for calendar year 2026. Again, I don’t want to comment on quarterly numbers because they’re very difficult to predict with any accuracy. For the full year, I think you could see second-gen CapEx be a little higher this year than it was the last couple of years, just because we’re leasing so much space. Once we stabilize the portfolio in the kind of the midterm, as Colin has talked about, you’ll see second-gen CapEx kind of decline to its more historic levels.

你可能會在 2026 日曆年度看到這個情況。同樣地，我不想評論季度數字，因為要有任何精準度地預測非常困難。以全年來看，我認為今年的第二代資本支出可能會比過去兩年略高一些，原因就是我們出租了很多空間。一旦我們在中期把投資組合穩定下來，如 Colin 所談到的，你會看到第二代資本支出回落到更接近歷史水準。

Got it. That’s appreciated. I know you previously talked about your kind of like year-end occupancy target for 2026 now being a quarter in, and obviously with leasing being very strong, the pipeline being very large. Just wanted to ask how you feel about kind of like the occupancy trends, kind of by like year-end 2026 and how bullish it makes you kind of going forward into 2027.

了解。很感謝。我知道你們之前談到 2026 年底的入住率目標，現在已經過了一季，而且顯然出租非常強、管線也很大。想請教你們對入住率趨勢的看法，例如到 2026 年底的狀況，以及這讓你們對 2027 年展望有多樂觀。

Sure. This is Richard. you know, when you step back and look at all the building blocks, which we typically don’t give that level of granularity or occupancy guidance. When we look at all of the building blocks on net, we’re seeing a relatively modest amount.

當然。我是 Richard。你知道，當你退一步看所有的組成要素時——我們通常不會提供那麼細的拆解或入住率指引——當我們把所有組成要素加總來看，我們看到的是相對溫和的量。

Of new leasing that we need to do, incrementally to what we already have in the pipeline or have already completed, to get to a year-end 90% number, which is our goal. We’re confident that modest amount is achievable and still feel good about our expectations for getting to 90%.

也就是說，為了達到我們的目標——年底 90%——相較於我們已在管線中或已完成的部分，我們只需要再額外做相對不多的新出租。我們有信心這個溫和的量是可達成的，並且仍對達到 90% 的預期感到樂觀。

Okay. Thank you so much. I appreciate it.

好的。非常感謝。我很感激。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場。

Thank you. You have a 1 million square feet pipeline or already signed in the second quarter, that’s versus roughly 800,000 square feet expiring this year. You’re also selling 111 Congress, which is a little bit under leased versus your portfolio. I’m just wondering, where do you think occupancy or lease rates could go to, either by year-end or maybe over the next 12 months?

謝謝。你們在第二季有 100 萬平方英尺的管線（pipeline）或已簽約，對比今年約有 80 萬平方英尺到期。你們也在出售 111 Congress，該資產的出租率相較你們整體投資組合略低。我想請教，你們認為到年底或未來 12 個月內，入住率或租金水準可能會走到什麼程度？

Hey, John, it’s Colin. You know, as Richard just outlined, the goal for the end of the year, which we think is achievable, is 90%. You know, I think over the medium term, our intention is to drive this portfolio back to kind of historical stabilized levels, which is absolutely, kind of in the low to mid 90%.

嗨，John，我是 Colin。如 Richard 剛才所概述，我們認為年底可達成的目標是 90%。我想在中期，我們的意圖是把這個投資組合推回到過往的穩定水準，也就是大約在 90% 出頭到 90% 中段。

That will take a little bit longer to get to. Just keep in mind, while we’re leasing a lot of space this quarter, we believe we’ll lease in the first quarter, we think we’re going to lease a lot of space in the 2nd quarter. There’s typically a lead time, in many cases of a one year plus, from signing of a lease to actual occupancy.

要達到那個水準會需要更長一些時間。請記得，雖然我們本季正在出租大量面積，我們相信第一季會出租，我們也認為第二季會出租很多面積。通常從簽約到實際進駐會有一段前置期，在很多情況下會超過一年。

Our ability to kind of incrementally keep driving those ups, the occupancy up, will be dependent upon the timing of the need of our customers. The underlying demand is there, and it’s robust, and it’s being driven by certainly the return to office, which might be more temporary, but more longer term. You know, the slight to quality is insatiable. The migration to the Sun Belt is only accelerating.

我們能否逐步持續把入住率往上推，將取決於客戶需求發生的時間點。基本面需求是存在的，而且很強勁，驅動因素當然包括回辦公室上班，這可能較偏短期，但也更偏長期。你知道，對高品質的偏好是永無止境的。向陽光帶（Sun Belt）的遷移只會持續加速。

Okay. The large renewal you had in Austin, it sounds like that was with Amazon, just based on your commentary. I’m wondering if you could share any insights that you have on your largest tenant, just given they they talked about reducing a lot of desks, almost 14 million square feet of office space globally. Is there anything we should read in the renewal term? It was a little bit lower at 4.7 years versus the new leases signed this quarter.

了解。你們在奧斯汀的大型續租，聽起來依你們的說法應該是 Amazon。我想請你分享一下對你們最大租戶的觀察，因為他們提到要在全球減少很多工位，幾乎是 1,400 萬平方英尺的辦公空間。我們是否應該從這次續租年期解讀出什麼？續租年期 4.7 年，略低於本季簽下的新租約。

Hey, John, it’s Colin. I can’t be overly specific due to certain confidentiality provisions. You know, you can, again, you can go look at our supplement and seems like you’re on a pretty good track there. You know, a couple of thoughts.

嗨，John，我是 Colin。因為某些保密條款，我無法講得太具體。你可以再去看我們的補充資料，看起來你掌握得很不錯。我有幾點想法。

I shared this last quarter, some commentary specifically around Amazon, which has gotten a lot of publicity for announcing some small reduction in their workforce of, I think, 40,000 employees. You have to kinda put that in perspective that they grew their headcount over the five years of the pandemic by almost 700,000 people. I think a company like that found that many of those workers were remote.

我在上季分享過一些特別關於 Amazon 的看法；他們宣布小幅縮減人力（我記得）約 40,000 人，因而受到很多關注。但你必須把它放在脈絡中看：在疫情的五年間，他們的人數增加了將近 700,000 人。我認為像這樣的公司發現其中很多員工是遠端工作。

Many of those workers were kind of redundant hires during the pandemic. They view that as again, a modest downsizing to create more efficiency, less bureaucracy, and again, requiring that workforce to be back in the office five days.

其中很多員工是在疫情期間重複招募的冗員。他們把這視為溫和的縮編，以提升效率、降低官僚層級，並且再次要求員工每週五天回到辦公室。

As it relates to their core hubs in places like Austin we’re confident that you’ll continue to see them prioritize their space. There was certainly, in this large renewal we’ve done, there was no reduction in space. As it relates to term, when you add this particular company’s extension on top of the term that they already have, that places them well into the 2030s. I think it should be interpreted as a very positive signal as to their confidence in the domain.

就他們在奧斯汀等核心樞紐而言，我們有信心你會持續看到他們優先配置其空間。當然，在我們完成的這筆大型續租中，並沒有縮減面積。至於年期，當你把這家公司這次延長的年期加到他們原本既有的年期上，將使其合約延伸到 2030 年代。我認為這應被解讀為他們對該市場（domain）的信心所釋出的非常正面的訊號。

Appreciate it. I think the result was a 10, not a 67.

感謝。我想結果是 10，不是 67。

Good memory, John.

記性真好，John。

Nick Thillman from Baird. Please go ahead.

Baird 的 Nick Thillman。請繼續。

Hey, good morning, guys. Colin, maybe a question for you. You guys have clearly defined the type of assets you wanna own. Just trying to get a sense of the overall scope of maybe just looking at your market share within your individual sub-markets, what percentage of that trophy lifestyle office does Cousins own versus the opportunity set, longer term? Maybe level setting and start with that.

嗨，各位早安。Colin，可能問你一個問題。你們很清楚地界定了想持有的資產類型。我想了解整體範圍：若看你們在各個子市場的市占，你們在那種「地標級生活風格辦公」（trophy lifestyle office）上，Cousins 持有的比例相對於長期的機會集合大概是多少？也許先從這個基準談起。

Well, yeah. Good morning, Nick. It would certainly vary market by market. When we put together kind of the and go through our various sub-markets in our Sun Belt cities we still think that there’s ample opportunity with the trophy lifestyle buildings that exist today.

嗯，是的。早安，Nick。這會因市場而異。當我們彙整並檢視我們在陽光帶城市的各個子市場時，我們仍然認為，對於目前存在的地標級生活風格大樓，還有相當充足的機會。

Certain buildings like the Proscenium that can be bought and substantially renovated to convert into lifestyle office. As Kennedy alluded to, we do think there’ll be an emerging new development opportunity that I think a public REIT such as ourselves with such a strong balance sheet might be uniquely positioned to capitalize on.

某些大樓例如 Proscenium，可以買下後進行大幅翻新，轉型為生活風格辦公。如 Kennedy 所提到，我們確實認為會出現新的開發機會；像我們這樣資產負債表非常強健的上市 REIT，可能具備獨特優勢去把握這些機會。

That’s helpful. Kennedy, you mentioned a little bit of the flurry of just mezz potential mezz investments but in the past, you guys have also highlighted with the intention of owning those assets longer term. We look at some of the mezz investments, they’ve all been paid back.

這很有幫助。Kennedy，你提到一波潛在的夾層（mezz）投資，但過去你們也強調有意長期持有那些資產。我們看到一些夾層投資都已經回收。

We’ve seen some of those transact. Maybe just give us a sense of how core pricing has moved. I mean, the Dallas Saint Ann Court property sold, the Nashville property is in the market. Just give us a sense of what you guys were initially underwriting with that mezz investment to basically where they’re transacting, how much of that pricing has moved for core product.

我們也看到其中一些已成交。可否請你們談談核心資產定價的變化？例如達拉斯的 Saint Ann Court 物業已售出，納什維爾的物業正在市場上。請你們分享一下：當初做那筆夾層投資時的承作假設（underwriting），到現在實際成交的水準，核心產品的價格到底移動了多少？

Yeah. All of the mezz pieces that we did at the time were low to mid double digits. Those were unique in that they were cut from an existing senior loans. I think that pricing, depending on where you fall in terms of last dollar, is probably still low double digits.

好的。我們當時做的所有夾層部位，報酬率大約在低到中雙位數。那些交易比較特殊，因為是從既有的第一順位（senior）貸款中切割出來的。我認為目前的定價，取決於你在資本結構中屬於「最後一塊錢」（last dollar）的程度，可能仍在低雙位數。

The opportunities that we’re seeing now are more on the origination side, so dealing directly with the sponsor. I mean we’re seeing pricing hold generally for core assets, the acquisition side. Some of the assets you mentioned, I think we’re still trading in the low 7 caps. We think it’s a nice premium to that. With the goal of, if we’re originating it, having a path to own the asset eventually.

我們現在看到的機會比較偏向承作起始端（origination），也就是直接與贊助方（sponsor）對接。我的意思是，我們看到核心資產在收購端的定價大致維持。你提到的一些資產，我認為仍以約 7% 出頭的資本化率（cap rate）成交。我們認為我們的定價相對那個水準有不錯的溢價。目標是：如果是我們承作起始端，就要有一條最終取得該資產所有權的路徑。

That’s helpful. Maybe just one last one for Richard. On the 450,000 square feet of new and expansion leases, is any of that include redevelopment projects? Maybe as we also think of just larger chunks of portfolio and addressing that, this is a little bit of ways out, but the NCR building, is there any opportunity there similar to the situation you guys did with Meta and IBM, look at opportunities there as well?

這很有幫助。也許最後再問 Richard 一題。關於新增與擴租合計 45 萬平方英尺的租賃，其中是否有任何部分包含重建（redevelopment）專案？另外，當我們也從更大範圍的投資組合角度來思考並處理這件事時，這可能還要一段時間，但就 NCR 大樓而言，是否有任何機會能類似你們先前與 Meta 和 IBM 的做法，也在那裡尋找相關機會？

Sure, yeah. There’s a small amount of redevelopment activity in that 450. There’s also obviously activity at Neuhoff in the development category, though we obviously now have it in our operations, and have migrated it over there.

當然，是的。在這 45 萬平方英尺裡，有一小部分是重建活動。另外，Neuhoff 在開發類別上也顯然有活動，雖然我們現在已把它納入營運，並已將其移轉到那邊。

In terms of NCR, we continue to have a very good dialogue with NCR. Over time they still have roughly seven-plus years of term. It’s a super high quality asset, as you know, and a great location. You know, we’re open to, over time, exploring creative strategies just like we always are with any customer to explore win-wins. We’ve demonstrated a track record of success there over time.

就 NCR 而言，我們持續與 NCR 保持非常良好的對話。從時間上看，他們仍大約還有 7 年以上的租期。如你所知，這是一項超高品質的資產，而且地點極佳。你知道的，我們也願意隨著時間推進，探索一些有創意的策略；就像我們一向對任何客戶所做的那樣，去尋找雙贏方案。我們也已在那方面長期展現成功的實績。

It’s tough to predict how that particular situation will play out, but I think the real estate, the quality of it, the quality of the building and location will win the day ultimately. Right now we view it as nothing but a great opportunity in the future.

很難預測那個特定情況會如何發展，但我認為最終會勝出的，將是那不動產本身的品質、建物品質與地點。目前我們把它視為未來一個非常好的機會。

Great. That’s it for me. Thank you all.

很好。我這邊就到這裡。謝謝各位。

Vikram Malhotra, Mizuho Financial Group.

Vikram Malhotra，瑞穗金融集團（Mizuho Financial Group）。

Morning. Thanks for the questions, and congrats on a strong quarter. I guess just first you’ve been talking about refining the portfolio now for a while. You’ve clearly executed. I’m wondering between sort of what’s closed and what’s to be closed in terms of acquisitions and dispositions, where does that leave you in terms of a net, what the pool that you may need to dispose of as maybe a % of the portfolio? Is all of this activity sort of accretive or dilutive near term?

早安。謝謝讓我提問，也恭喜本季表現強勁。我想先從你們談了好一段時間的投資組合精煉（refining the portfolio）開始。你們顯然已經執行到位。我想問的是，在已完成與尚待完成的收購與處分之間，綜合來看，這會讓你們在淨額上處於什麼位置？也就是說，你們可能仍需要處分的資產池，大約占投資組合的百分比是多少？另外，這些活動在短期內是增益（accretive）還是稀釋（dilutive）？

Hey, good morning, Vikram. As you know, we’ve been a very active recycler of assets certainly over the last five years, but even longer dated than that, with a clear eye on building the leading lifestyle office portfolio across the Sun Belt, because we think that’s where there’s going to be the highest amount of demand and the greatest opportunity to drive rents and therefore drive earnings.

嗨，早安，Vikram。如你所知，我們一直是非常積極的資產循環者（recycler of assets），過去五年尤其如此，但其實更早之前也是；我們很清楚地以打造日照帶（Sun Belt）領先的生活型態辦公（lifestyle office）投資組合為目標，因為我們認為那裡將有最高的需求，以及推升租金、進而推升獲利的最大機會。

At the same time, over the last five years and really an intentional decision during COVID when most of our customers were not here, we engaged many of our properties engaged in pretty substantial renovations as well that now position those properties as lifestyle office buildings.

同時，在過去五年，尤其是在 COVID 期間我們多數客戶不在現場時，我們做了一個很刻意的決策：在許多物業上進行相當大規模的翻新；而這些翻新如今讓那些物業具備生活型態辦公大樓的定位。

As we look at the portfolio as a whole certainly the percentage that we would characterize as non-core is in the single-digit percentages. We think that we’re kind of almost done as feeling if the next pandemic came along, we own a portfolio that will continue to thrive. That being said, we’re always going to have a bottom percentage.

就整體投資組合來看，我們認為可被歸類為非核心（non-core）的比例是個位數百分比。我們覺得我們幾乎已經完成到一個程度：如果下一次疫情再來，我們所持有的投資組合仍能持續茁壯。話雖如此，我們永遠都會有一個底部比例存在。

As we see opportunities to upgrade and that we can do that upgrade while staying consistent with our core principles of driving earnings accretion, upgrading the quality of the portfolio and continuing to have a best-in-class balance sheet, we’re going to do it. But we think we’re kind of almost largely through the non-core and into a world where we can be opportunistic as it relates to trying to recycle and upgrade.

當我們看到升級的機會，而且能在符合我們核心原則的前提下完成升級——也就是提升獲利增益（earnings accretion）、提高投資組合品質，並持續維持同業最佳的資產負債表——我們就會去做。但我們認為，我們大致上已經快走完非核心階段，接下來會進入一個可以更具機會性地進行資產循環與升級的階段。

That makes sense. I found your front office, back office comments interesting, especially about the pipeline. Maybe just stepping back, given all this misconceptions around the Sun Belt and particularly back office. Have you looked at your portfolio? Are there any stats you can share in terms of what % of the tenancy is back office? I guess, what % is SaaS? Any other statistics that sort of give us a flavor of what you described with the pipeline.

了解。我覺得你們對前台（front office）、後台（back office）的評論很有意思，尤其是關於管線（pipeline）的部分。也許退一步來看，鑑於市場對日照帶、特別是後台的各種誤解，你們是否檢視過自己的投資組合？有沒有任何統計可以分享，例如租戶中有多少比例屬於後台？我想問還有多少比例是 SaaS？或任何其他能讓我們更理解你所描述之管線特性的統計數據。

Yeah. Again, I would characterize our percentage of back office in a portfolio of the quality of Cousins is probably among the lowest in the office sector. Again, I’m sure we have some maybe out at Northpark, but this would be in the single digits.

有。再說一次，我會把 Cousins 這種品質的投資組合中，後台（back office）占比形容為辦公類別裡最低的那一群之一。同樣地，我確定我們可能在 Northpark 那邊有一些，但這會是個位數百分比。

Again, the the narrative about the Sun Belt being back office is a dated one. These cities have certainly grown up and urbanized. Today they are attracting kind of the best and the brightest and highly educated workforce who are seeking a vibrant place to live and work and at the same time, have it more affordable.

同樣地，把日照帶描述為後台的敘事已經過時了。這些城市確實已經成長並都市化。如今它們正在吸引最優秀、最有才華且受過高等教育的勞動力；這些人尋求的是一個充滿活力、適合生活與工作的地方，同時也更可負擔。

That’s why companies like Oracle and Goldman Sachs and The Capital Group and Starbucks and others continue to shift their corporate operations into these dynamic markets in the Sun Belt.

這也是為什麼像 Oracle、Goldman Sachs、The Capital Group、Starbucks 等公司，持續把其企業營運轉移到日照帶這些充滿活力的市場。

Okay. Just lastly, if I can clarify. As you go back to sort of the stabilized mid-90, low to mid-90s, you now have a pool of assets perhaps less burden in terms of CapEx. Assuming sort of cash flow recovers over the next 2, 3 years with the occupancy, like, where are you comfortable with with the payout ratio, dividend payout?

好的。最後我想再釐清一下。當你們回到大約穩定在 90% 中段、90% 初到中段的入住率時，你們現在可能有一個在資本支出（CapEx）負擔上較輕的資產池。假設未來 2、3 年隨著入住率提升、現金流回升，你們對配息率（payout ratio）、股利配發（dividend payout）覺得舒適的水準會在哪裡？

Good commits, Gregg. You know, if you go back and look historically, our payout ratio has lingered deliberately, intentionally in the low to mid 70% as a payout ratio to FAD. We’re very comfortable with it being right around there as well. This quarter was a little bit lower. That’s just again, because of the lumpiness that I talked about on a previous question.

很好的問題，Gregg。你知道，如果回頭看歷史，我們的配息率一直刻意、也有意識地維持在以 FAD 計算的低到中 70% 區間。我們也很舒適維持在大約那個水準。本季稍微低一些。那只是因為我在前一題提到的波動性（lumpiness）。

As I sit here today we’ve been comfortable in the low to mid seventies, I think we’ll stay comfortable there. Let me caveat that. At the end of the day, it’s a board decision. We’ll talk to them about it, we’ve got an active board, they’re very interested in kind of our operations, we talk about the dividend every quarter.

以我現在的角度來看，我們一直對低到中 70% 感到舒適，我想我們也會繼續維持在那裡。但我補充說明一下。歸根結底，這是董事會的決定。我們會和他們討論；我們的董事會很積極，也非常關心我們的營運，我們每一季都會討論股利。

I don’t want to make a decision on their behalf in advance of that. But historically, we have paid out low to mid 70%, and I think that’s where we’ll be in the immediate future. Beyond that, again, it’ll be a bigger strategic discussion with the board.

我不想在董事會做決定之前就先替他們做出結論。但從歷史來看，我們的配發一直是低到中 70%，我認為短期內也會維持在那個水準。再往後的話，同樣地，這會是與董事會更大型的策略性討論。

Andrew Berger, Bank of America.

Andrew Berger，美國銀行。

Great. Thank you, and congratulations on the strong quarter. Colin, in your opening remarks, you talked about how companies that are deploying AI are prioritizing co-collaboration. Can you give us a sense of how much space per employee tenants in your portfolio are using today? Whether or not you think this could potentially rise over time as companies invest more in collaborative space.

很好。謝謝你，也恭喜本季表現強勁。Colin，在你的開場致詞中，你提到正在導入 AI 的公司會優先重視共同協作。你能否讓我們了解一下，你們投資組合中的承租戶目前每位員工使用多少空間？以及你是否認為，隨著公司加大對協作空間的投入，這個數字可能會隨時間上升。

Good morning. Well, I guess I got to zoom out a touch and look back to the the kind of the pandemic era, where there was a lot of discussion of what was going to happen to employee densities and changing of floor plans. I’d tell you that over time, where we are today is exactly where we were in 2019 as it relates to densities within our portfolio.

早安。嗯，我想我得稍微拉遠一點，回顧一下疫情時期，當時大家討論很多員工密度會如何變化、平面配置會如何調整。我會告訴你，隨著時間推移，就我們投資組合內的密度而言，我們今天所處的位置其實和 2019 年完全一樣。

Looking forward, again, I don’t want to speculate other than to share we’re very active, obviously, in a lot of leasing with major technology companies, financial services, and legal, and we’re really not seeing any immediate shifts in how they’re using space as AI begins to roll out in greater degrees.

展望未來，我同樣不想做過多揣測，只能分享我們顯然在大量租賃活動上非常活躍，對象包括大型科技公司、金融服務與法律業者；而且當 AI 開始更大規模推行時，我們並未看到他們在空間使用方式上有任何立即性的轉變。

Great. Thank you. Obviously, very strong quarter as it pertains to the cash leasing spreads 15%. Last quarter was pretty similar, excluding Northpark. Obviously, leasing spreads can be a bit lumpy. It sounds like there were some larger leases this quarter.

很好。謝謝。顯然，就現金租賃價差 15% 而言，本季非常強勁。上季也差不多（不含 Northpark）。顯然，租賃價差可能會有些波動。聽起來本季有一些較大型的租約。

My question is, do you have a general sense of how your portfolio’s in-place rents compare to market rents today? Ultimately, whether or not we should expect to continue seeing these double-digit increases on a cash basis, just given the demand versus supply dynamics that you’ve been talking about.

我的問題是，你是否大致了解你們投資組合的既有租金與目前市場租金相比如何？最終，考量你一直在談的供需動態，我們是否應該預期現金基礎的租金仍會持續出現這種雙位數的成長？

Well, it’s Colin. I would say that again, it’s hard to predict quarter to quarter because of the underlying mix of customers, buildings, markets. We do think that the portfolio today is still below market, as we are now starting to see market rates rise. Looking forward at the existing late-stage pipeline, we’re confident that we’re going to continue to drive rents. We’re hopeful that this time in three months, we’ll be announcing our 49th consecutive quarter of a positive cash rent rollout.

我是 Colin。我會說，再次強調，由於客戶、建物與市場的組合不同，很難逐季預測。我們確實認為，目前投資組合的租金仍低於市價，因為我們現在開始看到市場租金上升。往前看，針對現有的後期洽談管線，我們有信心能持續推升租金。我們希望三個月後的此時，我們將宣布連續第 49 季現金租金調升為正。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Great. Thanks for taking my questions. Clearly a lot of progress at Neuhoff. What needs to happen before commencing Neuhoff phase two construction? How should we think about the mix of products that you might pursue?

很好。謝謝回答我的問題。Neuhoff 顯然有很大進展。在啟動 Neuhoff 第二期施工之前，還需要發生哪些事情？我們應該如何看待你們可能追求的產品組合？

Hey, good morning, it’s Kennedy. I think the pre-lease would help kick that off. As I mentioned, we feel really good about activity there and certainly the speed in which we can deliver new product. We’re actively talking to customers and we just need to make sure that the pre-leasing demand is there and the rents are there too. As the new building will require a little bit higher rents than what we’re seeing in the current. We’re encouraged. Was there a second part of the question?

嗨，早安，我是 Kennedy。我認為預租（pre-lease）會有助於啟動那一段。如我提到的，我們對那裡的活動量感覺很好，當然也對我們交付新產品的速度很有信心。我們正積極與客戶洽談，只需要確認預租需求確實存在，租金水準也到位。因為新大樓所需的租金會比我們目前看到的水準略高一些。我們感到鼓舞。問題有第二部分嗎？

Just whether it’s going to be purely office or there’s also potential for additional resi or retail on the property.

只是想問，會是純辦公室，還是該物業也可能增加一些住宅或零售？

That particular phase is pure office with a little bit of ground level retail. We do have rights for future phases that could include a mix of uses.

那個階段是純辦公室，搭配一點點一樓零售。我們確實擁有未來階段的權利，可能會包含混合用途。

Okay. Thank you. Then it sounds like you’re slow playing the lease up of some of the development space given your rent growth expectations. How does that inform your approach to 2027 expirations?

好的。謝謝。接著聽起來，基於你們對租金成長的預期，你們在部分開發空間的出租節奏上採取較為保守的策略。這會如何影響你們對 2027 年到期租約的做法？

I’m sorry, say that one more time.

抱歉，可以再說一次嗎？

Sure. Just it sounds like you’re slow playing the lease up of some of the development space given your rent growth expectations and kind of holding back as those projects are completed because you’re getting better rents the closer you are to finish, the finish line. How does that inform your approach to 2027 expirations? If you expect that market rents are going to continue to be improving, maybe you hold off on some of the discussions until they’re closer to the expiration date.

當然。就是聽起來，基於你們對租金成長的預期，你們在部分開發空間的出租上放慢節奏，並在專案完工時稍微保留一些，因為越接近完工，你們能拿到更好的租金。這會如何影響你們對 2027 年到期租約的策略？如果你預期市場租金會持續改善，也許你會把部分洽談延後到更接近到期日再進行。

Yeah, a good question. I would say generally speaking at Cousins, we’re if we’ve got customers that want to lease space with us, we’re trying to meet the market and to certainly drive occupancy.

是的，這是個好問題。我會說，一般而言，在 Cousins，如果有客戶想向我們承租空間，我們會努力貼近市場，並且確實推動入住率。

You’re I think referencing 201 North Tryon, which is a particularly unique situation where we’ve got a project that is kind of mid-construction. At the same time, we see over the second half of this year a real shortage of lifestyle space emerging. When those two collide we sit here today and look at opportunities and there is demand today that really reflects what I would characterize as pre-construction economics.

我想你指的是 201 North Tryon，那是個相當特殊的情況：我們有一個專案正處於施工中期。同時，我們看到今年下半年生活風格型（lifestyle）空間將出現真正的短缺。當這兩者交會時，我們今天坐在這裡看機會，會發現目前的需求其實反映的是我會稱之為「施工前」的經濟條件。

In the not too distant future, call it end of the year, first quarter, we think we’re going to be able to drive post-construction lease economics. As Richard alluded to, we’ve had a lot of success at our redevelopment projects with a similar strategy and saw meaningfully, meaningful increases in rental rates in some cases over $5 a foot. Our thinking on this particular asset is if we’re able to, in a 6 to 9 months, increase rental rates by $5 a foot times 300+ thousand square feet, that’s $1.5 million a year call it on a 10-year, on 10-year leases.

在不久的將來，大概到年底或第一季，我們認為我們將能推動「完工後」的租賃經濟條件。如 Richard 所提到的，我們在改造型專案上採取類似策略已取得很大成功，租金在某些案例中出現顯著上升，甚至每平方英尺超過 5 美元。我們對這項資產的想法是：如果我們能在 6 到 9 個月內，把租金提高每平方英尺 5 美元，乘以 30 多萬平方英尺，那就是每年約 150 萬美元；以 10 年期、10 年租約來看。

We think a little bit of patience for that kind of reward in this very specific instance is certainly worth the trade-off.

我們認為，在這個非常特定的案例中，為了這樣的回報而多一點耐心，絕對值得這個取捨。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Hi. Hi. Thanks for taking the questions. Just wanting to talk a little bit more about sort of the corporate immigration trends that you guys are seeing. you know, Apollo obviously is reported in the market. You’ve seen the moves from Starbucks, KB Home. I guess as we look at the pipeline today in terms of that activity, would you say it’s largely geared to those big corporate users that are either looking to move headquarters or plan to large call it headquarters too, or is it more predominantly concentrated into smaller outposts, companies looking for smaller outposts within the Southeast?

嗨。嗨。謝謝回答問題。我想再多談一點你們所看到的企業遷移趨勢。你知道，市場上顯然有報導 Apollo 的動向。你們也看到 Starbucks、KB Home 的遷移。我想問的是，從目前的管線來看，這類活動主要是由那些大型企業用戶所帶動——他們要搬遷總部，或計畫擴大（可稱為「總部 2.0」）——還是更主要集中在較小型的據點，也就是公司在東南部尋找較小的外點辦公？

You know, this is Richard. I think it’s a mix of both, frankly. We’re still continuing to see the large in-migration. I think that’s only going to accelerate as we’ve talked about. There are certainly instances where, and I think KB Home may be a good instance to reference that it is truly a headquarters relocation, but it’s not a 200,000 foot user at the same time.

你知道，我是 Richard。坦白說，我認為兩者都有。我們仍持續看到大量人口淨遷入。我認為正如我們談到的，這只會加速。當然也有一些案例——我想 KB Home 可能是個很好的例子——那確實是總部搬遷，但同時並不是一個 200,000 平方英尺的使用者。

We’re continuing to see in Phoenix, in particular, a steady stream of companies that probably have a requirement for a headquarters of one, two floors coming out of California, and those add up. We’re very encouraged by both the kind of smaller, if you will, flow of headquarters relocations. Also could be outposts, but the big ones are still there. They’re in Dallas, without a doubt.

我們持續在鳳凰城（Phoenix）看到，特別是，源自加州的公司穩定流入；它們可能只需要一到兩層樓作為總部，而這些需求累積起來就很可觀。我們對這種較小規模（如果你願意這麼說）的總部搬遷潮感到非常鼓舞。也可能是設立據點，但大型案子仍然存在。毫無疑問，它們在達拉斯（Dallas）。

We’ve talked about Charlotte, where some of these requirements have landed in the past couple of months that are 200,000 square feet apiece, and taking up quality second-gen space. Nashville was a great example of a very large requirement by Oracle that has endured to our benefit. We’re seeing a little bit of everything at this point. It again, we feel like it should do nothing but accelerate.

我們談到過夏洛特（Charlotte），過去幾個月有一些需求落地，每一筆都是 200,000 平方英尺，並承租高品質的次世代（second-gen）空間。納什維爾（Nashville）是個很好的例子：甲骨文（Oracle）有一個非常大的需求，並且持續存在，對我們有利。目前我們看到各種情況都有。同樣地，我們覺得這只會加速。

That’s helpful. Just maybe going back to some of your comments on rent growth. Dallas clearly seeing or has seen strong rent growth over the last 4 years. I think you mentioned sort of call it cumulative growth of 40%. You know, is it unreasonable to think sort of that’s where the rest of your high-quality Sun Belt office submarkets are headed similarly following that trajectory? Is there something unique?

這很有幫助。我想再回到你們對租金成長的一些評論。達拉斯在過去 4 年顯然正在或已經看到強勁的租金成長。我記得你提到，累計成長大約 40%。你知道，認為你們其他高品質的陽光帶（Sun Belt）辦公室子市場也會沿著類似軌跡前進，這樣想是否不合理？是否有什麼獨特因素？

That you guys think that has happened in Uptown over the last several years that might not sort of make that a good parallel for the rest of you guys’ submarkets?

你們認為過去幾年在 Uptown 發生的事情，是否使其不太適合作為你們其他子市場的對照？

Hey, Dylan, it’s Colin. I’d say the demand in Dallas accelerated faster than in some of our other markets. Dallas got to the inflection point of a landlord-favored market quicker and, therefore, rents were able to move.

嗨，Dylan，我是 Colin。我會說，達拉斯的需求加速速度比我們其他一些市場更快。達拉斯更快到達由房東主導的市場拐點，因此租金得以調升。

It’s just simply supply and demand. Now many of our other markets are at or nearing similar inflection points, with the shortage of space due to the lack of supply. We’re hopeful that you’ll see similar instances of being able to drive those rents. I’d use kind of one example, where I’m sitting today in the Buckhead submarket of Atlanta.

這就是單純的供需。現在我們許多其他市場也已到達或接近類似的拐點，因供給不足而出現空間短缺。我們希望你會看到類似的情況，讓我們能夠推動租金上調。我用一個例子：我今天所在的是亞特蘭大（Atlanta）的 Buckhead 子市場。

If a user today needed 100,000 square feet, or had a 100 square feet requirement in a what I would characterize as a trophy lifestyle office building, they have exactly zero options. You know, the existing rents in this market today, the top end I would say are in the mid to high $50s to $60 range. New construction would cost every bit, and that’s on a gross basis, new construction would cost over $90 a square feet. It’s a pretty significant leap, and would take three to four years to deliver. That’s one example as we’ve alluded to as a increasing demand, decreasing supply, should allow us to drive lease economics.

如果一個使用者今天需要 100,000 平方英尺，或是在我所稱的頂級生活風格（trophy lifestyle）辦公大樓中有 100 平方英尺的需求，他們可選擇的方案正好是零。你知道，這個市場目前的既有租金，我會說高端大約在每平方英尺 50 多美元中段到高段、到 60 美元左右。新建案的成本——而且這是以總額（gross）計——新建案每平方英尺成本會超過 90 美元。這是相當大的跳升，而且交付需要三到四年。這就是我們提到的一個例子：需求增加、供給下降，應該能讓我們推動租賃條件（lease economics）。

Upal Rana, KeyBanc.

Upal Rana，KeyBanc。

Great. Thanks for taking my question. Richard could you provide a timeline on your signed but not yet commenced leases to come online or convert to cash? Just wondering if there’s a quarter where we should expect to see most of it come online or is it more spread out?

很好。謝謝讓我提問。Richard，你能否提供一下你們「已簽約但尚未起租」的租約，何時會上線或轉為現金流的時間表？我只是想了解是否有某個季度我們應預期大部分會開始貢獻，還是會更分散？

Sure. At this point, what we have signed and not yet commenced relative to 2026, which I presume you’re probably more focused on, I would call that late third quarter timing on a weighted average basis.

當然。就目前而言，我們已簽約但尚未起租、且對應到 2026 年的部分——我猜你可能更關注這一塊——以加權平均來看，我會說大約落在第三季末的時間點。

Okay, great. That was helpful. Then maybe for Kennedy, I wanted to ask about competition on the transaction front. You know, last year you mentioned large private capital coming into the market and you noted transactions are starting to pick up. Just wondering how pricing has trended recently and what you’re seeing out there.

好的，很好。這很有幫助。那接著想問 Kennedy，關於交易端的競爭情況。你知道，去年你提到大型私人資本進入市場，也指出交易開始回溫。想請問近期價格走勢如何，以及你們在市場上看到什麼？

Yeah. We do feel like it’s continuing to pick up. As I’ve said a few times though, we don’t see still a lot of competition in the true trophy space, particularly as the assets start to get north of $250 million. We’re also encouraged by the fact that people are being more constructive around office opportunities.

是的。我們確實覺得交易持續回溫。不過如我之前多次提到的，我們仍然沒有看到在真正頂級（trophy）資產領域有太多競爭，特別是當資產規模開始超過 2.5 億美元時。我們也受到鼓舞，因為大家對辦公室機會的看法變得更為建設性。

We’re seeing high net worth and family offices come back pretty robustly, some new entrants. Feel like that works to our advantage as a seller, but as a buyer that we can still be viewed very positively by sellers given our ability to move quickly and our cost of capital.

我們看到高淨值人士與家族辦公室相當強勁地回歸，也有一些新進入者。我們覺得這對我們作為賣方有利；但作為買方，我們也仍能因為行動迅速的能力以及資金成本，而在賣方面前被非常正面地看待。

Okay, great. That was helpful. Thank you.

好的，很好。這很有幫助。謝謝。

There are no further questions. Presenters, please continue.

沒有其他問題。簡報人員，請繼續。

Thank you for your time this morning and interest in Cousins Properties. We hope to see many of you in New York at NAREIT in June. In the meantime, if you have any follow-up questions, please do not hesitate to reach out to Roni Imbeaux or Gregg Adzema. Have a great afternoon.

感謝各位今天上午撥冗，以及對 Cousins Properties 的關注。我們希望在六月於紐約的 NAREIT 見到各位中的許多人。同時，如果你有任何後續問題，請隨時聯繫 Roni Imbeaux 或 Gregg Adzema。祝各位下午愉快。

Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。你現在可以掛線。