Highwoods Properties Inc (HIW) 2024 Q4 法說會逐字稿

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions)

在通話的演示部分，所有線路都將靜音，並在結束時提供問答機會。（操作員指示）

I would now like to pass the conference over to your host, Brendan Maiorana, Chief Financial Officer. You may proceed.

現在，我想將會議交給主持人、財務長 Brendan Maiorana。您可以繼續。

Thank you, operator. And good morning, everyone. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; and Brian Leary, our Chief Operating Officer. For your convenience, today's prepared remarks have been posted on the web. If you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com.

謝謝您，接線生。大家早安。今天早上與我一起參加電話會議的還有我們的執行長 Ted Klinck；以及我們的營運長 Brian Leary。為了您的方便，今天的準備好的發言稿已發佈到網上。如果您尚未收到昨天的收益報告或補充報告，您可以在我們網站 highwoods.com 的「投資者」部分找到它們。

On today's call, our review will include non-GAAP measures such as FFO, NOI, and EBITDAre. The release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

在今天的電話會議上，我們的審查將包括非公認會計準則指標，例如 FFO、NOI 和 EBITDAre。此發布和補充內容包括這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳。

Forward-looking statements made during today's call are subject to risks and uncertainties. These risks and uncertainties are discussed at length in our press releases as well as our SEC filings. As you know, actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update any forward-looking statements.

今天電話會議上做出的前瞻性陳述存在風險和不確定性。這些風險和不確定性在我們的新聞稿以及美國證券交易委員會的文件中進行了詳細討論。如您所知，實際事件和結果可能與這些前瞻性陳述有重大差異，本公司不承擔更新任何前瞻性陳述的義務。

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

說完這些，我會把電話轉給泰德。

Thanks, Brendan. And good morning, everyone. Before I talk about our exceptional fourth quarter and full year of leasing, I'd like to start by outlining the significant growth potential we have over the next few years.

謝謝，布倫丹。大家早安。在談論我們出色的第四季度和全年租賃業績之前，我想先概述我們未來幾年的巨大成長潛力。

First, we have significant upside potential in our core operating portfolio. For several years, we've been transparent about large customer move-outs that we knew would be occurring in late 2024 and early 2025. These are now upon us, which has, as anticipated, driven occupancy well below stabilized levels and resulted in temporarily low NOI, FFO, and cash flow. Importantly, the bulk of this vacancy is concentrated in four core buildings, some of which have already been backfilled but where occupancy hasn't yet commenced, and others where we have good prospect activity. Compared to our 2025 outlook, these four buildings have over $25 million of stabilized annual NOI upside and even more meaningful growth and annual cash flow.

首先，我們的核心營運組合具有巨大的上升潛力。多年來，我們一直公開告知大批客戶撤離的情況，我們知道這些撤離將在 2024 年底和 2025 年初發生。這些現在都已經降臨到我們頭上，正如預期的那樣，這導致入住率遠低於穩定水平，並導致 NOI、FFO 和現金流暫時處於低位。重要的是，大部分空置面積集中在四座核心建築中，其中一些建築已經回填但尚未開始入住，而另一些建築則有良好的潛在活動。與我們對 2025 年的展望相比，這四棟建築每年的 NOI 穩定成長空間超過 2,500 萬美元，而且成長和年度現金流更為可觀。

Second, we have significant upside potential as our development pipeline continues to deliver and stabilize. We have two development properties that have delivered but haven't yet stabilized, GlenLake Three in Raleigh and Granite Park Six in Dallas, but where leasing activity is robust with 142,000 square feet signed in the last quarter alone and strong prospects for additional space. The annual NOI upside upon stabilization of these two high-quality development projects, compared to our 2025 outlook, is nearly $10 million. Importantly, because we're no longer capitalizing any costs on these projects, all NOI growth will drop to the bottom line FFO and cash flow. Plus, we have two additional developments, 23 Springs in Uptown Dallas, and Midtown East in Tampa's West Shore BBD, that will deliver this year and are projected to generate over $20 million of annual NOI upon stabilization.

其次，隨著我們的開發管道不斷交付和穩定，我們擁有巨大的上升潛力。我們有兩處開發物業已交付但尚未穩定，分別是羅利的 GlenLake Three 和達拉斯的 Granite Park Six，但租賃活動十分活躍，僅上個季度就簽署了 142,000 平方英尺的租賃協議，並且額外空間的前景十分光明。與我們對 2025 年的展望相比，這兩個高品質開發項目穩定後，年度 NOI 上漲幅度將接近 1000 萬美元。重要的是，由於我們不再將這些項目的任何成本資本化，所有 NOI 成長都將下降到底線 FFO 和現金流。此外，我們還有另外兩個開發項目，位於達拉斯上城區的 23 Springs 和位於坦帕西岸 BBD 的 Midtown East，將於今年交付，預計穩定後每年將產生超過 2000 萬美元的 NOI。

Third, we have significant upside potential from future investments. We believe there will be compelling acquisition opportunities during 2025. As you know from last Monday's press release, in late 2024 and early 2025, we proactively raised $215 million with non-core dispositions and equity issued through our ATM program to bolster our dry powder. We expect to deploy this capital during the year by acquiring high-quality assets with strong cash flows and meaningful long-term upside.

第三，我們未來的投資具有巨大的上升潛力。我們相信 2025 年將會出現引人注目的收購機會。正如您從上週一的新聞稿中所知，在 2024 年底和 2025 年初，我們透過 ATM 計畫主動籌集了 2.15 億美元，包括非核心處置和發行股權，以增強我們的乾粉。我們預計將在今年透過收購具有強勁現金流和有意義的長期上漲潛力的優質資產來部署這筆資本。

None of this potential future growth is included in our initial 2025 FFO outlook. Given the embedded upside within our operating portfolio and development pipeline, combined with meaningful dry powder, we couldn't be more excited about the next few years.

我們最初的 2025 年 FFO 展望中並未包含這些潛在的未來成長。考慮到我們的營運組合和開發管道中蘊含的優勢，再加上有意義的資金，我們對未來幾年充滿期待。

Now turning to our fourth-quarter and full-year 2024 performance. The fourth quarter was a repeat of the first three quarters of 2024. Solid financial results, coupled with very strong leasing activity, which sets the foundation for growth in late 2025 and beyond. In the fourth quarter, we delivered FFO of $0.85 per share, in line with our outlook, including a $0.01 of non-cash write-offs that were not in our outlook. For the full year, FFO was $3.61 per share, almost 2% higher than the midpoint of our original outlook provided last February despite selling over $100 million of non-core properties and interest rates that remained higher than expected. Neither of which were included in our original outlook.

現在來談談我們 2024 年第四季和全年的業績。第四季是 2024 年前三個季度的重複。穩健的財務表現加上非常強勁的租賃活動為 2025 年末及以後的成長奠定了基礎。第四季度，我們的 FFO 為每股 0.85 美元，符合我們的預期，其中包括未包含在我們預期內的 0.01 美元的非現金註銷。就全年而言，儘管出售了價值超過 1 億美元的非核心資產且利率仍高於預期，但 FFO 仍為每股 3.61 美元，比我們去年 2 月提供的原始預期中點高出近 2%。這兩者都沒有被納入我們最初的展望。

Our robust leasing volume and economics were the standout of the fourth quarter and full year. During the quarter, we leased 1.3 million square feet of second-gen space, including 370,000 square feet of new leases, plus nearly 100,000 square feet of net expansions. For the year, our second-gen new leasing volume was 1.6 million square feet, our highest volume in 10 years. Our total second-gen leasing volume for the year was 4 million square feet, and our weighted average lease term was 7.5 years, the highest in our history. This strong volume, combined with lengthy terms, demonstrates that businesses are willing to commit to their in-office workplace strategy if they can secure commute-worthy buildings in BBD locations with financially strong landlords.

我們強勁的租賃量和經濟效益是第四季和全年的亮點。本季度，我們租賃了 130 萬平方英尺的第二代空間，其中包括 37 萬平方英尺的新租賃，以及近 10 萬平方英尺的淨擴建。今年，我們的第二代新租賃面積為 160 萬平方英尺，創下 10 年來的最高水準。我們全年第二代租賃總面積為 400 萬平方英尺，加權平均租賃期限為 7.5 年，為歷史最高。如此強勁的交易量加上較長的租期表明，如果企業能夠在 BBD 地段獲得適合通勤的建築並且業主財力雄厚，他們就願意致力於實施其辦公室工作場所戰略。

To this end, during the year, we signed second-gen leases that equate to total cash rent of $1 billion, which is another record for Highwoods, and we signed an additional $140 million of total rents through first-gen deals.

為此，我們在本年度簽署了第二代租約，總現金租金達 10 億美元，這又創下了 Highwoods 的一項紀錄，此外，我們還透過第一代租約簽署了另外 1.4 億美元的總租金。

During the fourth quarter, we renewed our two largest remaining 2026 explorations, both in Raleigh, for over 200,000 square feet combined. Securing these two renewals leaves us with limited large roll in 2026. Starting with the second half of 2025 and extending over the next several years, our rollover exposure is very manageable with very few known move-outs. This optimistic outlook, coupled with the significant volume of signed leases in 2024 that haven't yet commenced, gives us confidence that we'll see meaningful growth in occupancy, NOI, and cash flow as we get into late 2025 and beyond.

第四季度，我們續簽了剩餘的兩項最大的 2026 年勘探項目，均位於羅利，總面積超過 200,000 平方英尺。確保這兩次續約將使我們在 2026 年的大規模裁員數量受到限制。從 2025 年下半年開始並延續未來幾年，我們的展期風險非常可控，已知的展期情況非常少。這種樂觀的前景，加上 2024 年已簽署但尚未開始的大量租約，讓我們有信心，到 2025 年末及以後，我們將看到入住率、淨營業利潤和現金流的顯著增長。

Turning to investments. Last week, we announced the sale of $166 million of non-core properties in Tampa and Raleigh. These include a 170,000-square-foot non-core office building in North Raleigh for $21.4 million in the fourth quarter and three non-core buildings comprising 616,000 square feet in Tampa for $145 million in early February. These properties, which were 88% occupied and 36 years old on average, sold for a combined cash cap rate of 7.8% on projected 2025 NOI. These disposition proceeds are an attractive source of capital as we look to recycle into new investments over time. We're targeting up to $150 million of additional non-core dispositions this year. Any future sales aren't likely to close until after mid-year and are not included in our FFO outlook.

談到投資。上週，我們宣佈出售位於坦帕和羅利的價值 1.66 億美元的非核心資產。其中包括第四季以 2,140 萬美元購得的位於北羅利的一棟 17 萬平方英尺的非核心辦公大樓，以及 2 月初以 1.45 億美元購得的位於坦帕的三棟 616,000 平方英尺的非核心建築。這些房產的入住率為 88%，平均使用年限為 36 年，預計 2025 年淨營業收入的綜合現金資本化率為 7.8%。當我們希望隨著時間的推移將這些處置收益回收到新的投資中時，它們是一個有吸引力的資金來源。我們今年的目標是額外增加高達 1.5 億美元的非核心資產配置。任何未來的銷售都可能要到年中之後才能完成，並且不包括在我們的 FFO 展望中。

In December, we acquired fee simple title to the land underneath our Century Center assets in Atlanta which consists of 1.7 million square feet of office and 13 acres of developable land. Fee simple ownership provides us long-term flexibility and certainty.

12 月，我們獲得了位於亞特蘭大世紀中心資產下方土地的完全所有權，其中包括 170 萬平方英尺的辦公空間和 13 英畝的可開發土地。完全所有權為我們提供了長期的靈活性和確定性。

We believe there will be attractive acquisition opportunities over the next few years for well-capitalized owners such as Highwoods. As always, we will be disciplined allocators of shareholder capital. You can expect any new investments will improve our overall portfolio quality, enhance our long-term growth rate, and strengthen our cash flows.

我們相信，未來幾年對於 Highwoods 等資金雄厚的業主來說，將會有頗具吸引力的收購機會。一如既往，我們將嚴格分配股東資本。您可以預期任何新的投資都會改善我們的整體投資組合質量，提高我們的長期成長率，並增強我們的現金流。

Our development pipeline is now 59% leased, up from 49% last quarter, as we signed 161,000 square feet of first-gen leases. We're seeing the most activity at our two completed but not yet stabilized properties, GlenLake Three in Raleigh and Granite Park Six in Dallas. These properties, which are still one year away from projected stabilization, are combined 52% leased with healthy prospect activity.

我們的開發案目前已出租 59%，高於上一季的 49%，我們簽署了 161,000 平方英尺的第一代租約。我們看到，我們兩個已完工但尚未穩定的物業，即羅利的 GlenLake Three 和達拉斯的 Granite Park Six，活動最為活躍。這些物業距離預計的穩定狀態還有一年的時間，總租賃率為 52%，且租賃前景良好。

Our initial 2025 FFO outlook is $3.26 to $3.44 per share. The outlook includes the approximate $0.10 per share short-term dilutive effect from the $166 million of recent asset sales, the $52 million of equity raised in late 2024, and the purchase of the ground at Century Center. Our same property cash NOI growth outlook is negative 2% to negative 4%. We believe 2025 will be a temporary trough before resuming our trajectory of consistent same-store growth.

我們最初的 2025 年 FFO 預測是每股 3.26 美元至 3.44 美元。該展望包括近期 1.66 億美元資產出售、2024 年底籌集的 5,200 萬美元股權以及購買世紀中心地面所產生的約每股 0.10 美元的短期稀釋效應。我們對同一房地產現金 NOI 成長的預期為負 2% 至負 4%。我們相信，2025 年將是我們的暫時低谷，之後將恢復同店銷售額持續成長的軌跡。

Before I turn the call over to Brian, I want to further highlight why we're so optimistic about the next few years at Highwoods. First, the long-term outlook for our markets and BBDs is strong. As you know, there is limited new supply expected to be added over the next few years and high-quality blocks of space are being absorbed. Our well-located, high-quality portfolio, reputation as a best-in-class operator, and strong financial sponsorship positions us to gain market share.

在我將電話轉給布萊恩之前，我想進一步強調為什麼我們對 Highwoods 未來幾年如此樂觀。首先，我們的市場和 BBD 的長期前景強勁。如您所知，預計未來幾年新增供應量有限，優質地塊正在吸收。我們地理位置優越、品質優良的產品組合、一流營運商的聲譽以及強大的財務支援使我們能夠贏得市場份額。

Second, the volume of leasing completed over the last several quarters, combined with limited rollover in late 2025 through 2027, has us positioned to grow occupancy, NOI, and cash flow as we move into late 2025 and thereafter.

其次，過去幾季完成的租賃量，加上 2025 年末至 2027 年有限的展期，使我們預計在 2025 年末及以後增加入住率、淨營業利潤和現金流。

Third, we have several core assets with significant NOI growth potential where we have signed leases that won't contribute meaningfully to 2025 or where prospect activity is strong.

第三，我們擁有幾項核心資產，這些資產具有巨大的淨營運收入成長潛力，但我們已經簽署了租約，但這些租約不會對 2025 年產生重大貢獻，或者潛在活動很活躍。

Fourth, our development pipeline will deliver and stabilize over the next few years which we project will result in $30-plus million of NOI above our 2025 outlook.

第四，我們的開發管道將在未來幾年內交付並穩定下來，我們預計這將帶來比 2025 年預期高出 3,000 多萬美元的淨利潤。

And finally, our balance sheet is well-positioned to take advantage of attractive acquisition opportunities we believe will materialize this year.

最後，我們的資產負債表已做好準備，可以利用我們認為今年將實現的有吸引力的收購機會。

To wrap up, we're not only optimistic because of our markets, portfolio, and balance sheet, but also because of our engaged, hardworking, and talented teammates who drive our consistent success. I would like to thank our entire Highwoods team for their commitment and tireless dedication. It is their effort that has positioned us so well for the future.

總而言之，我們不僅對我們的市場、投資組合和資產負債表感到樂觀，還因為我們敬業、勤奮、才華橫溢的隊友推動著我們不斷取得成功。我要感謝整個 Highwoods 團隊的承諾和不懈的奉獻。正是他們的努力，才使我們的未來如此美好。

Brian?

布賴恩？

Thank you, Ted. And good morning, everyone. Office market fundamentals continue to strengthen, with office employment reaching an all-time high and the return-to-office movement in full swing. Nationally, CBRE reported improvement in the U.S. office market in the fourth quarter, marking the first decline in the overall vacancy rate in three years. For the second consecutive quarter, net absorption outpaced construction completions, with demand for high-quality space in prime locations remaining strong.

謝謝你，泰德。大家早安。辦公大樓市場基本面持續增強，辦公大樓就業率達到歷史最高水平，重返辦公室運動如火如荼地展開。世邦魏理仕報告稱，美國辦公大樓市場第四季出現改善，整體空置率三年來首次下降。連續第二個季度，淨吸收量超過建築完工量，對黃金地段優質空間的需求依然強勁。

Notably, sublease availability also decreased as space was either reoccupied by sublessors or absorbed directly in the broader market. CBRE also highlighted a 24% quarter over quarter and 23% year over year increase in national leasing activity, and the highest quarterly net absorption total in three years.

值得注意的是，由於空間要么被轉租人重新佔用，要么被更廣泛的市場直接吸收，轉租可用性也有所下降。世邦魏理仕也強調，全國租賃活動較上季成長 24%，年增 23%，季度淨吸收量創三年來最高水準。

Leasing momentum remains strong across Highwood's markets. For the first time since the pandemic, positive net absorption for the year surpassed 1 million square feet. The under construction development pipeline has significantly diminished, with few anticipated starts in 2025. The current construction pipeline represents approximately 1% of existing inventory and is 63% pre-leased on average, while the inventory continues to shrink due to conversions and redevelopments.

海伍德各市場的租賃動能依然強勁。自疫情爆發以來，今年的淨吸收量首次超過 100 萬平方英尺。在建開發案數量已大幅減少，預計 2025 年開工工程將寥寥無幾。目前在建案約佔現有庫存的 1%，平均預租率為 63%，而由於改建和再開發，庫存量持續減少。

Within our own portfolio and for the full year, we signed 4 million square feet of second-generation leases, including 1.6 million square feet of new deals and 302,000 square feet of expansions. The weighted average lease term reached a record high 7.5 years.

在我們自己的投資組合中，我們全年簽署了 400 萬平方英尺的第二代租約，其中包括 160 萬平方英尺的新交易和 302,000 平方英尺的擴建。加權平均租賃期限達到創紀錄的7.5年。

We ended the year at 87.1% occupancy, over 700 basis points higher than our markets, and including signed but-not-yet-commenced leases on vacant space, we ended the year 89.9% lease. As expected, year-end occupancy dipped due to known fourth quarter explorations. However, the strong leasing activity throughout 2024 positions us for occupancy growth following our long-telegraphed trough in the first half of 2025.

截至年底，我們的入住率為 87.1%，比我們的市場高出 700 多個基點，如果算上已簽署但尚未開始的空置空間租約，截至年底，我們的租賃率為 89.9%。正如預期的那樣，由於已知的第四季度勘探活動，年底入住率有所下降。然而，在經歷了 2025 年上半年的長期低谷之後，2024 年全年強勁的租賃活動將使我們的入住率成長。

As Ted noted previously, total rental revenue from second-generation leases signed was the highest in our history which, combined with signed first-generation leases, represents over $1.1 billion and is 140% of our current annualized lease revenue. This robust leasing activity provides a strong foundation for the future.

正如 Ted 先前指出的，簽署的第二代租約的總租​​金收入是我們歷史上最高的，加上簽署的第一代租約，總租金收入超過 11 億美元，相當於我們目前年化租賃收入的 140%。這種強勁的租賃活動為未來奠定了堅實的基礎。

Focusing on the quarter, we signed 106 second-generation leases totaling 1.3 million square feet, including 370,000 square feet of new leases. This body of work represented nearly $300 million in contracted revenue. 58% of the fourth quarter's deal volume were either new leases or expansions. Being proactive with regard to our forward lease roll proved successful in the fourth quarter with major renewals of our largest remaining 2025 and 2026 expirations, totaling approximately 300,000 square feet in Nashville and Raleigh.

重點關注本季度，我們簽署了 106 份第二代租約，總面積達 130 萬平方英尺，其中包括 37 萬平方英尺的新租約。這項工作的合約收入接近 3 億美元。第四季的交易量中有 58% 是新租約或擴建。我們在遠期租賃方面的積極主動性在第四季度取得了成功，我們最大的剩餘租賃合約於 2025 年和 2026 年到期，在納許維爾和羅利的續約面積總計約為 300,000 平方英尺。

Following our long-communicated occupancy low ahead in 2025, we have only one exploration larger than 100,000 square feet through year end 2027. On the lease economics front, we achieve net effective rents, which include all leasing costs and concessions that were 3.6% higher than the previous five quarter average. Raleigh led our leasing volume in the fourth quarter with 285,000 square feet of second-generation leases signed in an average nine-year term and 17.6% GAAP rent growth. Additionally, first-generation leasing at our GlenLake Three development drove the assets lease rate from 34% to 56%.

繼我們長期溝通的 2025 年入住率低點之後，到 2027 年底，我們只有一個面積超過 100,000 平方英尺的勘探項目。在租賃經濟方面，我們實現了淨有效租金，其中包括所有租賃成本和優惠，比前五個季度的平均水平高出 3.6%。羅利在第四季度的租賃量領先，簽署了 285,000 平方英尺的第二代租約，平均租期為九年，GAAP 租金增長率為 17.6%。此外，我們 GlenLake Three 開發案的第一代租賃將資產租賃率從 34% 提升至 56%。

While Ted highlighted our 1.6 million square feet development pipelines positive leasing momentum, core to our portfolio's commute-worthy success is our commitment to being a redeveloper as well. The significant redevelopment or Highwood-tizing of our core portfolio is yielding attractive returns, and we are highly focused on deploying this playbook when and where needed.

雖然泰德強調了我們 160 萬平方英尺的開發案積極的租賃勢頭，但我們投資組合通勤成功的核心是我們致力於成為再開發商。我們核心投資組合的重大重建或 Highwood 化正在產生可觀的回報，我們高度專注於在需要的時間和地點部署此策略。

To this end, the Highwood-tizing we completed in Atlanta and Nashville at Two Alliance and the former Tivity building, respectively, has driven the substantial relet of those buildings. Our planned Highwood-tizing of Symphony Place in downtown Nashville as being well received by the market. Symphony Place remains an iconic tower on the Nashville skyline. It is built to the highest architectural standards, and is the beneficiary of a location with unparalleled regional access and connectivity to all that makes Nashville such a compelling destination for talented organizations and individuals. When our redevelopment is completed in the next year, Symphony Place will feature a collection of curated and talent-supportive amenities unmatched in the market. We are encouraged by the early interest in the building and prospect tours to-date.

為此，我們分別在亞特蘭大的 Two Alliance 和納許維爾的原 Tivity 大樓完成了 Highwood 改造，推動了這些建築的大量轉租。我們計劃對納許維爾市中心的 Symphony Place 進行 Highwood 化改造，受到了市場的歡迎。交響樂廣場仍然是納許維爾天際線的標誌性塔樓。該建築按照最高的建築標準建造，並且得益於其無與倫比的區域交通和連通性，使納許維爾成為吸引優秀組織和個人的有吸引力的目的地。當我們的重建工程於明年完工時，Symphony Place 將擁有一系列市場上無與倫比的精心策劃和人才支援設施。我們對迄今為止人們對該建築和前景旅遊的早期興趣感到鼓舞。

From an operation standpoint, 2025 will be a year of unyielding focus on organic growth within the portfolio by leaning in to gain market share and occupancy via our competitive capital advantage, both in lease economics and the ability to reinvest and redevelop our BBD portfolio. Increased occupancy is the clearest pathway for organically growing NOI and driving meaningful FFO growth.

從營運的角度來看，2025 年將是堅定不移地專注於投資組合內有機成長的一年，透過利用我們的競爭性資本優勢（包括租賃經濟以及再投資和重新開發我們的 BBD 投資組合的能力）來獲得市場份額和入住率。提高入住率是實現 NOI 有機成長和推動 FFO 有意義的成長的最清晰途徑。

We close the year with strong leasing momentum, record setting lease revenue, and a solid foundation for growth. Our strategic investments in redevelopment and proactive leasing initiatives continue to differentiate Highwoods as a leading office owner and operator in our markets. With competitive development pipelines at historic lows and market vacancy peaking, we're well-positioned to capitalize on market opportunities through our resilient portfolio, ongoing redevelopment efforts, strong balance sheet, and our owner-operator advantage. For all of these reasons, we believe the outlook for Highwoods is bright as we drive a long-term value for our stakeholders.

我們以強勁的租賃勢頭、創紀錄的租賃收入和堅實的成長基礎結束了這一年。我們對重建和積極租賃計劃的策略性投資繼續使 Highwoods 成為我們市場中領先的辦公室所有者和營運商。隨著競爭性開發管道處於歷史低點且市場空置率達到頂峰，我們完全有能力透過我們富有彈性的投資組合、持續的重建努力、強勁的資產負債表以及業主運營商優勢來利用市場機會。由於所有這些原因，我們相信 Highwoods 的前景是光明的，因為我們為利害關係人帶來了長期價值。

I will now turn the call over to Brendan.

現在我將電話轉給布倫丹。

Thanks, Brian. In the fourth quarter, we posted a net loss of $3.7 million for $0.03 per share, which included a $24.6 million impairment charge for 625 Liberty Avenue, formerly known as EQT Plaza, in Pittsburgh. FFO was $92.2 million or $0.85 per share, which does not include the impairment, but does include a $1 million non-cash write-off of pre-development costs. Excluding this write-off, which was not factored into our FFO outlook provided in October, our FFO would have been $0.86 per share at the high end of our range.

謝謝，布萊恩。第四季度，我們淨虧損 370 萬美元，每股虧損 0.03 美元，其中包括匹茲堡自由大道 625 號（原名 EQT Plaza）的 2,460 萬美元減損費用。FFO 為 9,220 萬美元或每股 0.85 美元，其中不包括減值，但包括 100 萬美元的非現金前期開發成本註銷。不計入這筆註銷（這筆註銷並未計入我們 10 月提供的 FFO 展望中），我們的 FFO 將達到每股 0.86 美元，處於我們預期範圍的高端。

Our balance sheet is in excellent shape. We have no debt maturities until a $200 million floating rate term loan matures in the second quarter of 2026. And we have no other maturities until 2027. During the quarter, we proactively raised just over $50 million of equity through our ATM program at an average gross price of $32.71 per share. In addition, we sold $166 million of non-core properties in late 2024 and early 2025, including $145 million that closed after year end. We also invested a little over $50 million to consolidate fee simple ownership of the ground underneath our Century Center properties in Atlanta.

我們的資產負債表狀況極佳。在 2026 年第二季 2 億美元浮動利率定期貸款到期之前，我們沒有債務到期。2027 年之前我們沒有其他到期債務。在本季度，我們透過 ATM 計畫主動籌集了超過 5,000 萬美元的股權，平均總價格為每股 32.71 美元。此外，我們在 2024 年底和 2025 年初出售了價值 1.66 億美元的非核心資產，其中包括年底後完成交易的價值 1.45 億美元的資產。我們還投資了略高於 5,000 萬美元來鞏固位於亞特蘭大的世紀中心地產地下土地的完全所有權。

Each of these items creates dry powder for the future, with the $145 million of proceeds received from our non-core asset sales in Tampa last week. Today, we have no balance outstanding on our $750 million revolving line of credit, civing us ample liquidity for future investments and reducing our pro-forma debt-to- EBITDA ratio to 6.1 times from 6.3 times at year end.

這些項目中的每一個都為未來累積了充足的資金，上週我們在坦帕出售非核心資產獲得了 1.45 億美元的收益。如今，我們的 7.5 億美元循環信貸額度已無未償還餘額，這為我們未來的投資提供了充足的流動性，並將我們的預期債務與 EBITDA 比率從年底的 6.3 倍降至 6.1 倍。

A few items of note about a recent non-core dispositions. The $166 million combined sale price equates to a cash cap rate of 7.8% on projected 2025 NOI and a GAAP cap rate slightly above 8%. The immediate use of proceeds was to reduce the balance on a revolving line of credit which is temporarily dilutive to near-term FFO pending redeployment into new investments. Despite the short-term FFO drag, we view these proceeds as an efficient source of capital as the assets sold were older vintage, capital-intensive properties in non-BBD locations. Following these dispositions, we expect our cash flows and long-term growth rates to be higher while improving the long-term resiliency and quality of our portfolio.

關於最近的非核心處置，有幾點值得注意。1.66 億美元的合併售價相當於預計 2025 年淨營業利潤的 7.8% 現金資本化率和略高於 8% 的 GAAP 資本化率。所得款項的直接用途是減少循環信貸額度的餘額，該餘額會暫時稀釋近期的 FFO，等待重新部署到新的投資中。儘管短期內 FFO 會受到拖累，但我們認為這些收益是一種有效的資本來源，因為出售的資產是非 BBD 地區的老式、資本密集型資產。透過這些處置，我們預計我們的現金流量和長期成長率將會更高，同時提高我們投資組合的長期彈性和品質。

Now on to our 2025 outlook. Our same property cash NOI outlook is minus 2% to minus 4%. Included in our same property pool are four buildings that are projected to be significantly underoccupied with a sharp decline in NOI during 2025. Our historical practice is to keep buildings in the same property pool unless there is a change of use or redevelopment that is so extensive that we move the building to our development page in the supp. The effect of keeping these four properties in our same-store pool and the sale of the Tampa assets has reduced our 2025 same property growth projection by approximately 500 basis points. As a reminder, we have grown same property cash NOI for 13 consecutive years without taking office buildings out of service. And we believe 2025 will be a temporary trough before resuming our trajectory of consistent same-store growth.

現在我們來談談 2025 年的展望。我們對相同房地產現金 NOI 的預期為負 2% 至負 4%。我們在同一物業池中包括四棟建築，預計 2025 年這些建築的入住率將嚴重不足，NOI 將急劇下降。我們的歷史做法是將建築物保留在同一個財產池中，除非用途或再開發發生很大變化，以至於我們將建築物移至補充中的開發頁面。將這四處房產保留在我們的同店資產池中以及出售坦帕資產的影響使我們對 2025 年同店資產增長的預測降低了約 500 個基點。提醒一下，我們已經連續 13 年實現同一物業現金淨營業收入成長，並且沒有停止使用辦公大樓。我們相信，2025 年將是我們的暫時低谷，之後將恢復同店銷售額持續成長的軌跡。

Our average occupancy outlook is 85% to 86.5%. Similar to NOI, we expect occupancy will dip during the first half of the year given the well-telegraphed move-outs Ted mentioned. Occupancy is projected to decrease around 200 basis points from 4Q '24 to 1Q '25, and then grow later in the year. While we don't provide a year-end occupancy range in our outlook, somewhere between 86% to 87% by year end is a likely landing spot for our portfolio. Excluding the recently sold properties in Tampa and the four significantly underoccupied buildings I just mentioned, our average occupancy for 2025 would be approximately 350 basis points higher.

我們的平均入住率預期為 85% 至 86.5%。與 NOI 類似，考慮到 Ted 提到的明顯的撤離現象，我們預計上半年入住率將會下降。預計入住率將從 2024 年第四季到 2025 年第一季下降約 200 個基點，然後在今年稍後上升。雖然我們沒有在展望中提供年底入住率範圍，但到年底，86% 至 87% 之間可能是我們投資組合的著陸點。不包括最近出售的坦帕房產和我剛才提到的四棟入住率嚴重不足的建築，我們 2025 年的平均入住率將高出約 350 個基點。

As Ted mentioned, our FFO range is $3.26 to $3.44 per share. I'll start with Q4 '24 as a base for modeling 2025. We reported $0.85 per share of FFO or $0.86 per share excluding the non-cash pre-development write-offs. Annualizing Q4 and adjusting for traditionally higher G&A in the first quarter due to the expensing of annual equity grants, the Q4 run rate would imply FFO per share for 2025 to be in the low $3.40s. As noted in the release, the recent dispositions, Century Center ground lease acquisition, and equity issuances are expected to have an approximate $0.10 dilutive impact on our 2025 FFO. Since the vast majority of the announced dispositions occurred subsequent to year end, only a modest amount of the dilution was baked into the fourth quarter of 2024. To say it another way, these items will reduce the annualized fourth quarter run rate by approximately $0.07 to $0.08 per share.

正如 Ted 所提到的，我們的 FFO 範圍是每股 3.26 美元至 3.44 美元。我將從 24 年第四季開始，作為 2025 年建模的基礎。我們報告的 FFO 為每股 0.85 美元，或不包括非現金開發前註銷的每股 0.86 美元。將第四季度進行年度化，並根據第一季由於年度股權授予費用化而導致的傳統上較高的 G&A 進行調整，第四季度的運行率意味著 2025 年每股 FFO 將處於 3.40 美元以下。正如新聞稿中指出的，最近的處置、世紀中心土地租賃收購和股權發行預計將對我們 2025 年的 FFO 產生約 0.10 美元的稀釋影響。由於絕大多數宣布的處置都發生在年底之後，因此只有少量的稀釋被計入 2024 年第四季。換句話說，這些項目將使第四季度的年化運行率降低約 0.07 美元至 0.08 美元/股。

NOI is expected to be lower, particularly in the first half of the year due to the occupancy projected I mentioned earlier, but this should be offset by some other income items projected to occur at various points throughout the year. Putting all of those items together would get us to the midpoint of our 2025 outlook.

預計淨營業收入將會較低，特別是由於我之前提到的入住率預測，今年上半年的淨營業收入將會較低，但這應該會被預計在全年不同時間點出現的一些其他收入項目所抵消。將所有這些項目放在一起，我們就能得出 2025 年展望的中點。

To be clear, we expect occupancy, NOI, and FFO to start low and improve later in 2025 which should place us on a strong trajectory as we exit the year and move on to 2026.

需要明確的是，我們預計入住率、NOI 和 FFO 一開始會處於較低水平，到 2025 年後期會有所改善，這將使我們在今年年底和 2026 年步入強勁發展軌道。

In summary, as Ted mentioned at the beginning of his remarks, we have significant growth potential from three primary areas. First, we have significant organic growth potential through the lease-up of high-quality core operating properties in strong BBD locations. Second, our development pipeline is projected to drive meaningful NOI and FFO growth with limited Highwood's funding left before completion. Third and finally, our balance sheet is in excellent shape and well-positioned to deploy capital and this doesn't account for the strong fundamental backdrop we see across our core BBDs. For all of these reasons, we're optimistic about the next several years for Highwoods.

總而言之，正如 Ted 在發言開始時所提到的，我們在三個主要領域擁有巨大的成長潛力。首先，透過在強大的 BBD 位置租賃優質核心營運物業，我們擁有巨大的有機成長潛力。其次，我們的開發管道預計將推動有意義的 NOI 和 FFO 成長，而 Highwood 在完成之前所剩的資金有限。第三，也是最後一點，我們的資產負債表狀況良好，能夠很好地部署資本，但這並不能解釋我們在核心 BBD 中看到的強勁基本面背景。基於所有這些原因，我們對 Highwoods 未來幾年的發展充滿樂觀。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Michael Griffin, Citi.

花旗銀行的邁克爾·格里芬。

Great. Thanks. Appreciate the color on the leasing outlook. It seems like it's pretty optimistic heading into 2025. Just wanted to get maybe some more color and context on those larger vacancies, whether it's EQT, Alliance, properties in Nashville. Does your leasing expectations for '25 assume any of those properties have leases executed there? And then would you really need to see that to continue to push positive net absorption within the portfolio?

偉大的。謝謝。欣賞租賃前景的色彩。展望 2025 年，這似乎相當樂觀。只是想對這些較大的空置房產有更多的了解和背景，無論是 EQT、Alliance 還是納許維爾的房產。您對 25 年的租賃預期是否假設其中任何一處房產都已在那裡簽訂了租賃協議？那麼，您真的需要看到這一點才能繼續推動投資組合中的正淨吸收嗎？

Michael, hey. It's Brendan. I'll start and then I'll turn it over to Ted and Brian to fill in in terms of color. So there's really not any leasing that is included in the occupancy outlook in what we call the four core assets that have significant vacancy. So that's Alliance Center, Symphony Place, Westwood South, and Cool Springs Five. So there's nothing really in there. There are some leases that have completed already that will come in late in the year. But the largest of those, the large law firm deal that we did down at Alliance Center, that isn't scheduled to commence until 2026.

邁克爾，嘿。我是布倫丹。我先開始，然後交給 Ted 和 Brian 填色。因此，在我們所說的四大核心資產中，空置率較高的資產中，入住率前景中實際上並不包括任何租賃。那就是 Alliance Center、Symphony Place、Westwood South 和 Cool Springs Five。所以那裡面其實什麼都沒有。一些租約已經完成，將於今年稍後到期。但其中最大的一筆交易，也就是我們在聯盟中心達成的大型律師事務所交易，預計要到 2026 年才開始。

Thanks, Brendan. Let me just add a little color. It's Ted. So on each of these core fours, we are calling it, (inaudible), Brendan alluded to it, it's the former Novellus space. And as you all know, we backfilled the vast majority of that, but it doesn't commence until 2026. So that's sort of largely buttoned up. But it doesn't -- again, we're not going to see it come through our financials until 2026.

謝謝，布倫丹。讓我添加一點顏色。是泰德。因此，對於每一個核心四，我們都稱之為（聽不清楚），布倫丹提到過，它是以前的 Novellus 空間。眾所周知，我們已經填補了絕大部分空缺，但要到 2026 年才開始。所以基本上已經解決了。但事實並非如此——再說一次，我們要到 2026 年才能看到它透過我們的財務狀況體現出來。

The next one would be the former Tivity building in Cool Springs Five. So in that building, we signed 35% of the building. We've got strong prospects for another 30% or so. And then we've got enough tire kickers, they're out there for the remaining space. So we think we're making really good progress on that one as well. And a lot of that won't be -- some of it will come through this year, but a lot of that's next year as well.

下一個是 Cool Springs Five 的前 Tivity 大樓。因此，我們簽署了那棟建築的 35% 的合約。我們非常有希望再實現 30% 左右的成長。然後我們就有足夠的輪胎踢球者，他們就在那裡等待剩餘的空間。因此我們認為我們在這方面也取得了很好的進展。其中很多都不會——有些會在今年實現，但很多也會在明年實現。

Westwood South, it's 128,000-square-foot building. The customer just moved out a few weeks ago, early January, I guess. The space is in great condition. The building shows incredibly well. We've got one sizable prospect as well as multiple other small ones. So if you add them all up, it's well more than the entire ability. And so while it's still early, we've got really good prospect activity there.

韋斯特伍德南，是一座佔地 128,000 平方英尺的建築。我猜，這位顧客幾週前才搬走，大概是一月初。空間狀況非常好。這棟建築看起來非常漂亮。我們有一個相當大的潛在客戶，以及多個其他小型的潛在客戶。所以如果你把它們全部加起來，那就遠遠超過了全部的能力。因此，雖然現在還為時過早，但我們在那裡已經取得了非常好的前景活動。

And then the final one is of Symphony Place. It's our building downtown Nashville. Bass, Berry moved out early February, so just a couple of weeks ago. It's 214,000 square feet. And then, as you know, Pinnacle Bank will be moving out in the third quarter of this year. Our prioritizing plans are done. Now that Bass, Berry has moved out, we're going to start swinging hammers in the next month or so. When we're done, and Brian alluded to in some of his prepared remarks, it's going to be one of the most amenitized buildings in all Nashville. We've got a great basis in the assets and it will be a great value proposition for customers. Tour activities picking up. So we're encouraged there as well.

最後一個是交響樂廣場。這是我們位於納許維爾市中心的建築。巴斯、貝瑞於二月初搬走了，也就是幾週前。面積為 214,000 平方英尺。然後，正如您所知，Pinnacle Bank 將在今年第三季遷出。我們的優先計劃已經完成。現在 Bass 和 Berry 已經搬走了，我們將在下個月左右開始揮動錘子。當我們完成時，正如布萊恩在他的一些準備好的演講中提到的那樣，它將成為整個納許維爾最舒適的建築之一。我們在資產方面擁有良好的基礎，這對客戶來說將是一個極具價值的主張。旅遊活動正在升溫。因此我們也受到了鼓舞。

Thanks, Ted. Appreciate all the color there. I think it's encouraging you guys are looking to pivot to offense in these acquisition opportunity set you highlighted. Can you give us a sense of the type of buildings that you're targeting for potential acquisitions? Are they more stabilized? Could there be a value-add component if you use your Highwood-tizing secret sauce? And then as it relates to proceeds to fund these acquisitions, obviously, about the dispo proceeds and the equity, I guess my question there and it's probably better for Brendan, why not maybe execute on more non-core sales as opposed to issuing equity, just given where you all are trading relative to NAV?

謝謝，泰德。欣賞那裡的所有色彩。我認為你們在強調的這些收購機會中尋求轉向進攻是令人鼓舞的。您能否向我們介紹一下您計劃收購的建築類型？它們更加穩定嗎？如果您使用 Highwood-tizing 秘密武器，是否會產生增值成分？然後，至於為這些收購提供資金的收益，顯然，關於處置收益和股權，我想我的問題就在這裡，這對布倫丹來說可能更好，為什麼不執行更多的非核心銷售而不是發行股權，只是考慮到你們都是相對於資產淨值進行交易的？

Hey Michael. I'll start off and then turn it over to Brendan on the funding. So on the acquisition side, you're probably aware, we look at everything that's out there from core to opportunistic. We always just looked at the risk-adjusted returns and how comfortable are we on whatever, wherever on the spectrum the acquisition may be. So we've seen some high-quality buildings trade in the last few months. We've also seen some that have gotten pulled because the sellers have already achieved their pricing expectations. But we think there's going to be opportunities out there, whether it be core or opportunistic that meet our expectations on that.

嘿，麥可。我將開始討論資金問題，然後交給布倫丹。因此，在收購方面，您可能已經意識到，我們會考慮從核心到機會的所有事物。我們始終只專注於風險調整後的回報，以及我們對收購的信心程度，無論收購發生在哪個階段。因此，我們在過去幾個月中看到一些高品質的建築物進行交易。我們也看到一些產品被撤下，因為賣家已經實現了他們的定價預期。但我們認為，將會存在機會，無論是核心機會或機會主義機會，都能滿足我們的期望。

So we're pretty excited about it. It's going to be similar playbook that we used coming out of GFC where we bought a lot of stabilized assets as well as some opportunistic assets. We're looking to improve the quality of the portfolio, improve our growth rate and improve our cash flows.

所以我們對此感到非常興奮。這將與我們在全球金融危機後採取的策略類似，當時我們購買了大量穩定資產以及一些機會性資產。我們希望提高投資組合的品質、提高我們的成長率並改善我們的現金流。

Then Michael, just in terms of the capital that we'd be comfortable investing and why not disposition proceeds versus equity, I think we looked at it from a balanced approach. I think we had good visibility in terms of the sale that closed that we announced last week. So that's good proceeds. But then I think we also felt like given the opportunity set that was in front of us, it made sense to create a little bit more dry powder late in the year. And so we went ahead and did that. We think they'll be likely opportunities as we said. And we think that source of capital will be attractive relative to the use of those proceeds, hopefully later in the year.

那麼邁克爾，就我們願意投資的資本而言，以及為什麼不選擇處置收益而不是股權，我認為我們是從平衡的角度來看待這個問題的。我認為，就上週宣布的銷售成交而言，我們擁有良好的透明度。所以這是不錯的收益。但我想，考慮到我們面前的機會，我們也覺得在今年稍後創造更多的乾粉是有意義的。所以我們繼續這樣做了。正如我們所說，我們認為這將是一個可能的機會。我們認為，相對於這些收益的使用而言，資金來源將具有吸引力，希望在今年稍後實現。

Great. That's it for me. Thanks for the time.

偉大的。對我來說就是這樣。謝謝你的時間。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey. Just a couple of quick ones. The impairment charge taken off 625, just curious, any updated thinking of sale for that asset or what the business plan is going to be for the next couple of years? Thanks.

嘿。僅舉幾例。減損費用已扣除 625，只是好奇，對該資產的銷售有任何更新的想法嗎？或是未來幾年的業務計畫是什麼？謝謝。

Hey Ron. Really no update. As you know, we announced we're getting out of Pittsburgh a few years ago and right about the same time, capital markets locked up. EQT is a non-core asset for us. And our long-term desire is to get out of Pittsburgh. But as you know, financing for big assets in secondary markets is still very difficult. So it's still on our dispo list at the right time. But we're going to be patient.

嘿，羅恩。確實沒有更新。如你所知，幾年前我們宣布退出匹茲堡，大約在同一時間，資本市場關閉。EQT 對我們來說是非核心資產。我們的長期願望是離開匹茲堡。但大家知道，大資產在二級市場的融資還是非常困難的。因此，它仍然在適當的時候出現在我們的處置清單上。但我們會保持耐心。

Great. And then just my second one, I know the focus is on leasing this year both on the core four as well as development asset, just wondering if any sort of changes in strategy this year, whether it's more TIs or going after smaller users, like any sort of big-picture changes to the leasing strategy this year versus last year? Thanks.

偉大的。然後是第二個問題，我知道今年的重點是租賃，包括核心四大資產以及開發資產，只是想知道今年的戰略是否有任何變化，無論是更多的 TI 還是追逐更小的用戶，比如今年與去年相比租賃戰略有任何大的變化嗎？謝謝。

Not really. I think we're going to take what we can get out there. Obviously, we've got a very robust spec suite program that's been very successful for us for many years that chases the small customers that want to cut down the time it is -- the time to get in their space. So that's been a great program for us. But our sweet spot continues to be that 5,000- to 15,000-square-foot user. The last couple of quarters, we have seen the return of larger prospects, companies that are ready to make their decisions as they can get in really good buildings.

並不真地。我認為我們會盡我們所能。顯然，我們有一個非常強大的規格套件程序，多年來它對我們來說非常成功，它追逐那些想要縮短進入空間時間的小客戶。所以這對我們來說是一個很棒的計劃。但我們的最佳目標仍然是面積為 5,000 至 15,000 平方英尺的用戶。過去幾個季度，我們看到了更大前景的回歸，這些公司已經準備好做出決定，因為他們可以進入真正優質的建築。

So we've had a lot of success the last five quarters. We've had robust leasing. And we're just hoping that's going to continue. And I certainly don't think there's any reason why I won't, I think -- At the end of the day, we did have -- towards the end of last year, we had a couple of big ones because it got done right before the end of the year which may be brought up our stats a little bit. But our pipeline remains robust too, our activities good. And we expect this year to be similar to the last few years.

因此，我們在過去五個季度取得了很大成功。我們的租賃業務十分強勁。我們只是希望這種情況能夠持續下去。我當然不認為有任何理由不這樣做，我認為——歸根結底，我們確實——去年年底，我們有幾個大項目，因為它是在年底之前完成的，這可能會稍微提高我們的統計數據。但我們的通路依然強勁，我們的活動也很好。我們預計今年的情況將與過去幾年類似。

Great. That's it for me. Thank you.

偉大的。對我來說就是這樣。謝謝。

Rob Stevenson, Janney Montgomery.

羅伯史蒂文森、珍妮蒙哥馬利。

Good morning, guys. I think the Federal government's 2.5% of your revenue, can you just talk about what the office leases are there and if any of that stuff is in the departments that are on the Trump must-hit list at this point?

大家早安。我認為聯邦政府的收入佔你們收入的 2.5%，您能否談談那裡的辦公室租賃情況以及其中是否有任何部門目前處於川普必打名單上？

Hey Rob. It's Ted. So it's pretty diverse exposure we have. It's 2.5%, 2.6%, I think you'll see in the supp. It's pretty diverse in that it's 20 different agencies, over 30 leases. The largest is the CDC, and I don't know if that's on the list or not. But we're actually encouraged by we think it's primarily essential agencies, and there's a lot of primary -- a lot of firm term as well. So we don't have a ton of exposure. From our perspective, those 30-plus leases are spread out across five different markets. So it's just not a lot of exposure overall.

嘿，羅布。是泰德。因此，我們的曝光度是相當多樣化的。它是 2.5%、2.6%，我想你會在補充資料中看到。它的多樣性在於有 20 個不同的機構，超過 30 個租約。最大的是疾病預防控制中心，我不知道它是否在名單上。但我們實際上受到鼓舞，我們認為這主要是必不可少的機構，並且還有很多主要的——很多堅定的術語。所以我們的曝光度並不高。從我們的角度來看，這 30 多個租約分佈在五個不同的市場。因此整體而言曝光度並不高。

Okay. That's helpful. And then can you talk about the core markets where you're expecting the best relative operating performance in '25 and which markets are likely to be a little bit more challenged at least relatively and '25 in your view?

好的。這很有幫助。然後，您能否談談您預計 25 年相對營運表現最好的核心市場，以及您認為哪些市場至少在相對上和 25 年可能會面臨更大的挑戰？

Specifically regarding leasing, is that what you're talking about?

具體來說，關於租賃，您說的是這個嗎？

Operating fundamentals, pricing, demand, et cetera, however you want to count the operating fundamentals. What's having the -- likely to have the best traction in '25 and which are sort of more stuck in neutral in '25 in your view?

經營基本面、定價、需求等等，無論你想如何計算經營基本面。您認為，在 25 年，什麼最有可能獲得最佳發展，而哪些又會處於中立狀態？

Sure. I think as we look at our markets, I think all are more on a recovery phase. I think there will be different trajectories of the recovery. But Nashville, if you look at suburban Nashville, in particular, has been a really good market for us. Downtown, I think supplied finally caught up with demand, if you will. So downtown has been a little softer, although, as what we talked about, the Symphony Place, we're starting to see more activity. Charlotte has been a really good market for us. It just stays full. Not a lot of construction going on. Then you got a good drill down to specific submarkets I think as well is important. Dallas, if you look at Dallas, the headlines are Dallas is pretty soft. But if you drill down to the uptown submarket and even the activity we're seeing up in Plano and Frisco, it's very, very robust. I think you saw the movement, the activity we had at Granite Park Six in the last quarter. We really materially moved that needle on occupancy on that development projects. So Dallas is actually hanging in there as well. We're seeing good activity in Tampa. Made a lot of leasing in Tampa which enabled us to sell the BayCare portfolio at a great time. Orlando's hanging in there. I think Raleigh's been a little bit on the softer side, but that's turning around a little bit in the last couple of months. So in general, I think, again, all of our markets are seeing the recovery. It's just going to be different trajectories.

當然。我認為，當我們觀察我們的市場時，我認為所有市場都處於復甦階段。我認為復甦的軌跡會有所不同。但如果你看一下納許維爾郊區，你會發現納許維爾對我們來說確實是一個非常好的市場。如果你願意的話，我認為市中心的供應最終會趕上需求。因此，市中心的氣氛稍微平靜一些，不過，正如我們所談到的，在交響樂廣場，我們開始看到更多的活動。夏洛特對我們來說確實是一個很好的市場。它只是保持滿的狀態。目前沒有太多施工。然後，你就可以深入了解特定的子市場，我認為這也很重要。達拉斯，如果你看看達拉斯，頭條新聞就是達拉斯相當疲軟。但如果你深入住宅區子市場，甚至看看我們在普萊諾和弗里斯科看到的活動，你會發現它非常非常強勁。我想您已經看到了我們上個季度在 Granite Park Six 的活動。我們確實實質地提高了該開發案的入住率。所以達拉斯其實也在堅持。我們看到坦帕的活動很活躍。在坦帕進行了大量租賃，這使我們能夠在最佳時機出售 BayCare 投資組合。奧蘭多仍在堅持。我認為羅利的情況有點疲軟，但過去幾個月情況有所改善。所以總的來說，我認為我們所有的市場都在復甦。只是軌跡會有所不同。

All right. That's extremely helpful. And then last one for me, can you talk about what drove the land purchase decision at Century Center? Was that an option that you needed to exercise? And what does this purchase allow you to do going forward development-wise that you wouldn't have been able to do otherwise?

好的。這非常有幫助。最後一個問題，您能談談是什麼促使您做出購買世紀中心土地的決定嗎？這是您需要行使的選擇嗎？這次收購對於你​​們未來的發展有哪些幫助，而這些是你們以前無法做到的？

Sure. So the Century Center really enabled us to consolidate their ownership of the land in the buildings, Rob. We didn't have an option we had to exercise. This is something -- we we went to the landowner and proactively was able to effectuate. It just gives us a lot of long-term flexibility and also create some liquidity for those assets. We've done a lot of great leasing there in the last year or so. So we've created a lot of value. And we think buying the land enables us to unlock some of that value we've created. But also, we got -- there's 13 acres of undeveloped land that can be monetized. So we just thought with the leasing we've done, the value we've created, this is a good time to do that.

當然。因此，世紀中心確實使我們能夠鞏固其對建築物土地的所有權，羅布。我們沒有必須採取的選擇。這是——我們去找土地所有者並主動實現了這一點。它為我們提供了很大的長期靈活性，也為這些資產創造了一些流動性。在過去一年左右的時間裡，我們在那裡完成了許多出色的租賃業務。所以我們創造了很多價值。我們認為購買土地可以讓我們釋放我們創造的部分價值。但同時，我們還有 13 英畝未開發的土地可以貨幣化。因此，我們認為，透過我們已經完成的租賃，我們已經創造的價值，現在是做這件事的好時機。

Okay. That's helpful. Thanks, guys. Appreciate the time.

好的。這很有幫助。謝謝大家。珍惜時間。

Michael Lewis, Truist Securities.

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

Thank you. So Ted, you might have already answered this. I apologize if you did. But the gap from 97% at the end of the year, occupancy down 200 basis points to 85%, by my math, that (inaudible) about 90 bps. That remaining 110 bps, are there any large tenant spaces in that or is that a confluence of smaller move-outs?

謝謝。那麼 Ted，你可能已經回答了這個問題。如果您這樣做了，我深表歉意。但從年底的 97% 來看，入住率下降了 200 個基點，降至 85%，根據我的計算，那（聽不清楚）大約是 90 個基點。剩下的 110 個基點，其中是否有大型租戶空間，或者是否是較小規模的搬出空間的匯合？

Michael, it's Brendan. There are some. So there's that full building user in Nashville, but at the Westwood South building, so that's about 125,000 square feet. So that's sizeable. You've got Pinnacle Bank that we mentioned. That one is a sizable exploration as well. And then there's a handful that are a little bit more modest in size, but are there. So overall, I think what we've got out of the remaining 2.7 million square feet of explorations, cumulatively, there's about 2 million of that that will vacate. We have roughly 1.1 million square feet of leases that are signed that will commence. But some of which are on currently occupied space that will move out, some of which is on the vacant space that will move in. And then the remainder is a combination of some spec leasing that we have in the forecast. And then you also have about 100,000 square feet of kind of net drag from the sale of the Tampa assets that hit after year end.

麥可，我是布倫丹。有一些。因此，納許維爾有整棟建築的用戶，但在 Westwood South 大樓，面積約為 125,000 平方英尺。所以這個數字相當可觀。您已經找到了我們提到的 Pinnacle Bank。這也是一次規模相當大的探索。還有一些規模稍微小一點，但確實存在。所以總的來說，我認為我們在剩餘的 270 萬平方英尺的勘探面積中，累計起來大約有 200 萬平方英尺將會被騰空。我們已簽署約 110 萬平方英尺的租約，即將開始生效。但其中一些位於目前已佔用的空間，將要遷出，而另一些位於空置的空間，將要遷入。其餘部分是我們預測的一些規格租賃的組合。然後，您還會發現，由於坦帕資產的出售，年底之後的淨拖累約為 100,000 平方英尺。

So all that kind of gets you to a point where by the end of the year -- we do think that year-end occupancy will be higher than the average for the year. But we'll probably be somewhere between, kind of call it, probably somewhere between 86% and 87% by year end if things go well.

所以所有這些都會讓你在年底達到一個水平——我們確實認為年底的入住率將高於全年的平均水平。但如果一切順利的話，到年底我們可能會達到 86% 到 87% 之間的某個水平。

Okay. Got you. And then this question is I guess a CapEx question at it's core. But the dividend wasn't covered by (inaudible) this quarter. I realize when you do a lot of leasing, you have elevated CapEx. And I see the growth path to cover that dividend. Between now and then, if the CapEx is going to be choppy, so we see bumpy quarters like this quarter was a little elevated, how will the CapEx spend kind of trend?

好的。明白了。那我猜這個問題的核心就是資本支出問題。但本季的股利並未涵蓋（聽不清楚）。我意識到當你進行大量租賃時，你的資本支出就會增加。我看到了覆蓋該股息的成長路徑。從現在到那時，如果資本支出將會出現波動，那麼我們會看到像本季一樣波動的季度，資本支出趨勢將如何？

Yeah. It's a good question. The CapEx is likely to be elevated. And to be clear, it was elevated in 2024 as well just from all of the leasing that we did. And for the year, still had good positive dividend coverage. And I would say over the past four years, really since the onset of the pandemic, I think our cumulative dividend coverage has been north of $200 million. So that is going to bounce around. But I think as you get to a point where you're building occupancy and you're signing leases, you get the capital spend before you get the corresponding increase in rents and NOI. And that just takes time to kind of play through.

是的。這是個好問題。資本支出可能會增加。需要明確的是，由於我們進行的所有租賃，2024 年這一數字也上升了。今年，股息覆蓋率仍然良好。我想說的是，在過去四年裡，實際上自疫情爆發以來，我們的累積股利覆蓋率已超過 2 億美元。所以這會發生反彈。但我認為，當你達到建造入住率並簽署租約的階段時，你會先獲得資本支出，然後才會獲得相應的租金和淨營業利潤的增加。而這只不過是需要時間來實現而已。

So I think to your point, the coverage is going to be kind of lumpy from quarter to quarter and even for a year or two. But that's a good problem to have as that's going to bring us to stabilization and drive significantly higher NOI and cash flow as we reach those stabilized levels.

所以我認為，正如你所說，不同季度甚至一兩年的覆蓋範圍都會有所不同。但這是一個好問題，因為它將使我們達到穩定，並在我們達到穩定水平時推動更高的淨營業利潤和現金流。

Thanks. And then just one more for me. The press release said development start is unlikely this year. Could you just maybe talk about how far above market the rents would have to be to start development, can you might give us kind of a sense? I assume it's fair that if you can't make the math work, almost nobody probably can. So how far away are we from the math work on development?

謝謝。然後我再說一次。新聞稿稱，今年不太可能開始開發。能否談談租金必須高於市價多少才能開始開發，您能給我們一個大概的印象嗎？我認為，如果你不能使數學發揮作用，那麼幾乎沒有人可以做到這一點，這是公平的。那我們距離發展數學工作還有多遠？

Look, I do think it varies depending on the product. You want high-rise product versus maybe a suburban with surface part, it's going to vary. But it's 20% to 30%-ish, probably, depending. And we are going through those exercises right now with a few different proposals. We have -- Michael, it actually did scare off a couple in the last several months that we chased. They didn't like the numbers that we are presenting. But at the same time, it's encouraging to see we still do have inquiries, and we're working on a few build-to-suits. But it is clearly a top-of-the-market type rent. And that's really not way different even the last several years, probably seven or eight years ago. Any new building you're going to deliver top-of-the-market rents, that's spread just maybe a little bit wider today than it had been the last several years.

看，我確實認為這取決於產品。您想要的是高層建築還是帶有地面部分的郊區建築，這將會有所不同。但大概在 20% 到 30% 左右，視情況而定。我們現在正在透過一些不同的提案進行這些練習。我們有——邁克爾，在過去的幾個月裡，它確實嚇跑了我們追逐的一對夫婦。他們不喜歡我們提供的數字。但與此同時，令人鼓舞的是，我們仍然收到詢問，並且我們正在進行一些客製化工作。但這顯然是市場上頂級的租金。這與過去幾年，大概七、八年前的情況並沒有什麼不同。任何新建築都會提供最高的市場租金，如今的租金分佈可能比過去幾年略寬。

Thank you.

謝謝。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey. Good morning. Maybe starting off with either Brian or Ted. In the first half of last year, you guys are a little bit more positive on the amount of leasing you're doing, but you thought it was going to taper off into year end. Obviously, you outperformed that today. I guess looking at your pipeline today, is it logical or do you guys have confidence that you can continue the trend on the new leasing front or the 400,000 square feet of new leasing per quarter? Do you have the right vacancies or where the tenant is today to tailor towards that demand?

嘿。早安.也許從 Brian 或 Ted 開始。去年上半年，你們對租賃業務量比較樂觀，但認為到年底租賃業務量會逐漸減少。顯然，你今天的表現超出了預期。我想，從今天的通路來看，這是否合乎邏輯，或者你們是否有信心繼續保持新租賃方面的趨勢，或者保持每季 40 萬平方英尺的新租賃？您是否有合適的空屋或租戶目前所在的位置，以滿足此需求？

Just in general, look, I'm optimistic about 2025. If you think about the confluence of return-to-work that's continuing which is going to help leasing, we got a favorable economic backdrop of continuing job and population growth, in-migration continues in our markets, very little new construction. Sublease space is starting to come down. Vacancy rates are up. And there's still a bifurcation in the market between the haves and have-nots We've been able to gain market share against some of the have-not buildings that are still being sort of stuck in the mud there. I think you put all that together, I'm still optimistic that we're going to see very positive leasing. We've got some big holes we got to fill. So we still got a lot of work to do. But talking to our leasing agents, the tour activity is good, our spaces show well. And so I think I'm very optimistic for 2025.

總的來說，我對 2025 年持樂觀態度。如果您考慮到持續的重返工作崗位的匯合將有助於租賃，我們獲得了持續的就業和人口增長的有利經濟背景，我們的市場繼續移民，新建築很少。轉租空間開始減少。空置率上升。市場上的富人和窮人之間仍然存在分歧，我們已經能夠從一些仍然陷入泥淖的窮人建築中獲得市場份額。我認為，綜合考慮所有這些因素，我仍然樂觀地認為我們將看到非常積極的租賃情況。我們有一些大洞需要填補。所以我們還有很多工作要做。但與我們的租賃代理交談時，參觀活動很好，我們的空間展示得很好。因此，我對 2025 年非常樂觀。

That's helpful --

這很有幫助--

Hey Nick. It's Brendan. I just want to add on to that. Just to be clear, we don't have 400,000 square feet of new or 1.6 million square feet of new in our business plan. So if we were able to achieve -- replicate 2024 levels into 2025, that's going to drive occupancy significantly higher than what we were talking about for year end. And likely, it would translate into an even faster trajectory in 2026 than what we've got contemplated. So assumed in our business plan is a moderation of the leasing. But I think to Ted's point, I think we're cautiously optimistic that things could go well in 2025 similar to what they did last year.

嘿，尼克。我是布倫丹。我只是想補充一點。需要明確的是，我們的商業計劃中沒有 40 萬平方英尺的新建築或 160 萬平方英尺的新建築。因此，如果我們能夠實現 - 將 2024 年的水平複製到 2025 年，那麼入住率將大大高於我們談論的年底入住率。而且很可能，到 2026 年，這一發展軌跡會比我們預想的還要快。因此，我們的商業計劃假設租賃將適度進行。但我認為，對於泰德的觀點，我們持謹慎樂觀的態度，認為 2025 年的情況可能會像去年一樣順利。

That's very helpful. And maybe following up, a two-parter on historic demand or retention with that you guys outline only one tenant over 100,000 square feet expiring here at 2026. Now, what's the historic retention rate you have on those smaller tenants? And then also of the 1.1 million square feet that signed and yet to commence, do you have a rough weighted average of when those leases are expected to commence?

這非常有幫助。接下來，也許你們會就歷史需求或保留情況進行兩部分討論，其中概述只有一個租戶的租期超過 100,000 平方英尺，將於 2026 年到期。現在，這些較小租戶的歷史保留率是多少？另外，對於已簽署但尚未開始的 110 萬平方英尺，您是否有一個粗略的加權平均值，以確定這些租約預計何時開始？

Yeah, Nick. So if you look over time, the rough renewal percentage, it doesn't change too much between large, medium, and small users. We're at around somewhere between 60% to 65%. Now obviously, the closer that you get to expiration and you haven't renewed them early, then the likelihood of renewal goes down. So as we mentioned, we signed our two largest remaining 2026 expirations this quarter. Those are now out of the '26 numbers, but those have been renewed. So that kind of gives you some color.

是的，尼克。因此，如果隨著時間的推移，粗略的續約百分比在大、中、小用戶之間不會有太大變化。我們的比例大約在 60% 到 65% 之間。顯然，越接近到期日而沒有提前續約，續約的可能性就越低。正如我們所提到的，我們本季度簽署了兩份剩餘的 2026 年到期的最大合約。這些現在已經超出了 26 個號碼的範圍，但已經更新了。這樣就給你一些顏色了。

I do think 2025 happens to be a particularly low retention year for us. And we think 2026 will happen to be a particularly high retention year for us just given the uniqueness of the rent roll on those two particular years. So I think we're optimistic that we'll see that occupancy build late this year and then into 2026, that will continue.

我確實認為 2025 年對我們來說是一個留存率特別低的年份。我們認為，考慮到這兩年的租金收入的獨特性，2026 年對我們來說將是一個特別高的保留年。因此，我認為我們樂觀地認為，入住率將在今年稍後上升，並持續到 2026 年。

And then in terms of the 1.1 million square feet, when that moves in, it is more back half-weighted than it is in the front half of the year which is why we think that the occupancy will be low in the beginning part of the year and then build back late in the year.

然後就 110 萬平方英尺而言，當其入住時，其後半年的權重要大於上半年，這就是為什麼我們認為入住率在年初會較低，然後在年底回升。

That's it for me. Thank you.

對我來說就是這樣。謝謝。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Thanks. Good morning, everybody. Maybe following up on an earlier question on acquisitions and obviously it's impossible to handicap timing, but can you touch on either the markets or submarkets where you see the most potential? And any chance we could see you do a discounted note purchase to get access to target properties?

謝謝。大家早安。也許可以繼續回答之前關於收購的問題，顯然不可能確定時機，但您能否談談您認為最具潛力的市場或子市場？我們是否有機會看到您透過購買折扣票據來獲得目標房產？

Hey Tom. It's Ted. Look, obviously, we're looking at opportunities in all of our markets. In particular, I think we're starting to see a few more opportunities in maybe Dallas, Charlotte, Nashville, or stuff. And then really, we're seeing stuff in several of our markets. So we're optimistic. Not everything that comes out has been seeling. That's why I'm hesitating a little bit. We've had a few deals that have sold in the last several months that you all have seen. But there's also been several that have been pulled because the seller hasn't met our expectations. Every time a seller sees a low cap rate deal trade, they immediately think their asset is going to trade at that same low cap rate. So there's still a bit spread to a certain degree on a lot of assets. So we'll see. I think that's going to just continue to get better over the next couple of quarters.

嘿，湯姆。是泰德。顯然，我們正在尋找所有市場中的機會。具體來說，我認為我們開始在達拉斯、夏洛特、納許維爾等地看到更多機會。事實上，我們在多個市場都看到了一些情況。所以我們很樂觀。並非所有出現的東西都是有目的的。這就是我有點猶豫的原因。大家也看到了，過去幾個月我們已經達成了幾筆交易。但也有一些產品被撤下，因為賣家沒有達到我們的期望。每當賣家看到低資本化率交易時，他們就會立即認為他們的資產將以相同的低資本化率進行交易。因此，許多資產在某種程度上仍存在利差。我們拭目以待。我認為在接下來的幾個季度裡情況會繼續好轉。

So look, we strongly prefer to acquire assets versus the debt. But if we can see a clear pathway to acquiring the assets then we would absolutely do that. But just to acquire note for short term is really not something we want to do.

所以，我們強烈傾向於收購資產而不是債務。但如果我們能夠看到收購資產的明確途徑，那麼我們絕對會這樣做。但僅僅為了短期目的而取得票據確實不是我們想要做的事情。

Understood. The second question for me, maybe Brian, you had mentioned in your prepared remarks targeting improved lease economics and this showed up in higher net effective rents in 4Q. Where are you having the most success on the negotiation front? Is it pulling back on free rent TIs? Or are you also able to push face rents in specific markets?

明白了。對我來說第二個問題是，布萊恩，您在準備好的發言中提到了改善租賃經濟的目標，這體現在第四季度更高的淨有效租金中。您在談判方面最成功的地方在哪裡？它是否會取消免費租賃 TI？還是您也能夠在特定市場推銷面租？

Hey Tom. Thanks for the question. I think your last point, we are seeing the ability to push face rents. Our customers that are committed to being back in the office are using that calculus of what the rent is compared to having their people back in and the productivity they're getting. So I think they are able to underwrite those rents. But I do believe the concession curve is flattening as vacancy has peaked across the markets. Now we're not here to spike the football or anything like that yet because every deal takes longer, every deal is getting negotiated to details that we hadn't thought of before. But I do think, as Ted mentioned, there's the core markets, suburban and urban Nashville, Tampa, Dallas, Charlotte, we've seen the ability to grow those. Even Atlanta (inaudible) has been able to push rents. But different customers have different levels or knobs that they are more focused on. Some need to finance their TI and fit out more so through the lease. Others have cash and don't want to necessarily do that.

嘿，湯姆。謝謝你的提問。我認為你的最後一點是，我們看到了推動面租的能力。那些致力於重返辦公室的客戶正在計算租金與員工重返辦公室以及他們所獲得的生產力之間的對比。所以我認為他們有能力承保這些租金。但我確實相信，隨著整個市場的空置率達到頂峰，優惠曲線正在趨於平緩。現在我們來這裡還不是為了踢足球或做類似的事情，因為每筆交易都需要更長的時間，每筆交易都需要就我們之前沒有想到的細節進行談判。但我確實認為，正如泰德所提到的，核心市場，郊區和城市納許維爾、坦帕、達拉斯、夏洛特，我們已經看到了成長的能力。甚至亞特蘭大（聽不清楚）也能夠推高租金。但不同的客戶有不同的關注程度或關注。有些人需要透過租賃來為其 TI 提供資金並進行更多裝修。其他人有現金，但不一定想這樣做。

Great. Appreciate the answers. Thanks, everyone.

偉大的。感謝您的回答。謝謝大家。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Hi guys. Thanks for taking the question. I just wanted to sort of -- appreciate you guys providing where you think you'll end this year in terms of occupancy and obviously not trying to get too much into 2026. But as you sort of think about the trajectory of that recovery in occupancy, your comment, Brendan, about having or likely have a strong amount of retention next year given some of the renewals, pairing that with continuation of strong new leasing activity, I mean, is this a scenario where we can sort of get back to the high 80s, low 90s sometime in 2026? Or just how should we be sort of thinking about how quickly you guys able to recoup some of the block occupancy this year given the known move-outs?

嗨，大家好。感謝您回答這個問題。我只是想感謝你們提供今年年底入住率的預測，顯然不會考慮 2026 年的入住率。但是，當您思考入住率復甦的軌跡時，布倫丹，考慮到一些續約，明年可能會有或很可能會有很高的保留率，再加上強勁的新租賃活動，我的意思是，在這種情況下，我們是否可以在 2026 年的某個時候回到 80 年代後期或 90 年代初期的水平？或者，考慮到已知的搬離情況，我們應該如何考慮你們今年能夠多快地收回部分街區的入住率？

Yeah. Dylan, it's a good question. And I don't want to get -- like you said, I don't want to get pinned down and provide 2026 guidance, but I do think that '26 -- I think the back half of '25 and '26 setup, and even really '27 looks favorable for us. Now, that's all dependent on kind of the economic backdrop and assuming leasing activity holds up well across our markets which we don't have any indication to think that it wouldn't, but certainly, a couple of years is a long time period. But I think if that's the case, I think we ought to see or I think we're well-positioned to drive occupancy pretty steadily higher as we go forward over the next two and a half years.

是的。迪倫，這是個好問題。我不想——就像你說的，我不想被束縛並提供 2026 年的指導，但我確實認為 26 年——我認為 25 年和 26 年的後半段設置，甚至 27 年對我們來說都是有利的。現在，這一切都取決於經濟背景，並假設租賃活動在我們的市場中保持良好，我們沒有任何跡象表明它不會，但可以肯定的是，幾年是一個很長的時間段。但我認為，如果情況確實如此，我們應該會看到，或者說，我們已做好準備，在未來兩年半的時間裡，穩步提高入住率。

Great. I appreciate that detail. And then I guess speaking of the disposition, specifically the Tampa ones, obviously great execution there. Given your comments around them being older assets with deferred CapEx, call it, I mean, can you talk about the buyers of those assets? Is this a good indication that things are sort of tightening or do you guys see this as more one-off and maybe high net worth money that likely they're going in yield that was (inaudible) what is obviously a higher cap rate than one might expect given the characteristics of these assets?

偉大的。我很欣賞這個細節。然後我想說到性格，特別是坦帕的性格，顯然那裡的執行力很棒。鑑於您所說的這些是具有遞延資本支出的舊資產，您能談談這些資產的買家嗎？這是否表示情況正在收緊？或者你們認為這更多的是一次性的，也許是高淨值資金，它們的收益率可能是（聽不清楚），顯然，考慮到這些資產的特點，這個資本化率比人們預期的要高？

Sure. Specifically with respect to the Tampa assets, that was actually (inaudible), Dylan. It's a user that owns some -- their main campus is immediately adjacent to this, so it was an expansion really for them for growth for the next multiple years. But in general, for the last couple of years, as we probably talked about, the buyer pool for a lot of what we're selling is largely non-institutional. It's high net worth or other private syndicator-type buyers that got great banking relationship or can close all-cash. But I will tell you, everything we're hearing talking to brokers and seeing out in the market a little bit, there is a lot of institutional capital sitting on the sidelines today. And we're starting to see and hear that they're starting to chase some of the higher quality office buildings. So I would expect as we move through 2025, there'll be more institutional capital chasing opportunities.

當然。具體來說，關於坦帕資產，那實際上是（聽不清楚），迪倫。這是一個擁有一些用戶 - 他們的主要校園緊鄰此處，因此這對他們來說確實是一個擴張，可以在未來幾年內實現增長。但總的來說，正如我們可能談到的，在過去幾年裡，我們銷售的許多產品的買家群體基本上都是非機構的。買家是高淨值人士或其他私人銀團類型的買家，他們與銀行有良好的關係，或者可以全現金成交。但我要告訴你，根據我們與經紀人交談時聽到的以及在市場上看到的情況，今天有很多機構資本處於觀望狀態。我們開始看到和聽到他們開始追逐一些更高品質的辦公大樓。因此我預計，到 2025 年，將會有更多的機構資本追逐機會。

Perfect. Thanks, Ted.

完美的。謝謝，泰德。

(inaudible), Wells Fargo.

（聽不清楚），富國銀行。

Yes. Great. Thank you. Just a couple of quick ones from me. Brendan, are there any termination fees or a land sale gains baked into your 2025 guidance?

是的。偉大的。謝謝。我只想簡單說幾句。布倫丹，您的 2025 年指引中是否包含任何終止費用或土地出售收益？

(inaudible). Thanks for the question. There's always a little bit of term fees stuff that we have in there. So I would say nothing that's particularly unusual. There aren't any land sale gains included in the guidance, but there are some what I would call miscellaneous items that are in there. Again, we tend to have that stuff every year. So they'll be a little bit episodic by quarter and maybe a little lumpy. But those are in there. But I would say it's nothing that is uncommon for us on a full-year basis.

（聽不清楚）。謝謝你的提問。我們總是會有一些學期費用。所以我不會說任何特別不尋常的事情。該指南中沒有包含任何土地出售收益，但其中包含一些我稱之為雜項的項目。再說一次，我們每年都會有這些東西。因此，每季的業績可能會有點斷斷續續，甚至有點不均衡。但那些都在裡面。但我想說，對於我們全年而言，這並不是什麼罕見的事情。

Got you. Okay. Thank you for that. And just in terms of same-store guidance, I appreciate the progression that you provided on occupancy. What kind of growth in OpEx is baked into the same-store outlook?

明白了。好的。謝謝你。就同​​店指導而言，我很欣賞您在入住率方面提供的進展。同店前景中反映了哪些營運支出的成長？

OpEx on same-store is pretty inflationary. So I wouldn't think that there's -- there's nothing I would say particularly unusual in the same-store outlook with respect to OpEx that tends to track. Obviously, the down draft in terms of same-store outlook is largely driven by occupancy.

同店營運支出的通貨膨脹相當嚴重。因此，我認為，就營運支出而言，同店前景並沒有什麼特別不尋常之處。顯然，同店前景的下降很大程度是由入住率所致。

And the other thing that I'll mention is we guide to cash same-store NOI. And that number is low for the reasons that we talked about for this year. The positive indicator is it is very rare to have GAAP same property NOI to be higher than cash same property NOI. You just have a structural disadvantage with first-generation leases that are there through development or acquisition because those leases don't provide any year-over-year growth on a GAAP basis, but grow on average for us, call it about 2.5% on a cash basis year over year. And that's about a third of our portfolio.

我要提到的另一件事是，我們指導現金同店淨營業利潤。由於我們今年討論過的原因，這個數字較低。正面的指標是，GAAP 同類資產 NOI 高於現金同類資產 NOI 的情況非常罕見。透過開發或收購獲得的第一代租賃具有結構性劣勢，因為這些租賃在 GAAP 基礎上沒有提供任何同比增長，但對於我們來說，平均增長率約為 2.5%（以現金為基礎）。這大約占我們投資組合的三分之一。

For this year, we actually expect that GAAP same property NOI will be higher than cash same property NOI, which is a good forward indicator of what future same property NOI growth should be.

對於今年，我們實際上預計 GAAP 相同財產 NOI 將高於現金相同財產 NOI，這是未來相同財產 NOI 成長的一個很好的前瞻性指標。

Okay. Got it. And what's the built-in escalator portfolio-wide?

好的。知道了。那麼，內建自動扶梯產品組合範圍是怎麼樣的呢？

It's around 2.5%.

大約是2.5%。

Got it. Okay. Great. Thanks.

知道了。好的。偉大的。謝謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning. Thanks for taking the questions. To go back to the confidence in the recovery in the second half both for Highwoods, but also just the markets you referenced activity picking up. Can you share perhaps any large requirements there are perhaps by sector or any public (inaudible)? And I asked because I know there have been a couple of big requirement that's gone to these economic associations that I know you're in touch with. So I just wanted to get a sense of how the business enlarge the pipeline, not just for Highwoods, but broadly in the market.

早晨。感謝您回答這些問題。回到對下半年經濟復甦的信心，不僅對 Highwoods 如此，而且對您所提到的市場活動回暖也同樣如此。您能否分享一下產業或公眾對哪些方面有重大要求？（聽不清楚）？我之所以問這個問題，是因為我知道有一些重要的需求已經提交給了這些經濟協會，我知道您也與這些協會保持聯繫。所以我只是想了解該企業如何擴大管道，不僅適用於 Highwoods，也適用於整個市場。

Hey Vikram. It's Brian. I'll take a shot at this one. The end of the year, big inbounds, code named, they got quiet, I think people are waiting to see what happened with the election. But I think we're seeing now first quarter Nashville, Charlotte particularly have a number of corporate relo headquarter locations that are looking at both urban and suburban. And so we're receiving inquiries selling out the potential RFP kind of information. So we take that as a positive one. I mean, those are relocations. And from outside of the markets, maybe from Gateway coastal into our markets. So we do see that as a positive move.

嘿，維克拉姆。我是布萊恩。我會嘗試一下這個。年底，大規模的來訪，代號為“他們”，他們安靜了下來，我想人們正在等著看選舉結果。但我認為我們現在看到第一季納許維爾、夏洛特等地有許多企業將總部遷往城市和郊區。因此，我們收到了出售潛在 RFP 類型資訊的詢問。因此我們認為這是一個積極的信號。我的意思是，這些都是搬遷。從市場外部來看，也許可以從海岸門戶進入我們的市場。所以我們確實認為這是一個積極的舉措。

Thanks for the color. And I guess just quickly to the underlying NOI and FFO trajectory, Brendan, I think you had referenced, but I just want to be clear. So as we move the occupancy and assuming there's margin pressure on the NOI growth through the first half and then you are saying you troughed in the second half and then ultimately, given the leasing, the cash flow, you will pick up in '26, is that correct?

謝謝你的顏色。我想，您可以快速了解潛在的 NOI 和 FFO 軌跡，Brendan，我想您已經提到過，但我只是想說清楚。因此，當我們調整入住率並假設上半年 NOI 成長面臨利潤壓力時，您說您在下半年觸底，然後最終考慮到租賃和現金流，您將在 26 年回升，對嗎？

Yeah Vikram. That's roughly correct, I would say, I mean, I think trough from an occupancy standpoint and that probably flows into FFO as well is in first half of the year and then I think some build back as you get later into the year.

是的，維克拉姆。我想說，這大致是正確的，我的意思是，我認為從入住率的角度來看，低谷和流入 FFO 的可能都是在今年上半年，然後我認為隨著今年晚些時候的到來，一些數據會回升。

And then from an underlying cash flow perspective, that does tend to lag, I would say, what your FFO trajectory is just given the spend and then commencement of cash rents. So I think your view on '26 is correct.

然後從基礎現金流的角度來看，我想說，這確實傾向於滯後，你的 FFO 軌跡只是考慮到支出，然後是現金租金的開始。所以我認為你對『26』的看法是正確的。

And then just a last clarification. Obviously, you've telegraphed all the known move-outs last year this year. Anything in '26 that's maybe sizable, even like $50,000-plus that's on the fence that may be a needle mover to the slight recovery into '26 view? Thanks.

最後再澄清一下。顯然，您已經將去年和今年已知的所有遷出情況都電報了出去。26 年有沒有什麼可能相當可觀的東西，甚至是價值 50,000 美元以上的猶豫不決的東西，可能會對 26 年的輕微復甦起到推動作用？謝謝。

Vikram, it's Ted. I'll try and take that one. We've got above $50,000. We've really only got four over $50,000 in 2026. So really, it's not a lot there. And our largest one is a little over $100,000 in 2027. That's the only one we've got greater than $100,000. So really the next two years, when you look at both the size, but also our projection on renewal versus vacate, we think retention is going to be a little bit higher on those larger ones the next couple of years, at least, based on everything we know today.

維克拉姆，我是泰德。我會嘗試接受那個。我們已經獲得了超過 50,000 美元。到 2026 年，我們實際上只有 4 人獲得了超過 50,000 美元的收入。所以實際上，那裡的東西並不多。我們最大的一筆貸款將在 2027 年達到 10 萬多美元。這是我們唯一一個超過 10 萬美元的。因此，實際上，在接下來的兩年裡，當你同時考慮規模以及我們對續約與騰空的預測時，我們認為，至少根據我們今天所了解的一切，在未來幾年裡，規模較大的公司的保留率將會更高一些。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Good afternoon, everyone. As you look through all your BBD market, curious, anything from a regulatory perspective that could potentially impact demand-supply fundamentals or leasing economics?

大家下午好。當您審視整個 BBD 市場時，您是否感到好奇，從監管角度來看，有什麼因素可能會影響供需基本面或租賃經濟？

Hey Tayo. Brian here. Let me take a shot. Thank you for asking that question. That's actually one of the things that we think make our markets in our BBD so compelling. It's open for business, government-friendly, low-cost, right-to-work markets. So no, if anything, maybe they're even more open for business or focused on public-private partnerships to drive results, economic development that we've seen in the past.

嘿，Tayo。我是布萊恩。讓我拍一張。感謝您提出這個問題。事實上，我們認為這是 BBD 市場如此引人注目的原因之一。它對商業開放，是政府友善、低成本、有工作權利的市場。所以，如果有的話，也許他們對商業更加開放，或者更注重公私合作夥伴關係，以推動成果，實現我們過去所看到的經濟發展。

Everything from Nashville, the whole -- the (inaudible) Initiative, they passed for the first time a major transportation initiative that's funded through the taxpayers. That's the first time that happens. You're seeing people leaning in and spending on infrastructure and Nashville is spending billions of dollars in new civic improvements into other areas like Atlanta and Charlotte where the business improvement districts which are self-testing districts have come together with the support of cities to make big public-private partnerships happen. So we're very, very pleased with the work that they're doing. And we think it's actually another marker for a differentiating factor for these markets in BBDs.

納許維爾的一切，整個－（聽不清楚）倡議，他們首次通過了一項由納稅人資助的重大交通倡議。這是第一次發生這種事。你會看到人們紛紛投入資金建設基礎設施，納許維爾也投入了數十億美元用於其他地區的市政改善，例如亞特蘭大和夏洛特，這些地區的商業改善區是自我測試區，在各城市的支持下，建立了大型公私合作夥伴關係。所以我們對他們所做的工作非常非常滿意。我們認為這實際上是 BBD 市場差異化因素的另一個指標。

Thank you. There are currently no more questions at this time. I will pass it back over to the team for closing remarks.

謝謝。目前沒有其他問題。我將把它交還給團隊，以便大家做最後的總結。

Well, I want to thank everybody for joining our call today, and thank you for your interest in Highwoods. We look forward to next quarter if not seeing you all beforehand. Thank you.

好吧，我要感謝大家今天參加我們的電話會議，也感謝你們對 Highwoods 的關注。如果之前沒有見到你們，我們期待下個季度的到來。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。