Highwoods Properties Inc (HIW) 2025 Q1 法說會逐字稿

Good morning and thank you for attending today's Highwoods Properties Q1 2025 earnings call. My name is Jay, and I'll be a moderator for today. (Operator Instructions)

早上好，感謝您參加今天的 Highwoods Properties 2025 年第一季財報電話會議。我叫傑伊，今天我將擔任主持人。（操作員指示）

I like to turn the conference over to our host, Brendan Maiorana.

我想將會議交給我們的主持人 Brendan Maiorana。

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.

謝謝接線員，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 和營運長 Brian Leary。為了您的方便，今天的準備好的發言稿已發佈到網上。

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. On today's call, our review will include non-GAAP measures such as FFO, NOI, and EBITDA.

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。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 EBITDA。

The release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. 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.

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。今天電話會議上做出的前瞻性陳述存在風險和不確定性。我們在新聞稿中詳細討論了這些風險和不確定性。

As well as our SEC filings, as 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. With that, I'll turn the call over to Ted.

以及我們向美國證券交易委員會提交的文件，由於實際事件和結果可能與這些前瞻性陳述有重大差異，因此本公司不承擔更新任何前瞻性陳述的義務。說完這些，我會把電話轉給泰德。

Thanks, Brendan, and good morning, everyone.

謝謝，布倫丹，大家早安。

We had a strong quarter executing on our key priorities and delivering solid financial results. Despite rising concern over the macroeconomic outlook and choppiness in the capital markets, we continue to set ourselves up for meaningful long-term growth, while at the same time, improving our portfolio quality and delivering financial results that were stronger than our original expectations.

本季度，我們表現強勁，執行了主要優先事項，並取得了穩健的財務業績。儘管人們對宏觀經濟前景和資本市場波動的擔憂日益加劇，我們仍將繼續為實現有意義的長期成長做好準備，同時提高投資組合質量，並實現強於我們最初預期的財務表現。

First, our investment activity was robust, with the recycling of $145 million of non-core disposition proceeds into the $138 million acquisition of advanced auto parts tower, a commute-worthy class AA building in the vibrant North Hills BBD in Raleigh.

首先，我們的投資活動強勁，將 1.45 億美元的非核心處置收益回收用於以 1.38 億美元收購先進汽車零件大廈，這是一座位於羅利充滿活力的北山 BBD 的適合通勤的 AA 級建築。

This rotation of capital is a bullseye illustration of our investment objective of selling older capital intensive properties in non-BBD locations and rotating into high quality buildings in locations where people want to live, work, and play. This acquisition has meaningful long-term growth potential, as existing rents are below market for North Hills, a BBD where we believe market rents will accelerate over the next several years.

這種資本輪換是我們投資目標的典型體現，即出售非 BBD 地區的老舊資本密集型房產，轉而購買人們想要居住、工作和娛樂的地區的高品質建築。此次收購具有重大的長期成長潛力，因為現有租金低於 North Hills 的市場價格，我們相信未來幾年該 BBD 的市場租金將會加速上漲。

We now own nearly 650,000 square feet of class AA office in North Hills with a diverse group of strong customers. Also, this leveraged neutral rotation of capital is immediately accretive to cash flow. Second, we placed in service 2827 Peachtree, a 79,135,000 square foot development in the Buckhead BBD of Atlanta, where we hold a 50% interest in the joint venture that developed and owns the property, 2,827 Peachtree is 94% leased and 88% occupied.

我們目前在北山擁有近 650,000 平方英尺的 AA 級辦公室，並擁有多元化的強大客戶群。此外，這種槓桿中性資本輪換會立即增加現金流。其次，我們投入使用位於亞特蘭大 Buckhead BBD 的 2827 Peachtree 項目，該項目佔地 79,135,000 平方英尺，我們持有開發和擁有該物業的合資企業 50% 的權益，2,827 Peachtree 的出租率為 94%，入住率為 88%。

Third, we signed 97,000 square feet in the first gen leases in our development pipeline. Our $474 million pipeline is now 63% leased up 5% from last quarter, even after placing in service, the 94% leased 2827 Peachtree Development.

第三，我們在開發案中簽署了第一代租約，面積為 97,000 平方英尺。我們價值 4.74 億美元的管道目前租賃率為 63%，比上一季成長 5%，即使在投入使用後，租賃率為 94%，即 2827 Peachtree Development。

We continue to garner solid interest in these best in class projects, which upon stabilization, are projected to drive $30 million of incremental NOI above our 2025 outlook. Fourth, we leased 700,000 square feet of second-gen office space, including over 250,000 square feet of new leases, plus 43,000 square feet of net expansion leases.

我們繼續對這些一流項目產生濃厚興趣，這些項目一旦穩定下來，預計將帶來 3000 萬美元的增量淨利潤，高於我們對 2025 年的預期。第四，我們租賃了 70 萬平方英尺的第二代辦公空間，其中包括超過 25 萬平方英尺的新租賃，以及 43,000 平方英尺的淨擴建租賃。

Leasing economics were strong, with net effect of rents more than 20% higher than our prior five quarter average. Plus, April leasing volumes have accelerated with over 200,000 square feet of new second gen lease volume in just the first four weeks of the second quarter.

租賃經濟表現強勁，租金淨效應比前五季的平均高出 20% 以上。此外，四月租賃量加速成長，僅在第二季的前四周，第二代新租賃量就超過 20 萬平方英尺。

Highlighted by a 145,000 square foot lease with a new Highwoods customer at Symphony Place in Nashville. This lease is scheduled to commence Q2 '26. And backfills nearly two-third of the space from a customer who vacated the building earlier this year.

最引人注目的是與納許維爾 Symphony Place 的新 Highwoods 客戶簽訂了 145,000 平方英尺的租賃合約。該租約預定於 2026 年第二季開始生效。並填補了今年稍早撤離大樓的顧客留下的近三分之二的空間。

Securing this long-term lease coupled with strong interest from others in the market. Further validates the highertizing efforts underway at Symphony Place. During our February call, I highlighted several growth drivers for the next few years. The first of these is lease up efforts at four core buildings with current elevated vacancy.

獲得這份長期租約並加上市場上其他人的濃厚興趣。進一步驗證了 Symphony Place 正在進行的提升努力。在二月的電話會議上，我強調了未來幾年的幾個成長動力。首先是努力提高目前空置率較高的四棟核心建築的租賃率。

Upon stabilization, these four buildings alone will drive $25 million of NOI growth above our 2025 outlook. With the just announced 145,000 square foot lease at Symphony Place, we have already locked in over 40% of this future upside with leases that have been signed but haven't yet commenced, and with strong prospects for additional upside.

一旦穩定下來，光是這四棟建築就將推動淨利潤成長 2,500 萬美元，高於我們對 2025 年的預期。透過剛剛宣布的 Symphony Place 145,000 平方英尺租約，我們已經鎖定了未來 40% 以上的上漲空間，其中已經簽署但尚未開始的租約，並且還有很大的上漲前景。

The second growth driver previously highlighted is $10 million of future NOI upside from 2023 development deliveries that have not yet stabilized. GlenLake Three in Raleigh and Granite Park Six in Dallas.

先前強調的第二個成長動力是 2023 年開發交付帶來的 1000 萬美元未來 NOI 上漲，但尚未穩定下來。羅利的 GlenLake Three 和達拉斯的 Granite Park Six。

With the leases signed this quarter, we have now locked in over 60% of this future upside. While we're mindful of the current uncertainties around the macroeconomic environment, we're optimistic as we approach the midpoint of this year, given the level of activity we continue to see across our portfolio and are already executed lease deals.

隨著本季簽署的租約，我們現在已經鎖定了超過 60% 的未來上漲空間。雖然我們注意到當前宏觀經濟環境的不確定性，但隨著今年年中臨近，我們仍持樂觀態度，因為我們的投資組合中繼續保持活躍水平，並且已經執行了租賃交易。

Turning to our quarterly results, we delivered FFO of $0.83 per share and generated healthy cash flow. As expected, our occupancy dipped due to known customer move outs that we have long communicated. We expect to drive occupancy growth over the next few years, given our healthy backlog of signed but not yet commenced leases and much more manageable lease roll.

談到我們的季度業績，我們實現了每股 0.83 美元的 FFO，並產生了健康的現金流。正如預期的那樣，由於我們早就告知過的客戶撤離，我們的入住率有所下降。鑑於我們已簽署但尚未開始的租約積壓量充足，且租約總額更易於管理，我們預計未來幾年入住率將有所增長。

With our strong financial performance in Q1, positive outlook for the balance of the year, and a creative acquisition of advanced auto tower, we have raised the midpoint of our 2025 FFO outlook by $0.04 to a range of $3.31 to $3.47 per share.

憑藉我們第一季強勁的財務表現、對今年剩餘時間的樂觀展望以及對先進汽車塔的創意收購，我們將 2025 年 FFO 預期中點上調 0.04 美元，至每股 3.31 美元至 3.47 美元。

We continue to actively underwrite new investments. There are still many office owners that face near-term refinancing challenges or simply plan to reduce their allocations to office, which we expect will provide opportunities to deploy capital into additional commute-worthy properties. We are also actively prepping additional non-core assets for sale.

我們繼續積極承保新的投資。仍有許多辦公室業主面臨近期再融資挑戰，或只是計劃減少對辦公室的分配，我們預計這將提供機會將資金投入更多適合通勤的物業。我們也積極準備出售其他非核心資產。

Since 2019, we have sold over $1.5 billion of non-core properties and recycled the proceeds into higher quality, higher growth, and less capital-intensive commute-worthy office buildings. We expect to continue this strategy Given the combination of high construction costs, elevated vacancy levels, and risk-adjusted yield requirements that we believe would make sense for our shareholders, we don't expect to announce any new development projects this year.

自 2019 年以來，我們已出售了價值超過 15 億美元的非核心物業，並將收益重新投入到質量更高、增長更快、資本密集度更低、適合通勤的辦公大樓中。我們預計將繼續實施這項策略。鑑於高昂的建築成本、較高的空置率以及我們認為對股東而言合理的風險調整收益要求，我們預計今年不會宣布任何新的開發項目。

While spec development deals continue to be difficult to pencil in this environment, for us or anyone else, their absence creates the opportunity for significant rent growth at a high-quality second-gen product as availability dwindles. We are having conversations with a few build soup prospects with both existing companies and our BBDs and new to market users.

儘管在這種環境下，規格開發交易仍然難以達成，但對於我們或任何其他人來說，隨著可用性的減少，它們的缺失為高品質第二代產品的租金大幅增長創造了機會。我們正在與一些有潛力的湯品製造商進行洽談，包括現有公司、我們的 BBD 以及新進入市場的用戶。

While these conversations are all in the very early stage, the increase in activity is a good indicator of the health of the office sector and illustrates the importance of the workplace experience. In conclusion, we're bullish about the future of Highwoods. We're operating in the strongest BBDs in the Sun Belt that have continually proven to be the places where talent and companies want to be.

雖然這些對話都處於非常早期的階段，但活動的增加是辦公部門健康狀況的一個很好的指標，並說明了工作場所體驗的重要性。總之，我們對 Highwoods 的未來充滿信心。我們的業務位於陽光地帶最強大的 BBD，這些地區已不斷被證明是人才和公司嚮往的地方。

We're making significant progress locking in our future organic growth drivers by signing long-term leases with strong customers, both in our operating portfolio and in our development pipeline.

我們透過與營運組合和開發管道中的強大客戶簽署長期租約，在鎖定未來有機成長動力方面取得了重大進展。

Finally, backed by a strong balance sheet with limited near-term maturities and ample liquidity, we are well positioned to execute on our proven strategy of asset recycling and drive our long-term growth rate even higher, further strengthen our cash flows and improve our portfolio quality, Brian.

最後，憑藉強勁的資產負債表、有限的短期到期債務和充足的流動性，我們完全有能力執行行之有效的資產回收戰略，進一步提高我們的長期增長率，進一步加強我們的現金流，並提高我們的投資組合質量，布萊恩。

Thanks, Ted, and good morning everyone.

謝謝，泰德，大家早安。

Our Sun Belt BBD strategy has proven resilient over the past several years, and we believe we're well positioned to continue this outperformance amid the economic uncertainty of government cutbacks, global tariffs, and the potential of a looming recession, just to name a few. We recognize that our markets and business are not sheltered from these headwinds on the whole, but on the margin. We can report that today they have not deterred our customers and prospects from executing leases and committing to office space.

過去幾年來，我們的「陽光地帶 BBD」策略已證明具有韌性，我們相信，在政府削減開支、全球關稅以及可能出現的經濟衰退等經濟不確定性的背景下，我們有能力繼續保持優異表現。我們認識到，我們的市場和業務並非整體上不受這些不利因素的影響，只是在邊緣上有所緩解。我們可以報告，今天他們並沒有阻止我們的客戶和潛在客戶簽訂租賃協議並承諾租用辦公空間。

Because of this, our leasing pipeline is full, and we've made substantial progress backfilling our long communicated non move outs and pre-leasing our development pipeline.

正因為如此，我們的租賃管道已滿，並且在填補我們長期溝通的非搬出管道和預租我們的開發管道方面取得了實質進展。

We completed this volume of work at Strong leasing Economics for the 1st quarter.

我們在第一季完成了 Strong leasing Economics 的這項工作量。

Our team signed 88 deals for a total of 700,000 square feet with expansions outpacing contractions 4 to 1.

我們的團隊簽署了 88 份協議，總面積達 70 萬平方英尺，擴張速度是收縮速度的 4 倍。

Net effective rents grew to $20.56 with average annual rent escalations of 2.7%, and GAAP rent growth of 12.8%. While our average term of 5.3 years was lower than recent quarters. It includes a number of early as is renewals that kept lease concessions low and drove strong net effective rents.

淨有效租金成長至 20.56 美元，年平均租金上漲 2.7%，GAAP 租金上漲 12.8%。而我們的平均期限為 5.3 年，低於最近幾季。其中包括一些早期的續約，這些續約使租賃優惠保持在較低水平，並推動了強勁的淨有效租金。

In addition, activity remains strong across our $474 million development pipeline. As Ted mentioned, we signed 97,000 square feet of first-generation leases, including 48,000 square feet at GlenLake Three. Our mixed-use development in Raleigh, which is now 78% leased, and 43,000 square feet at Granite Park Six, our joint venture development with Granite Properties in Dallas's Plano BBD, which is now 58% leased.

此外，我們價值 4.74 億美元的開發案活動依然強勁。正如 Ted 所提到的，我們簽署了 97,000 平方英尺的第一代租約，其中包括 GlenLake Three 的 48,000 平方英尺。我們在羅利的混合用途開發項目目前出租率為 78%，而我們與 Granite Properties 在達拉斯普萊諾 BBD 的合資開發項目 Granite Park Six 佔地 43,000 平方英尺，目前出租率為 58%。

Both of these developments are forecast to stabilize in the first quarter of 2026. And we are pleased with the continued prospect pipeline. During the quarter, we delivered $272 million of development with the completion of 23Springs in Dallas and Midtown East in Tampa. These projects were delivered on time and on budget at a combined 58% pre-lease.

預計這兩項發展都將在 2026 年第一季穩定下來。我們對持續的潛在客戶管道感到滿意。本季度，我們完成了價值 2.72 億美元的開發項目，包括達拉斯的 23Springs 和坦帕的 Midtown East。這些項目按時、按預算交付，預租率總計為 58%。

As a reminder, we forecast 23Springs to stabilize in early 2028. In Midtown East in mid-2026. We remain confident in our ability to lease up both of these projects at or before scheduled stabilization. The Sun Belt continues its positive momentum with its talent attractive and open for business environment.

提醒一下，我們預測 23Springs 將在 2028 年初穩定下來。2026 年中期在中城東區。我們仍然有信心在預定的穩定時間或之前租賃這兩個項目。陽光地帶持續保持正面勢頭，擁有吸引人才的開放商業環境。

The region dominates a list of distinctions such as utilize emerging trends markets to watch, and site selection magazine's best dates for business. With these tailwinds, our markets and BBDs are outperforming national trends and our portfolio is outperforming locally.

該地區在一系列傑出表現中佔據主導地位，例如利用新興趨勢市場進行觀察，以及選址雜誌評選的最佳商業日期。在這些順風的幫助下，我們的市場和 BBD 表現優於全國趨勢，我們的投資組合在當地表現也優於其他公司。

In Raleigh, the Milken Institute named the City of Oaks the number 1 best performing large city in the United States, highlighting its robust job growth, wage increases, and thriving tech sector. Here we own almost 6 million square feet and sign the most volume in the quarter with 316,000 square feet of second-generation space.

在羅利，米爾肯研究所將橡樹城評為美國表現最佳的大城市，凸顯了其強勁的就業成長、薪資成長和蓬勃發展的科技產業。我們在這裡擁有近 600 萬平方英尺的空間，並以 316,000 平方英尺的第二代空間簽署了本季度最多的合約。

CBRE noted that for the first time since 2011, 14 years ago, the construction pipeline is empty. This dearth of new supply benefits our recently delivered GlenLake Three development and the balance of our best-in-class portfolio.

世邦魏理仕指出，自 2011 年（14 年前）以來，在建工程首次出現空置狀態。新供應的匱乏對我們最近交付的 GlenLake Three 開發項目以及我們一流的投資組合的平衡有利。

Moving south to Tampa, where JLR highlighted the downtown submarket's vacancy rate at 9.8%, making it the lowest office vacancy among major US CBDs. During the quarter, the region heralded Foot Locker's Fortune 500 relocation out of New York and major lease signings by Fisher Investments and by GEICO, who with their lease announcement committed to adding 1,000 jobs at its new campus.

向南移動到坦帕，捷豹路虎指出市中心子市場的空置率為 9.8%，是美國主要中央商務區中辦公室空置率最低的地區。本季度，該地區迎來了財富 500 強企業 Foot Locker 遷出紐約，以及 Fisher Investments 和 GEICO 簽署重要租約，後者在租約公告中承諾在新園區增加 1,000 個工作崗位。

Our recently delivered 143,000 square foot Midtown East mixed-use JV Development, is 39% lease, welcomed its first customer move and has prospects for the balance of the building. With this completion, there are no buildings under construction in the Tampa market.

我們最近交付的 143,000 平方英尺的中城東混合用途合資開發項目，出租率為 39%，已迎來首批客戶，並且該建築的其餘部分前景看好。隨著該項目的竣工，坦帕市場上不再有在建建築。

Across our operating portfolio, the Tampa team signed 18 second generation leases in the quarter for a total of 95,000 square feet, of which almost half represented new leases. Rounding out our markets in Nashville in just a few months after a long communicated move out, we have backfilled over two-third of this vacancy with a 145,000 square foot customer new to Highwood's portfolio at our Symphony Place tower downtown.

在我們的營運組合中，坦帕團隊在本季度簽署了 18 份第二代租約，總面積達 95,000 平方英尺，其中近一半為新租約。在長時間溝通後，我們僅用幾個月的時間就完成了納許維爾市場的佈局，並在市中心 Symphony Place 大樓為 Highwood 的投資組合新增了 145,000 平方英尺的面積，填補了超過三分之二的空缺。

The market response to our highertizing plans which are now underway has been exceptional and has generated healthy additional interest. This progress, coupled with the prospect pipeline at Westwood South and Park West in the Brentwood and Cool Springs BBDs respectively, provides confidence in the long-term embedded NOI growth potential of the existing portfolio.

市場對我們目前正在進行的增值計劃的反應非常好，並產生了健康的額外興趣。這項進展，加上分別位於布倫特伍德和庫爾斯普林斯 BBD 的 Westwood South 和 Park West 的潛在管道，為現有投資組合的長期內含 NOI 成長潛力提供了信心。

We are not naive to the reality that economic uncertainty is a headwind to decision making, but in the present our current leasing activity and pipeline bears little evidence to the expected cause and effect.

我們並非不知道經濟不確定性是決策的阻力，但目前我們目前的租賃活動和管道幾乎沒有證據表明預期的因果關係。

I would provide the caveat that all meaningful construction scopes and bids are now qualified but not yet escalating with regard to tariffs if and when that chicken comes home to roost. The question is, will construction costs for office fit-ups be able to bear the brunt of any increases, or will potential escalations be mitigated with construction pipelines at all-time lows. Time will tell.

我要提出一點警告，即所有有意義的建設範圍和投標現在都已合格，但當問題得到解決時，關稅尚未上升。問題是，辦公室裝修的建設成本是否能夠承受任何成長的衝擊，或者潛在的上漲是否會因建設管道處於歷史最低水平而得到緩解。時間會證明一切。

In the meantime, our leasing pipeline is healthy, and we are pleased by the progress of our development portfolio. We are confident that we will continue to drive organic growth by leaning in with our exceptional people, portfolio, and positioning, Brendan.

同時，我們的租賃管道狀況良好，我們對開發組合的進展感到滿意。布倫丹，我們相信，憑藉我們優秀的人才、產品組合和定位，我們將繼續推動有機成長。

Thanks, Brian. In the first quarter, we delivered net income of $97.4 million or $0.91 per share, an FFO of $91.7 million or $0.83 per share. The quarter included a large property sale gain from our disposition in Tampa that was included in net income but not included in FFO.

謝謝，布萊恩。第一季度，我們的淨收入為 9,740 萬美元，即每股 0.91 美元，FFO 為 9,170 萬美元，即每股 0.83 美元。本季度，我們在坦帕處置的房產獲得了大筆銷售收益，該收益計入淨收入，但未計入 FFO。

During the quarter we received a term fee for a net $1.8 million as part of an early give back which was factored into our original FFO outlook. This fee will be partially offset by downtime in 2025 before rent commences with a new Highwoods customer who fully backfilled this early give back plus took additional space.

在本季度，我們收到了 180 萬美元的淨期限費用，作為提前回饋的一部分，這筆費用已計入我們最初的 FFO 前景。這筆費用將透過 2025 年的停機時間部分抵消，在新的 Highwoods 客戶開始租用之前，該客戶完全填補了早期的回饋並佔用了額外的空間。

Otherwise there were no unusual items in the quarter. We are pleased with our first quarter financial results which demonstrate the resiliency of our operations and cash flows. Even more consequential were the quarter's investment activity and leasing results which positioned us for future growth.

除此之外，本季沒有出現任何異常情況。我們對第一季的財務表現感到滿意，這表明我們的營運和現金流具有彈性。更重要的是本季的投資活動和租賃業績為我們未來的成長奠定了基礎。

Our balance sheet remains in excellent shape. We didn't issue any shares on the ATM and had $710 million of available liquidity at the end of the quarter. We only have approximately $125 million left to fund on our development pipeline and no debt maturities until May of 2026.

我們的資產負債表依然保持良好狀態。我們沒有在 ATM 上發行任何股票，並且在本季末擁有 7.1 億美元的可用流動資金。我們的開發案僅剩下約 1.25 億美元的資金，直到 2026 年 5 月才有債務到期。

As Ted mentioned, we have updated our 2025 FFO outlook to $3.31 to $3.47 per share, which equates to a $0.04 increase at the midpoint. There are always a few moving parts when we update our outlook, but at a high level, $0.03 is attributable to partial year impact from the advanced auto parts tower acquisition, and $0.01 is from operations.

正如 Ted 所提到的，我們已將 2025 年 FFO 預期更新為每股 3.31 美元至 3.47 美元，相當於中點增加 0.04 美元。當我們更新展望時，總是會有一些變動，但從高層次來看，0.03 美元歸因於先進汽車零件塔收購的部分年度影響，0.01 美元來自營運。

In our initial 2025 outlook in February, we provided detail around what our same property and occupancy outlook would be excluding four operating properties where vacancy is elevated this year. Similar to our overall same property and occupancy outlooks, our view of this adjusted same property growth outlook hasn't changed since February, nor have our expectations for occupancy.

在我們 2 月發布的 2025 年初步展望中，我們詳細說明了相同物業和入住率的前景，但不包括今年空置率較高的四處營運物業。與我們對整體同類物業和入住率的展望類似，我們對調整後的同類物業增長前景的看法自 2 月以來沒有改變，對入住率的預期也沒有改變。

We offered this additional color in February given the outsized impact of a few select assets to our overall NOI growth and occupancy metrics. However, our preference is to present results on the full portfolio rather than on an adjusted basis that excludes certain properties. Therefore, we remove these adjusted metrics in our updated outlook and don't plan to include them in future updates.

鑑於少數精選資產對我們的整體 NOI 成長和入住率指標產生了巨大影響，我們在二月提供了這種額外的顏色。然而，我們傾向於呈現整個投資組合的結果，而不是在排除某些資產的調整基礎上呈現結果。因此，我們在更新後的展望中刪除了這些調整後的指標，並且不打算在未來的更新中包含它們。

We're off to a strong start so far in 2025, locking in some of our forecasted organic growth potential of the $25 million of NOI growth upside we have on the four core operating assets Ted discussed, we have signed but not yet commenced the leases for over 40% of this total. The biggest component of this future growth is a combined 250,000 square feet across two leases at Tul Alliance Center and Symphony Place, with both leases projected to start mid to late Q2 2026.

到目前為止，我們在 2025 年已經有了一個強勁的開端，鎖定了我們預測的部分有機增長潛力，即 Ted 討論的四項核心運營資產的 2500 萬美元 NOI 增長潛力，我們已經簽署但尚未開始租賃其中的 40% 以上的資產。未來成長的最大組成部分是 Tul Alliance Center 和 Symphony Place 兩份租約中總計 250,000 平方英尺的面積，這兩份租約預計都將於 2026 年第二季度中後期開始生效。

Our GlenLake Three and Granite Park Six developments are projected to generate over $10 million of additional upside compared to our 2025 outlook, with over 60% already secured via leases that are signed but haven't yet commenced. Most of this $6 million of annual upside will be in place by the middle of 2026.

與我們的 2025 年展望相比，我們的 GlenLake Three 和 Granite Park Six 開發案預計將產生超過 1000 萬美元的額外收益，其中超過 60% 已透過已簽署但尚未開始的租約獲得保障。每年 600 萬美元的收益大部分將於 2026 年中期到位。

While we've provided a road map of the upside potential from these six specific properties, it's important to note we still expect additional growth in occupancy and NOI from the remainder of our operating portfolio over the next few years, plus meaningful NOI from the two development properties we delivered this quarter.

雖然我們已經提供了這六個特定物業的上行潛力路線圖，但值得注意的是，我們仍然預計未來幾年我們剩餘的運營組合的入住率和淨運營收入將進一步增長，而且我們本季度交付的兩處開發物業的淨運營收入也將顯著增長。

Lastly, I'd like to touch on our asset recycling performance and future outlook. As Ted mentioned, since 2019, we've sold over $1.5 billion of mostly non-core buildings and land and acquired $1.8 billion of commute-worthy properties. On average, the dispositions carried a nominal exit cap rate roughly 50 basis points higher than the year one acquisition cap rates.

最後我想談談我們的資產回收表現和未來展望。正如泰德所提到的，自 2019 年以來，我們已經出售了超過 15 億美元的非核心建築和土地，並收購了價值 18 億美元的通勤房產。平均而言，處分的名目退出資本化率比第一年的收購資本化率高出約 50 個基點。

While this rotation of capital caused a modest headwind to short-term FFO, it has significantly strengthened our cash flows both in the near and long term and is a large component that drove over $150 million of cumulative free cash flow above our healthy dividend payout since the onset of the pandemic.

雖然這種資本輪換對短期 FFO 造成了輕微的阻力，但它顯著增強了我們的短期和長期現金流，並且是自疫情爆發以來推動累計自由現金流超過 1.5 億美元、高於我們健康股息支付的一個重要因素。

As the office business is CapEx intensive, which is why we're focused on driving our risk adjusted cash flows higher over the long term. We expect our asset recycling efforts will continue to strengthen our cash flows and improve our portfolio quality, thereby making our NOI more resilient over the long term, all while maintaining a low levered balance sheet.

由於辦公業務屬於資本支出密集型業務，因此我們專注於長期提高風險調整後的現金流量。我們預計，我們的資產回收工作將繼續加強我們的現金流並提高我們的投資組合質量，從而使我們的淨營業利潤在長期內更具彈性，同時保持低槓桿的資產負債表。

To wrap up, we're ahead of plan executing on our embedded growth drivers with the potential to secure more of this upside over the next few quarters. Further, our asset recycling playbook has a demonstrated track record of success, and we're encouraged about future investment opportunities. We believe we have the market's portfolio, balance sheet, and team to realize the meaningful growth potential available to us over the next few years.

總而言之，我們提前完成了嵌入式成長動力計劃，並有可能在未來幾季獲得更多的上行空間。此外，我們的資產回收策略已證明是成功的，我們對未來的投資機會充滿信心。我們相信，我們擁有市場投資組合、資產負債表和團隊，可以在未來幾年實現我們可獲得的巨大成長潛力。

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）

Robert Stevenson, Janney.

羅伯特史蒂文森，珍妮。

Thank you. Good morning, guys. Ted, would you do any significant level of incremental dispositions from here without a corresponding acquisition lined up or those separate discussions in terms of your thoughts?

謝謝。大家早安。泰德，就您的想法而言，如果沒有相應的收購或單獨的討論，您會從現在開始進行任何重大的增量處置嗎？

Hey, Rob, good morning. Sure, no, I think if you saw on our guidance, we've left, we've closed the, obviously the $145 million sale. We've got another up to $150 of additional dispose. We've got a couple assets that are out in the market right now, dispose, nothing of size, but we are prepping a few others to bring the market. I think all of these are going to be second half, 25 closings.

嘿，羅布，早安。當然，不，我想如果你看到了我們的指導，我們已經離開了，我們已經完成了，顯然是 1.45 億美元的銷售。我們還有另外高達 150 美元的額外處置。我們目前在市場上有一些資產可供出售，規模不大，但我們正在準備一些其他資產來進入市場。我認為所有這些都將在下半場，25 場比賽結束。

So yeah, we're going to, whether we find something or not, we're going to continue to recycle a non-core asset. We want to create some dry power.

所以，是的，無論我們是否找到什麼，我們都將繼續回收非核心資產。我們想創造一些乾動力。

Okay. And then even given the macro uncertainty, are you guys sensing any reluctance from tenants to engage on the 2026 expirations early here where they want to wait and see whether or not we're in a recession, etc.

好的。即使考慮到宏觀不確定性，你們是否感覺到租戶不願意提前參與 2026 年到期的活動，他們想等著看我們是否陷入衰退等等。

Before they make commitments to maintain or how much space they would downsize or upsize?

在他們承諾維持或縮小或擴大多少空間之前？

Yeah, Rob, I think that's a great question. We ask that internally all the time when we're leasing agents and we have to a person, we've not seen any of that. We haven't seen any impact. Obviously, we're seeing the terrorists and economic uncertainty, maybe have an investor confidence, maybe impact investor confidence, but in our business and our leasing, we haven't lost any deals.

是的，羅布，我認為這是一個很好的問題。當我們作為租賃代理時，我們一直在內部詢問這個問題，而且我們必須親自詢問，但我們沒有看到任何此類情況。我們尚未看到任何影響。顯然，我們看到恐怖分子和經濟的不確定性，這可能會影響投資者信心，但在我們的業務和租賃中，我們沒有失去任何交易。

Our deal flow hasn't slowed down, or tour activity hasn't slowed down. So, we have not seen that, but we are, we ask ourselves that as well.

我們的交易流程沒有放緩，旅遊活動也沒有放緩。所以，我們沒有看到這一點，但是我們也問過自己這一點。

Okay. And then, last one for me, is the second quarter '26 occupancy on the two Alliance Center and Symphony Place leases due to expiration of their existing leases, or is there a more extensive time frame that's going to take you guys to do the improvements there?

好的。然後，對我來說最後一個問題是，由於現有租約到期，聯盟中心和交響樂廣場兩處租約在 2026 年第二季度的入住率是多少，還是說你們需要更長的時間框架來對那裡進行改進？

No, we're in the process of doing the improvements now. So, the customer, as I think you said Alliance Center, so the former customer moved out last fall, and then the new customer backfield of a big law firm, they'll take occupancy in the second quarter of next year. So, they're in the process of starting to build out now.

不，我們現在正在進行改進。所以，客戶，我想您說的是聯盟中心，所以前一個客戶去年秋天搬走了，然後一家大型律師事務所的新客戶後場，他們將在明年第二季度入住。所以，他們現在正處於開始建造的過程中。

Okay, and Brendon, how significant is the CapEx and the TI's for these leasing that you've done thus far in April? Is it meaningful in terms of the spend for 2025 here or is it just as per usual? How heavy is that?

好的，布蘭登，到目前為止，您在四月份進行的這些租賃的資本支出和 TI 有多重要？這對 2025 年的支出來說有意義嗎，還是只是像往常一樣？那有多重？

Yeah, Rob, it, it's not unusual given the sense that it's a long-term lease and we've done the one size of a lease in Nashville is a long-term lease for 145,000 square feet. So that TI is very much kind of in line with what you would probably expect in terms of market, and then the other new leasing that we disclosed another, over 50,000 square feet is also kind of in line with.

是的，羅布，這並不罕見，因為這是一個長期租賃，我們在納許維爾完成的租賃規模是 145,000 平方英尺的長期租賃。因此，TI 非常符合您對市場的預期，而我們揭露的另一個新的租賃，超過 50,000 平方英尺，也符合您的預期。

With what you would expect, but I would say I think our expectation is you will see leasing capital higher over the next, the balance of this year and likely into 2026 as well, just given the occupancy bill that we expect and all of the leasing that we've done. So, I think we expect leasing capital to be higher in terms of spend, for the next several quarters.

正如您所期望的，但我想說，我們的預期是，您會看到明年的租賃資本會更高，今年的餘額以及可能到 2026 年也會更高，這僅僅是考慮到我們預期的入住率和我們已經完成的所有租賃。因此，我認為我們預計未來幾季租賃資本支出將會更高。

Okay, that's helpful. Thanks guys, I appreciate the time this morning.

好的，這很有幫助。謝謝大家，我很感謝今天早上的時間。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Thanks so much for doing the question. Brendon, maybe I can just start, you earlier were referenced sort of roughing occupancy and more so FFO growth kind of in the, I think it was either first quarter or first half. Can you just give us a sense of how you think, how the cadence will go based on, the puts and takes of your client in the new guide?

非常感謝您提出這個問題。布倫登，也許我可以開始，你之前提到過粗略入住率，更重要的是 FFO 增長，我認為是第一季或上半年。您能否向我們簡單介紹一下您的想法，以及新指南中如何根據您的客戶需求制定節奏？

Yeah, Vikram, good morning and good question. It's what we've talked about and I would say, things aren't too much different in terms of the updated outlook relative to what we provided initially in February is, we thought first half would below both in terms of, occupancy and then generally FFO sort of tracks occupancy without some unusual items on either the financing side or investment side.

是的，維克拉姆，早安，這個問題問得好。這就是我們討論過的，我想說，就更新後的展望而言，與我們在 2 月份最初提供的情況相比，情況並沒有太大不同，我們認為上半年的入住率將低於預期，而 FFO 通常跟踪入住率，在融資方面或投資方面沒有一些不尋常的項目。

And then will grow kind of late in the year, and I think that still holds. There's probably a little bit more movement in the occupancy trends over maybe the second and third quarter than what we expected in February, but I still think that that year-end outlook of what we talked about last quarter between 86% and 87%, I think it's still a good guide for year-end.

然後在今年晚些時候就會成長，我認為這仍然成立。第二季和第三季的入住率趨勢可能比我們 2 月預期的要波動一些，但我仍然認為，我們上個季度談到的年底入住率預期在 86% 至 87% 之間，這對年底入住率來說仍然是一個很好的指引。

Okay, and just to clarify, what level of new leasing have you baked in to kind of hit your occupancy guide?

好的，只是為了澄清一下，為了達到您的入住率指南，您採用了什麼水平的新租賃？

There's some new leasing that is required. There's some spec leasing that is required to get to that year-end occupancy guide, but I would say what's in 2025 is fairly limited. I think as you're thinking about the occupancy ramp and the level of new leasing activity that. It's done over the balance of '25. Most of that, if we're able to be successful and lease up is going to drive occupancy higher in 2026.

需要一些新的租賃。要達到年終入住率指南，需要進行一些規格租賃，但我認為 2025 年的租賃量相當有限。我認為，當您考慮入住率上升和新租賃活動的水平時。這項工作在 25 年內完成。如果我們能夠成功，租賃率將會提高，到 2026 年入住率將會更高。

And so what we've kind of talked about as a good marker for driving occupancy higher over time is usually somewhere in the neighbourhood of. 300,000 square feet of new per quarter on average puts us well positioned, we think, to drive occupancy higher, and I think if we're able to do that during 2025, it should position us well to grow occupancy as we migrate throughout 2026.

因此，我們所討論的推動入住率隨時間推移上升的良好標誌通常是在附近的某個地方。我們認為，平均每季新增 30 萬平方英尺的面積使我們處於有利地位，可以提高入住率，而且我認為，如果我們能夠在 2025 年做到這一點，那麼在我們遷移到 2026 年時，我們就能夠很好地提高入住率。

Okay, great. And this last one, I guess, that big picture, I mean with all the tariffs and economic concerns now any update you can share from your conversations with kind of the local economic councils that are sort of the gatekeepers for, migration or expansion into your markets.

好的，太好了。最後，我想問一下，關於大局，我指的是現在所有的關稅和經濟問題，您能否分享一下您與當地經濟委員會對話的最新進展，這些委員會是你們市場遷移或擴張的守門人。

Sure, Vikram, it's very positive. I think the last couple of years, while they've been very busy, it's largely been more manufacturing and industrial related, inquiries from, in migration from out of state, but we're starting to see more office inquiries, which I think is fantastic.

當然，維克拉姆，這是非常積極的。我認為過去幾年，雖然他們非常忙，但主要是製造業和工業相關的問詢，來自州外的移民問詢，但我們開始看到更多的辦公室問詢，我認為這很棒。

None of the ones, well, there's a few big ones out there that are poking around that project names are multi-market, multi-market searches that just take a long time. But there's a lot of singles and doubles out there, that might be a floor or two floors. So, I'm encouraged, just in general by the activity and what we're hearing from the economic development folks.

沒有一個，好吧，有幾個大公司在四處尋找，項目名稱是多市場，多市場搜尋需要很長時間。但是那裡有很多單間和雙間，可能有一層或兩層。因此，總體而言，我對經濟發展人士的活動和所聽到的消息感到鼓舞。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great, thanks. Good morning. I guess just digging in a little bit more on your tenant conversations, have you seen any tenants shift kind of relocation plans or expansion plans with an increased pre preference to sign short term renewals in place to kind of wait out some of the uncertainty in the market, or are you not even seeing that yet?

太好了，謝謝。早安.我想，只需稍微深入一點，了解您與租戶的對話，您是否看到任何租戶改變搬遷計劃或擴張計劃，並且更傾向於簽署短期續約協議，以等待市場的一些不確定性，或者您甚至還沒有看到這種情況？

Hey Blaine, it' Brian. I can take the first shot at that.

嘿，布萊恩，我是布萊恩。我可以先試試看。

Generally, no, we still always have a few folks who might be consolidating their company, moving in and looking to short term three years to kind of figure that out, but that's not a specific response to necessarily at least what they're telling us, the economy.

一般來說，不會，我們仍然總是有一些人可能正在合併他們的公司，搬進來並希望在短期三年內解決這個問題，但這不一定是對他們告訴我們的經濟狀況的具體回應。

But it, our wall that came through on this latest amount of releasing the commitment in Nashville Symphony Place is a long term one, so we're getting some pretty good conviction from our customers and prospects around term with the fundamental belief that they want their people to gather under one roof and creating value.

但是，我們在納許維爾交響樂中心最新做出的承諾是長期的，因此，我們從客戶和潛在客戶那裡獲得了相當好的信念，他們的基本信念是，他們希望他們的員工聚集在一個屋簷下，創造價值。

And then look, the only thing I would add is, our expansions are outnumbering our contractions, four to one, this quarter and we had 20 expansions, only 5 contractions, and that 20, just the count, the second highest count we've had in over five years, since 2019. So our customers are expanding, they're growing, and they are willing to take, make space commitments.

然後你看，我唯一要補充的是，本季度我們的擴張數量超過了收縮數量，是四比一，我們有 20 個擴張，只有 5 個收縮，而這 20 個，僅僅是數量，就是自 2019 年以來五年多來的第二高數量。因此，我們的客戶正在擴大，正在成長，並且他們願意承擔並做出空間承諾。

One other little nuance I'll add, Blaine, is that the Pipeline for new construction, new deliveries is basically stopped, but for maybe two markets, Dallas and maybe Charlotte and then a small building elsewhere. And so I think what we're seeing from many customers is realizing their options will be dwindling, particularly on Best in class, commute worthy space and so they feel like the idea of making a decision sooner locking something and maybe locking even build out pricing and least pricing before if and when things change, that's basically what we're seeing.

布萊恩，我要補充的另一個小細節是，新建築、新交付的管道基本上已經停止，但可能有兩個市場，達拉斯和夏洛特，然後是其他地方的一棟小型建築。因此，我認為我們從許多客戶那裡看到的情況是，他們的選擇將會越來越少，特別是在同類最佳、通勤空間方面，因此他們覺得應該儘早做出決定，鎖定某些東西，甚至在情況發生變化之前鎖定建造價格和最低價格，這基本上就是我們所看到的。

Okay, great, thanks for that color, Brian and Ted. And just to follow up on one of Rob's questions, Brendan, you talked about elevated leasing capital over the next several quarters. How do you see that impacting FFO or cash flow and kind of related to that? Can you just touch on your comfort with the dividend level here?

好的，太好了，感謝 Brian 和 Ted 提供的顏色。為了回答 Rob 的一個問題，Brendan，您談到了未來幾季租賃資本的增加。您認為這會對 FFO 或現金流量產生什麼影響以及與此有何關聯？您能否談談您對這裡的股息水準的滿意程度？

Yeah, maybe I'll start and let Ted, follow up. So yeah, as you mentioned, I think, firstly, what I would say is, as we talked about in the prepared remarks, we're really focused on driving risk adjusted free cash flow higher over time. So, I think that's been the focus of the company for a long time, and we continue to think about growing the business by growing risk adjusted free cash flow.

是的，也許我會開始，然後讓泰德跟進。是的，正如您所提到的，我認為，首先，我想說的是，正如我們在準備好的評論中所討論的那樣，我們真正專注於隨著時間的推移推動風險調整後的自由現金流不斷提高。所以，我認為這一直是公司長期以來關注的重點，我們繼續考慮透過增加風險調整後的自由現金流來發展業務。

But with that, we recognize. That we're in a cyclical and CapEx intensive business and capital spend is going to be lumpy from quarter to quarter and year to year. So we really program that in to just thinking about the business over the cycle, and that goes into both balance sheet strategy, but then also planning capital projects, or highertizing projects as we think about reinvesting within the portfolio.

但有了這個，我們就體認到了。我們處於一個週期性且資本支出密集的行業，資本支出在每個季度和每年之間都會出現波動。因此，我們實際上將其納入對整個週期業務的思考中，這不僅涉及到資產負債表策略，還涉及規劃資本項目，或在考慮在投資組合中進行再投資時提高項目的價值。

But with all of that, we understand that capital. Is going to be lumpy and it's going to cause cash flow to be lumpy and so we just programmed that in, and so we think that, cash flow will be lower over the next couple of years than it has been over the past few years, but that's just a normal part of the business and that's going to happen as you're driving occupancy higher because obviously you're spending that leasing capital upfront before you get the corresponding revenue as leases commence.

但儘管如此，我們還是了解資本。將會是不穩定的，並且會導致現金流是不穩定的，所以我們只是將其編程進去，因此我們認為，未來幾年的現金流將低於過去幾年，但這只是業務的正常部分，並且會在您提高入住率時發生，因為很明顯，您會在租賃開始時獲得相應的收入之前預先花費租賃資本。

The only thing I would add, Blaine, is, Brendan mentioned it in his prepared remarks that over since the onset of the pandemic, we've generated over $150 million of free cash flow above our dividend. So it is going to be lumpy with the big move outs to release the space, but we feel comfortable with where we are.

布萊恩，我唯一要補充的是，布倫丹在他的準備好的發言中提到，自疫情爆發以來，我們已經產生了超過 1.5 億美元的自由現金流，超過了我們的股息。因此，透過大規模搬遷來釋放空間將會很不方便，但我們對目前的狀況感到滿意。

Yeah, and sorry, I forgot to mention just the $150 million in cash flow, that's a true free cash flow metric. So, I think you mentioned FFO. When we really think about generating cash flow for the business, we think about what you would consider growth cap.

是的，抱歉，我忘了提到 1.5 億美元的現金流，這是一個真正的自由現金流指標。所以，我認為您提到了 FFO。當我們真正考慮為企業創造現金流時，我們會考慮您所認為的成長上限。

In that number because that's a normal part of the business and we typically reinvest within our portfolio. So that's included in that number. So even with that capital factored in, we still generated over $150 million of retained cash flow above the dividend over the past few years.

這個數字是因為這是業務的正常部分，我們通常會在我們的投資組合內進行再投資。所以這包含在這個數字中。因此，即使考慮到這些資本，我們在過去幾年中仍然產生了超過 1.5 億美元的股息保留現金流。

Okay, very helpful. Thanks guys.

好的，非常有幫助。謝謝大家。

Peter Abramowitz, Jefferies

阿布拉莫維茨（Peter Abramowitz），傑富瑞

Yes, thank you for taking the question. Just wondering if you could comment on the rents on the new lease at Symphony Place and, mark the market, how it compares to where Bass Berry's rents work.

是的，感謝您提出這個問題。只是想知道您是否可以評論一下 Symphony Place 的新租約的租金，並關注市場，將其與 Bass Berry 的租金進行比較。

Yeah, it's essentially flat, Peter.

是的，它基本上是平的，彼得。

Okay, got it.

好的，明白了。

That's helpful. And then elsewhere on the core for, so you, you've made the progress here at Symphony, and some progress down at to Alliance Center just wondering if you could comment on sort of the other assets, we're sort of, tenant requirements you're seeing on the space, how much leasing coverage you have would be helpful?

這很有幫助。然後是核心的其他地方，所以你在 Symphony 這裡取得了進展，在 Alliance Center 也取得了一些進展，只是想知道你是否可以評論一下其他資產，我們有點像你看到的租戶要求，你有多少租賃覆蓋範圍會有幫助？

Sure, yeah, you alluded to obviously backfill down to aligned center, vast majority of the novella space. We touched on, Pinnacle Symphony Place, that backfield Bass Berry, 68% of that. The other ones are Westwood South. It's a building in Nashville. So that's a, we had an earlier this year, we had a 128,000 square foot customer vacate.

當然，是的，你暗示顯然要填滿到對齊中心，絕大部分的中篇小說空間。我們談到了 Pinnacle Symphony Place，以及後場 Bass Berry，佔了其中的 68%。另外兩個是 Westwood South。這是納許維爾的一棟建築。今年早些時候，我們有 128,000 平方英尺的客戶撤離了。

And we've got a lot of prospects for that space. We've got a full building user, we've got a user that would take 70% to 80% of the building, and then we've also got some smaller guys we're sort of just putting, sort of waiting to see how these other two, to play out.

我們對這個領域有很多的前景。我們有一個完整的建築用戶，我們有一個佔用 70% 到 80% 建築空間的用戶，然後我們還有一些較小的用戶，我們只是在等待，看看另外兩個用戶的表現如何。

So we're very confident and excited about the activity that we have at Westwood South and then down at Cool Springs. The former activity building, we've leased 40% of that and we've got prospects for I'll tell you, probably more than the remaining vacancy there again it's nothing signed yet, but the tour activity, just the highertizing the response we're getting to the highertizing efforts down there it really spurred demand. So we're incredibly excited and optimistic about the activity we're seeing across the board in the core 4.

因此，我們對在 Westwood South 和 Cool Springs 開展的活動非常有信心，也很興奮。我們已經租用了前一個活動大樓的 40%，而且我們有前景，我會告訴你，可能比那裡剩餘的空置面積還要多，雖然還沒有簽署任何協議，但旅遊活動，只是我們對那裡不斷增加的努力的回應，確實刺激了需求。因此，我們對核心 4 中全面看到的活動感到無比興奮和樂觀。

That's helpful, Ted, and one more if I can, so you touched on, sort of, it would be naive to think you won't see an impact, to your conversations eventually from for the uncertainty that's been introduced to the macro outlook, but you're not necessarily seeing it yet.

這很有幫助，泰德，如果可以的話我再問一點，你提到了，如果認為宏觀前景中引入的不確定性最終不會對你的談話產生影響，那就太天真了，但你現在不一定能看到它。

So that's helpful on, I guess the leasing side. Curious kind of what you're seeing just more broadly across your markets on the capital market and transaction side, and sort of, has does it seem like deal velocity has changed much, since liberation day, and kind of just general thoughts on the transaction market, in the Sun Belt?

所以我想這對租賃方面是有幫助的。我很好奇，您對資本市場和交易方面更廣泛的市場有什麼看法？自解放以來，交易速度是否發生了很大的變化？您對陽光地帶交易市場的整體看法是什麼？

Sure, look, the office capital markets, I think we're starting to see them open up a little bit, certainly when the calendar turned this year we have seen it. The debt capital markets are starting to open up and that helps deal flow, CMBS is open to office now. Certainly the SASB market within CMBS is very active, but you're also starting to see some life companies and some banks come back and start looking at office loans, which is great then on the equity capital side.

當然，看，辦公資本市場，我認為我們開始看到它們有點開放，當然，當今年日曆翻過來的時候我們已經看到了這一點。債務資本市場開始開放，這有助於交易流動，CMBS 現已開放辦公室。當然，CMBS 中的 SASB 市場非常活躍，但你也開始看到一些人壽保險公司和一些銀行回來並開始關注辦公室貸款，這對於股權資本方面來說是件好事。

But there's been a ton of dry powder the last several years, looking to invest. I think office, they're being more constructive on now, starting to underwrite office now. So, I think that's all good for the office capital markets. I think you’re; you've seen a few deals close.

但過去幾年來，一直有大量的資金等待投資。我認為辦公室現在更加積極，開始為辦公室提供承保。所以，我認為這對辦公資本市場來說是件好事。我認為你是；您已經看到一些交易達成。

I think you're going to see a few more. So, I think that the office capital markets are thawing and I'm optimistic you're going to see a higher transaction volume this year than we have in the last few years.

我想你還會看到更多。因此，我認為辦公資本市場正在解凍，我樂觀地認為今年的交易量將比過去幾年更高。

All right, that's helpful. Thanks for the time.

好的，這很有幫助。謝謝你的時間。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning, guys. So, congrats on the partial backfill at Symphony Place. I guess that's the two large law firm you guys’ kind of have landed within the portfolio in recent months. So what, what's the behavior kind of seeing there?

嘿，大家早安。因此，恭喜 Symphony Place 部分回填工程順利完成。我想這就是你們近幾個月來在投資組合中吸收的兩家大型律師事務所。那麼，在那裡看到的是什麼樣的行為呢？

Are they downsizing from their initial footprints, and I guess what's really appealing about your sort of assets in these markets is it lack of availability, or just location, a little bit more commentary there would be helpful.

他們是否正在縮小最初的規模，我猜想這些市場中您的資產真正吸引人的地方在於缺乏可用性，或者只是地理位置，更多的評論會有所幫助。

Hey Nick, it's Brian. I'll take the first shot on your very specific question about kind of space needs and appetite, and I don't want to speak for our new customer, but they spoke to the local paper overnight and what they said is that while they are taking less square feet, they are growing as a firm because this is a much more efficient location for them and how they're now working.

嘿，尼克，我是布萊恩。我將首先回答您關於空間需求和需求的具體問題，我不想代表我們的新客戶發言，但他們昨晚接受了當地報紙的採訪，他們說，雖然他們佔用的面積減少了，但他們作為一家公司正在成長，因為這個地點對他們來說效率更高，而且他們現在的工作方式也更有效率。

So they are growing with attorneys and teammates, but actually taking less square feet technically from where they were to where they're coming with us from Symphony place. So that's, there's also some kind of M&A activity across a number of these law firms, folks moving around, folks getting bigger.

因此，他們與律師和隊友一起成長，但實際上從技術上講，他們從 Symphony 廣場來到這裡時所佔的空間比原來要小。因此，許多律師事務所也正在進行某種形式的併購活動，人員流動，規模不斷擴大。

In fact, the customer that we recruited to Symphony Place is sort of a mainstay, long known pillar of the community in Nashville, but is now part of an international Top 20 law firm on the planet, so that's a kind of a good thing.

事實上，我們招募到 Symphony Place 的客戶是納許維爾社區的中流砥柱，長期以來都是社區的棟樑，但現在已成為全球排名前 20 位的國際律師事務所的一部分，所以這是一件好事。

Yeah, Nick, the only thing that I would just add to that is, we've seen, as Ted and Brian mentioned earlier, we've seen good expansion activity across the portfolio. So the large lease that we did, in the quarter was, a large financial services user who expanded during the quarter and then we had another fortune 500 company who was new came in, new to market growth.

是的，尼克，我唯一要補充的是，正如泰德和布萊恩之前提到的，我們已經看到整個投資組合的良好擴張活動。因此，我們在本季度簽訂的大型租賃合約來自一家大型金融服務用戶，該用戶在本季度進行了擴張，然後我們迎來了另一家新加入、新進入市場增長階段的財富 500 強公司。

So while there's been two prominent deals that are law firm deals within our portfolio in the core for, if you will, I think we've seen a pretty broad based growth across our customer base.

因此，雖然我們的核心投資組合中有兩筆重要的律師事務所交易，但如果你願意的話，我認為我們已經看到我們的客戶群出現了相當廣泛的成長。

No, that's very helpful. And then I just wanted to touch a little bit on 2026. You said 2025 retention a little bit lower, but 26 you felt like that the renewal activity was going to be there and pretty high retention. So is that still the case and is our kind of is spec leasing overall kind of tracking with your initial outlook for '25 as well?

不，這非常有幫助。然後我只想稍微談談 2026 年。您說 2025 年的留存率會稍微低一些，但 26 年您覺得續訂活動將會持續，留存率也會相當高。那麼情況仍然如此嗎？我們的規格租賃整體情況是否也與您對 25 年的初步展望一致？

Yes, I would say so with respect to '25, I think we're kind of right on track with what we thought, probably early part of the early part of the year I'd say maybe even a little bit ahead, and then, I think what that means in terms of the renewal activity, for the conversations that we're having on 2026, I think that those all feel constructive.

是的，關於 25 年，我想這麼說，我認為我們的想法基本上正確，可能是在今年年初，甚至可能提前一點，然後，我認為這對續約活動意味著什麼，對於我們在 2026 年進行的對話，我認為這些都是有建設性的。

As well, I think we'll be back to more normalized levels of retention in 2026 relative to kind of where we've been late in '24 and then in '25. So I think that positions us given the limited role that we have and then more normalized levels of retention and then the new leasing volume, I think that creates a good environment where we ought to be able to grow occupancy as we migrate through our '26.

此外，我認為，相對於 2024 年末和 2025 年的水平，我們的保留率將在 2026 年恢復到更正常的水平。因此，我認為，考慮到我們所扮演的角色有限，以及更規範化的保留水準和新的租賃量，我認為這創造了一個良好的環境，我們應該能夠在我們跨越 26 年的過程中提高入住率。

Very helpful. Thank you.

非常有幫助。謝謝。

Dylan Brzezinski, Green Street.

迪倫·布熱津斯基，綠街。

Hey guys, thanks for taking the question. I guess just sort of going back to the Peter's line of question around capital markets changes. That, I think you mentioned having, smaller assets in the market today. Have you seen any changes it relates to the pricing expectations or buyer appetite since sort of April 2nd liberation day?

嘿夥計們，謝謝你們回答這個問題。我想這只是回到彼得關於資本市場變化的問題。我認為您提到過，當今市場上的資產規模較小。自 4 月 2 日解放日以來，您是否看到與定價預期或買家興趣相關的任何變化？

Not at all, Dylan. Again, we don't have a lot of data points on our, we don't have anything of size out in the market. We've got a couple small buildings, but there's plenty of investor interest in the couple of buildings we have out there, but it wouldn't surprise me, just to your point, again, we'll have to wait and see the next 30, 60 days or whatever, but to date we haven't really seen an appetite.

一點也不，迪倫。再說一次，我們沒有很多數據點，我們在市場上沒有任何規模的東西。我們有幾棟小型建築，但有很多投資者對我們在那裡的幾棟建築感興趣，但這並不讓我感到驚訝，就像你所說的那樣，我們必須等待並觀察接下來的 30、60 天或更長時間，但到目前為止，我們還沒有真正看到人們的興趣。

We're having people continue to all of us, whether it be users or local buyers that want to, that are interested in assets, some of our assets we don't even have on the market, which is so similar to what happened last year with BayCbare and we sold those buildings, that was an inbound call.

我們所有人都在不斷地聯繫到我們，無論是用戶還是對資產感興趣的本地買家，我們的一些資產甚至還沒有在市場上出售，這與去年 BayCbare 發生的情況非常相似，我們出售了那些建築物，這是一個來電。

So we're continuing to field calls from users as well as potential buyers that are looking to transact. So I think there's a lot of money on the sidelines it's looking to invest in office buildings these days.

因此，我們將繼續接聽用戶以及希望進行交易的潛在買家的電話。所以我認為，目前有許多場外資金正在尋求投資辦公大樓。

Great, appreciate those comments, Ted, and I guess just going back to, the demand side not changing as well, but are you starting to see any cracks on, free rent periods moving higher TI packages being higher? I know you guys commented on this net effective in the quarter being higher than they were five quarters ago, but any change in the last several weeks as it relates to just leasing economics.

太好了，感謝你的評論，泰德，我想回到剛才的問題，需求方也沒有改變，但是你是否開始看到任何裂痕，免費租賃期增加，TI 套餐價格上漲？我知道你們評論說本季的淨有效收入高於五個季度前，但過去幾週的任何變化都與租賃經濟有關。

Not really. In fact, I would tell you the concessions in many of our submarkets are starting to level off. I think we've probably hit peak TIs and peak free rent. So, depending on the submarket. And in some cases, the specific deal and location, you're starting to see, concessions subside a little bit even.

並不真地。事實上，我想告訴你，我們許多次市場的優惠政策已開始趨於平穩。我認為我們可能已經達到了 TI 和免租金的峰值。所以，這取決於子市場。在某些情況下，你會開始看到，具體的交易和地點，優惠甚至會減少。

So which is again, that's encouraging for the overall office market, especially given there's no new deliveries in the next couple of years or very few. We think that things are going to tighten up. Vacancy rates have probably peaked in our markets and concessions we think they have as well, so. We're encouraged about the overall fundamental picture improving over the next couple of years as well.

這對於整個辦公大樓市場來說又是令人鼓舞的，特別是考慮到未來幾年沒有新辦公大樓交付或交付量很少。我們認為情況將會變得緊張。我們認為，我們市場和特許經營區的空置率可能已經達到頂峰，所以。我們對未來幾年整體基本面的改善感到鼓舞。

Perfect. Thanks.

完美的。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. Again, congrats on a solid quarter and a great momentum there. Wanted to understand guidance a little bit better. You talked about a $0.01 increase from operations, but there really are no big changes to your guidance assumptions, so trying to understand maybe something's happening on the non-[repa] store pool and then the $0.03 associated with acquisitions.

是的，大家早安。再次恭喜本季業績穩健且勢頭強勁。想要更好地理解指導。您談到了營運費用增加 0.01 美元，但您的指導假設實際上並沒有發生大的變化，因此試圖了解非 [repa] 商店池中可能發生的一些事情，然後是與收購相關的 0.03 美元。

Again, I think your initial guidance had up to $300 million of acquisitions. You've done 138 so far calling for potential additional 150. So, acquisition guidance doesn't seem like it's changed much as well, but you're expecting the $0.03 pick up on that end as well. So, if you could just help us kind of understand the 4% increase, that would be helpful.

再次，我認為您最初的指導價格是高達 3 億美元的收購價格。到目前為止，您已完成 138 個，還可能額外完成 150 個。因此，收購指導似乎也沒有發生太大變化，但您也預計該方面將上漲 0.03 美元。因此，如果您能幫助我們理解 4% 的成長，那將會很有幫助。

Yeah, hey, Omotayo, it's Brandon. I'll take that. Thanks for the question. So just, firstly on the acquisition, so we provide the guidance in terms of color on acquisition activity, but we don't include that in the FFO number.

是的，嘿，Omotayo，我是 Brandon。我會接受的。謝謝你的提問。首先是關於收購，我們提供收購活動顏色的指導，但我們沒有將其納入 FFO 數字中。

And so what happened with the February outlook is we had sold the assets in Tampa that $145 million so that was that dilution, if you will, was kind of. In that number, but we hadn't closed on advanced auto parts tower. We closed on that a month or so after we had provided that initial outlook.

因此，2 月的展望是，我們以 1.45 億美元的價格出售了坦帕的資產，所以，如果你願意的話，這就是稀釋。在那個數字中，但我們還沒有關閉先進的汽車零件塔。我們在提供初步展望後大約一個月就完成了這一目標。

So the closing of that, then that obviously goes into the number and that's $0.03 there if you just take, roughly nine months of ownership in that asset relative to the cost of capital to pay for that. And then the penny of better operations.

因此，如果以該資產的所有權計算，那麼顯然該資產的收盤價就是 0.03 美元，相對於支付該資產的資本成本，該資產的所有權約為 9 個月。然後花一點錢來改善營運。

I mean, could you move the numbers around a little bit in terms of the metrics? Sure, but you know we've got a 200-basis point range on same store, that's $10 million to $12 million of kind of play in there. I didn't think it was kind of updating those numbers same with occupancy, what we did move up and really this kind of goes, maybe to your question a little bit is you saw the straight line number move up a couple million.

我的意思是，您能否根據指標稍微調整一下數字？當然，但你知道我們在同一家商店有 200 個基點的範圍，也就是 1000 萬美元到 1200 萬美元的範圍內。我不認為這會更新這些數字，就像入住率一樣，我們確實有所上升，實際上，這可能與您的問題有點相似，你看到直線數字上升了幾百萬。

And bucks, so really you kind of have some of that is just in play there as well. So doesn't impact cash same property and why, which is where we are, but we did take the same property number up a little bit and there's a variety of reasons for that, but a bunch of stuff moves around, but I think the general parameters of same store guide, occupancy guide, not much really has changed there.

還有錢，所以實際上你也有一些錢在那裡發揮作用。因此不會影響現金相同的房產以及原因，這就是我們所處的位置，但我們確實將相同的房產數量稍微提高了一點，這有各種各樣的原因，但是很多東西都在移動，但我認為同店指南、入住率指南的一般參數實際上並沒有太大的變化。

Gotcha. That's helpful.

明白了。這很有幫助。

Donald Camden, Morgan Stanley.

摩根士丹利的唐納德·卡姆登。

Hey, just two quick ones for me, I think one on the, just the potential additional dispositions and acquisitions not included in guidance.

嘿，我只想快速問兩個問題，我認為一個是關於指導中未包括的潛在的額外處置和收購。

I know you talked about some dispositions being prepped, but any updated thoughts on the Pittsburgh assets and what you're thinking is, there would be helpful and similarly on the acquisition side, is it all speculative at this point or are there sort of deals that you guys are sort of looking evaluating, closing and all things?

我知道您談到了一些正在準備的處置，但您對匹茲堡資產有什麼最新的想法嗎？您認為這會有所幫助嗎？同樣，在收購方面，目前這一切都是推測性的嗎？還是你們正在考慮評估、完成和完成哪些交易？

Sure. Hey, Donald. First on Pittsburgh, really no update on Pittsburgh. We continue to monitor the situation just like we have in the last couple of years and I think that when the capital markets open up more for large, assets like the ones we own, we'll be, we'll find the right time to sell those assets.

當然。嘿，唐納德。首先是匹茲堡，實際上沒有關於匹茲堡的最新消息。我們會像過去幾年一樣繼續關注局勢，我認為，當資本市場對我們擁有的大型資產更加開放時，我們就會找到合適的時機來出售這些資產。

So really no update there. And then on the acquisition front, we're underwriting stuff where our pencils are, we're underwriting various opportunities, but really nothing to talk about and, we'll just see how things play out, but, it's just nice to have acquisition opportunities that are out there right now, but really nothing to talk about.

所以那裡確實沒有更新。然後在收購方面，我們正在承銷一些東西，我們正在承銷各種機會，但實際上沒有什麼可談的，我們只會看看事情如何發展，但是，現在有收購機會真是太好了，但實際上沒有什麼可談的。

Great. And then my second one was just on the cadence for the same store, the midpoint is 3%, which is where you sort of were in one queue. Should we be expecting sort of a dip in two and then recovery in the back half of the year just, how should we think about how that's going to trend?

偉大的。然後我的第二個只是針對同一家商店的節奏，中點是 3%，也就是你在一個隊列中。我們是否應該預期兩年內會下滑，然後在下半年出現復甦，我們該如何看待這個趨勢？

Yeah, Ron, it's Brendan, good question. Yeah, I think it's likely to be, if you go back and look at last year, right, we were higher in Q2 and then higher again in Q3 so obviously anniversarying against those prior quarters is a challenging comp.

是的，羅恩，我是布倫丹，問得好。是的，我認為很有可能，如果你回顧去年，對吧，我們在第二季度的業績更高，然後在第三季度再次更高，所以顯然與前幾季相比，週年紀念是一個具有挑戰性的比較。

So I would expect it to be week in Q2 week in Q3 and then as we had occupancy down in Q4 last year, I think we'll do better on a relative basis in Q4 of this year. So I think that's, in in terms of expectations on same property guidance, I think that's a good way to think about it.

因此，我預計第二季的入住率會比第三季的入住率低，然後由於去年第四季的入住率下降，我認為今年第四季我們的表現會相對更好。所以我認為，就相同財產指導的期望而言，我認為這是一種很好的思考方式。

Great, thanks so much.

太好了，非常感謝。

Seth Bergie, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergie)。

Hi, thanks for taking my question. I just kind of want to go back to some of the discussion around acquisitions. How is kind of the uncertainty out there? Has that changed kind of the yields or IRRs you guys are underwriting to? And then, are there any markets you're kind of looking you would look to kind of grow in or, any color that would be helpful as well?

你好，謝謝你回答我的問題。我只是想回顧一下有關收購的一些討論。那裡的不確定性是怎麼樣的？這是否改變了你們承保的收益率或 IRR？那麼，您是否正在尋找可以實現成長的市場，或者有任何顏色會對您有所幫助？

Sure, hey, Seth, look, I don't think necessarily uncertainty is impacting us a whole lot. We look at the fundamentals of when we underwrite deals, whether it's a core plus value add opportunity, we look at the submarket and, what kind of rent growth can we get, what kind of so can we have if there's vacant space.

當然，嘿，塞思，你看，我認為不確定性不一定會對我們產生很大的影響。我們在承銷交易時會考慮基本面，無論是核心增值機會，我們也會考慮子市場，以及我們可以獲得什麼樣的租金成長，如果有空置空間，我們可以獲得什麼樣的收益。

So there's a lot of levers that go into coming up with our overall underwriting assumptions. So, but I don't think we've changed a whole lot in the last 30 days or so. It just, but it's very micro as we look at the asset in the submarket 42.

因此，我們在製定總體承保假設時需要考慮許多因素。所以，但我認為我們在過去 30 天左右並沒有太大的改變。但當我們看 42 個子市場中的資產時，它只是非常微觀的。

Oh, [Martin], I'm sorry, Seth on Mars, the second part.

哦，[馬丁]，對不起，《賽斯在火星》，第二部。

Yes, second part of the markets, well, look, we've entered Charlotte five years ago, Dallas three years ago, so I think we like our footprint right now, we poke around other markets, but, we're sort of pretty pleased with the markets we're in right now.

是的，第二部分市場，嗯，你看，我們五年前進入了夏洛特，三年前進入了達拉斯，所以我認為我們現在喜歡我們的足跡，我們也探索了其他市場，但是，我們對我們現在所處的市場相當滿意。

Great, thanks.

太好了，謝謝。

There are no more questions register again if you like to ask a question, it is followed by one or your telephone keypad.

有沒有更多的問題，再次註冊，如果你想問一個問題，它後面跟著一個或你的電話鍵盤。

All right, doesn't look like we have any additional questions. So, thank you all for joining the call today. Thanks for your interest in Highwoods. We look forward to seeing everybody in May, in early June.

好的，看起來我們沒有其他問題了。所以，感謝大家今天參加電話會議。感謝您對 Highwoods 的關注。我們期待在五月、六月初與大家見面。

Thank you.

謝謝。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。