Highwoods Properties Inc (HIW) 2025 Q2 法說會逐字稿

Good morning. Thank you for attending the Highwoods Properties Q2 2025 earnings call. My name is Matt, and I'll be the moderator for today's call. (Operator Instructions)

早安.感謝您參加 Highwoods Properties 2025 年第二季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）

I'd now like to pass the conference over to our host, Brendan Maiorana. Brendan, please go ahead.

現在我想將會議交給我們的主持人布倫丹·馬約拉納 (Brendan Maiorana)。布倫丹，請繼續。

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 now turn the call over to Ted.

說完這些，我現在將電話轉給泰德。

Thanks, Brendan, and good morning, everyone. We had another strong quarter with robust second-gen leasing and excellent financial results. We entered 2025 with two key priorities: first, continue to upgrade our portfolio quality by rotating out of slower growth, more CapEx-intensive properties and rotating into higher growth assets that are more capital efficient; and second, make significant strides towards capturing the substantial NOI growth potential we have in our operating portfolio and development pipeline, which will drive meaningful organic growth in future years.

謝謝，布倫丹，大家早安。我們又度過了一個強勁的季度，第二代租賃業務強勁，財務表現優異。我們進入 2025 年時有兩個主要優先事項：首先，透過從成長較慢、資本支出密集型資產轉向資本效率更高的高成長資產，繼續提升我們的投資組合品質；其次，大力挖掘我們營運組合和開發管道中巨大的 NOI 成長潛力，這將推動未來幾年有意義的有機成長。

We continue to make progress towards both of these priorities. In the second quarter, our leasing volumes were strong including signing several second-gen new leases on spaces that are currently vacant, and we continue to make progress on the remaining availability at our development properties. While we didn't close any acquisitions or dispositions during the period, we're actively underwriting potential new investments and have numerous assets in the market for sale. We will continue to deliver on our proven strategy of rotating out of older slower growth properties that are more CapEx-intensive into better located, higher-growth assets that are more capital efficient.

我們將繼續朝著這兩個優先事項取得進展。在第二季度，我們的租賃量表現強勁，包括簽署了幾份目前空置空間的第二代新租約，並且我們繼續在開發物業的剩餘可用性方面取得進展。雖然我們在此期間沒有完成任何收購或處置，但我們正在積極承保潛在的新投資，並在市場上出售大量資產。我們將繼續推行行之有效的策略，將老舊、成長較慢、資本支出密集的資產轉為位置更優越、成長更快、資本效率更高的資產。

We continued our healthy leasing volume in the quarter with 920,000 square feet of second-gen leasing, including 370,000 square feet of new leasing. The consistent level of elevated leasing volumes for the past several quarters increases our confidence that our occupancy will steadily improve late in 2025 and escalate thereafter.

本季我們的租賃量持續保持健康，第二代租賃面積為 920,000 平方英尺，其中包括 370,000 平方英尺的新租賃。過去幾季租賃量持續上升，增強了我們的信心，我們相信我們的入住率將在 2025 年末穩步提高，此後還會繼續上升。

We have also further unlocked the NOI growth potential in our four core assets with meaningful upside potential. As a reminder, our core four, our Alliance Center in Buckhead and three assets in Nashville. Symphony Place in the CBD, Westwood South in Brentwood, and Park West in Franklin. We have forecasted $25 million of annual NOI upside just from stabilizing these core four. After our leasing performance this quarter, we now have 50% of this upside scotched with signed leases, and we will have strong prospects for another 20%.

我們也進一步釋放了四項核心資產的淨利潤成長潛力，並具有顯著的上升潛力。提醒一下，我們的核心資產有四個，分別是位於巴克海特的聯盟中心和位於納許維爾的三項資產。中央商務區的 Symphony Place、布倫特伍德的 Westwood South 和富蘭克林的 Park West。我們預測，只要穩定這四個核心業務，每年的淨營業利潤就能增加 2,500 萬美元。根據本季度的租賃業績，我們目前已透過簽訂租約實現了 50% 的成長，並且我們預計將再實現 20% 的成長。

Turning to our development pipeline. While we only signed 19,000 square feet during the quarter, we have advanced a number of prospects through the leasing process and remain confident we'll increase our lease rate by the end of the year.

轉向我們的開發管道。雖然我們在本季度僅簽署了 19,000 平方英尺的租賃合同，但我們已經透過租賃流程獲得了大量潛在客戶，並且我們仍然有信心在年底前提高租賃率。

We have over $10 million NOI growth potential at GlenLake 3 in Raleigh and Granite Park 6 in Dallas, two development properties that delivered in 2023 that are not yet stabilized. We have over $6 million of this NOI potential already signed but where occupancy hasn't yet commenced. In addition, we have over $20 million of NOI growth potential of the two developments that delivered earlier this year, 23Springs in Dallas and Midtown East in Tampa. Our first customers of these developments recently moved in, and additional customers will take occupancy late in 2025 and in 2026. Combined, these two properties are 59% leased, and we have strong prospects for another roughly 15%.

我們在羅利的 GlenLake 3 和達拉斯的 Granite Park 6 擁有超過 1000 萬美元的 NOI 成長潛力，這兩處開發物業於 2023 年交付，但尚未穩定。我們已經簽署了價值超過 600 萬美元的 NOI 潛在項目，但尚未開始入住。此外，我們今年稍早交付的兩個開發項目——達拉斯的 23Springs 和坦帕的 Midtown East——的 NOI 成長潛力超過 2000 萬美元。這些開發案的首批客戶最近已入住，其他客戶將於 2025 年末和 2026 年入住。這兩處房產的出租率總計為 59%，我們預計還將有約 15% 的出租率。

Given the combination of high construction costs, elevated vacancy levels, limited financing availability, and risk-adjusted yield requirements, starting with new spec development continues to be difficult for anyone in this environment. However, the absence of new deliveries and the dwindling availability over the next few years, creates an opportunity for meaningful rent growth and high-quality, second-gen product. We're already seeing the benefits of limited supply at large blocks of high-quality space across many of our markets are being absorbed, which is driving rent growth in the best locations across the Sunbelt.

鑑於高昂的建設成本、不斷上升的空置率、有限的融資可用性以及風險調整後的收益要求，在這種環境下，任何人開始新規格開發都會變得困難。然而，未來幾年新交付的缺乏和供應量的減少，為有意義的租金成長和高品質的第二代產品創造了機會。我們已經看到，許多市場中大量優質空間有限供應帶來的好處正在被吸收，這推動了陽光地帶最佳地段的租金成長。

The powerful combination of signed leases moving into occupancy in our operating portfolio, ongoing stabilization of our development pipeline, and continuous portfolio improvement should drive significant growth in earnings and cash flows in the foreseeable future.

我們營運組合中已簽署的租約、已投入使用的租約、我們開發管道的持續穩定以及投資組合的持續改進，這些強有力的組合應該會在可預見的未來推動收益和現金流的顯著增長。

You may have seen some press recently about Ovation, our future mixed-use development in Franklin outside of Nashville. We recently submitted our development plan to the city. We remain confident Ovation represents one of the best mixed-use ground-up development sites in the entire country and will be a significant opportunity to create sizable value for Highwood shareholders. We are working with our partner in the city of Franklin to finalize development plans and do not expect any development announcements until late next year at the earliest.

您可能最近看到了一些關於 Ovation 的新聞報道，Ovation 是我們未來在納許維爾郊外富蘭克林的混合用途開發項目。我們最近向市政府提交了我們的發展計劃。我們仍然相信，Ovation 是全國最好的混合用途開發項目之一，並將為 Highwood 股東創造可觀價值的重要機會。我們正在與富蘭克林市的合作夥伴共同敲定開發計劃，預計最早也要到明年年底才會發布任何開發公告。

Turning to our performance. We delivered excellent financial results in the quarter, including cash flows that continue to be resilient even with elevated leasing CapEx due to future occupancy build. We delivered FFO of $0.89 per share in the quarter. Our occupancy was roughly flat from Q1 at 85.6%, while our lease rate increased 80 basis points to 88.9%.

談談我們的表現。我們在本季度取得了出色的財務業績，即使由於未來入住率的提高導致租賃資本支出增加，現金流仍然保持彈性。本季我們的 FFO 為每股 0.89 美元。我們的入住率與第一季基本持平，為 85.6%，而租賃率增加了 80 個基點，達到 88.9%。

Leasing is off to another strong start early in Q3 with over 300,000 square feet of second-gen leases signed, including over 100,000 square feet of new leases. We remain optimistic we'll see the lease rate and occupancy levels increase by the end of the year. With our strong financial performance in Q2, an upbeat outlook for the balance of the year, we have once again raised the midpoint of our 2025 FFO outlook, up $0.02 to a range of $3.37 to $3.45 per share. Since the beginning of the year, we've increased our FFO outlook by $0.06 at the midpoint or nearly 2%.

第三季初，租賃市場再次迎來強勁開局，已簽署超過 30 萬平方英尺的第二代租賃協議，其中包括超過 10 萬平方英尺的新租賃協議。我們仍然樂觀地認為，到今年年底，租賃率和入住率將會上升。由於我們第二季度的強勁財務表現以及對今年剩餘時間的樂觀展望，我們再次將 2025 年 FFO 預期中點上調 0.02 美元，至每股 3.37 美元至 3.45 美元。自今年年初以來，我們已將 FFO 預期中位數提高了 0.06 美元，即近 2%。

In conclusion, we're extremely excited about the next few years for Highwoods. We're operating in the strongest BBDs in the Sunbelt that continually have proven to be the places where talent and companies want to be. We have a clear pathway to meaningful growth, growth in earnings, growth in cash flow, and growth in NAV from our existing portfolio and development pipeline. Plus, we believe the next 12 months represents an excellent opportunity to deploy capital in new investments with strong returns and recycle out of older nonstrategic properties where risk-adjusted returns don't meet our objectives. With a strong balance sheet, including limited near-term debt maturities and ample liquidity, we are well positioned to execute on the opportunities ahead of us.

總之，我們對 Highwoods 未來幾年的發展感到非常興奮。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。透過我們現有的投資組合和開發管道，我們擁有實現有意義的成長、收益成長、現金流成長和資產淨值成長的明確途徑。此外，我們認為，未來 12 個月是將資本部署到回報豐厚的新投資中並回收風險調整後回報不符合我們目標的舊非戰略性資產的絕佳機會。憑藉強大的資產負債表，包括有限的短期債務到期日和充足的流動性，我們已準備好抓住未來的機會。

Brian?

布賴恩？

Thank you, Ted, and good morning, everyone. Kudos to our tremendous team for the results they delivered in the second quarter with 923,000 square feet of quarterly leasing, of which 371,000 square feet was new, signaling future occupancy gains as those leases commence. Our Sunbelt states are repeat best for business winners.

謝謝你，泰德，大家早安。我們出色的團隊在第二季度取得了優異的成績，季度租賃面積達 923,000 平方英尺，其中 371,000 平方英尺為新租賃面積，這預示著隨著這些租賃的開始，未來入住率將會增加。我們的陽光地帶各州屢屢成為商業贏家。

Our markets are outpacing the nation with higher population gains and lower unemployment rates. And our BBD portfolio is outperforming as the beneficiary of our customers' preference for in-office occupancy and, in turn, their continued flight to quality, capital, and owners. With corporate and now federal conviction behind the in-office value proposition, we believe equilibrium has been reached as it relates to remote work and no longer see it as an acute headwind to our portfolio.

我們的市場以更高的人口成長率和更低的失業率領先全國。我們的 BBD 投資組合表現出色，受益於客戶對辦公室入住的偏好，以及他們繼續追求品質、資本和所有者。由於企業和聯邦政府都堅信辦公室內的價值主張，我們相信遠距工作已經達到了平衡，不再將其視為我們投資組合的嚴重阻力。

With greater numbers returning to the office, there's not only less commute worthy options available at the top of the market, the bottom is shrinking as well, with CBRE reporting at over 23 million square feet of US office space, is on track for demolition or conversion to other uses this year, far outpacing the almost 13 million square feet of new office space being completed in 2025, which figure in itself is far below the 10-year annual average of 44 million square feet of annual deliveries.

隨著越來越多的人重返辦公室，不僅市場高端的通勤選擇減少，低端的選擇也在減少，世邦魏理仕報告稱，今年美國有超過 2300 萬平方英尺的辦公空間即將被拆除或轉作其他用途，遠遠超過 2025 年竣工的近 1300 萬平方英尺的新辦公空間，而這個數字本身遠低於 100 萬平方英尺的交付量。

Coupled with a record low construction pipeline, and with the development period of an office building being measured in years, this slow squeeze play has started to move the market in an owner's favor in certain instances, such as new trophy development and in high barrier-to-entry DVDs with the potential for a meaningful and extended shortage of Class A space in the not-too-distant future.

再加上在建辦公大樓數量創歷史新低，而且辦公大樓的開發週期以年為單位，這種緩慢的擠壓策略在某些情況下已經開始使市場朝著有利於業主的方向發展，例如新的標誌性開發項目和進入門檻較高的 DVD 市場，在不久的將來，甲級辦公大樓可能會出現嚴重且持續的短缺。

Our Sunbelt BBD strategy, which is both urban and suburban in nature, is serving us well. All of our markets are in states that are repeatedly rated by CNBC as the best for business with North Carolina, Texas, Florida, and Virginia taking the top four spots this year.

我們的陽光地帶 BBD 策略兼具城市和郊區的性質，為我們帶來了良好的效果。我們所有的市場都位於被 CNBC 多次評為最適合經商的州，其中北卡羅來納州、德克薩斯州、佛羅裡達州和維吉尼亞州今年排名前四名。

With regard to the Tar Hill state between Charlotte and Raleigh, North Carolina is home to 33% of our revenue and 36% of our NOI. Georgia and Tennessee aren't far behind rounding out the top eight of CNBC's rankings. Bloomberg Economics brings us to bear highlighting that the Southeast accounted for more than 2/3 of all job growth across the US since early 2020.

就夏洛特和羅利之間的焦油山州而言，北卡羅來納州貢獻了我們 33% 的收入和 36% 的淨利潤。喬治亞州和田納西州緊隨其後，位列 CNBC 排名前八。彭博經濟研究指出，自 2020 年初以來，東南部占美國所有就業成長的 2/3 以上。

These three forces, improving in office utilization, declining competitive supply, and strong demographics, all combined with a resilient economy, are bearing fruit in our leasing activity and make us optimistic our strong performance will continue.

這三種力量，即辦公室利用率的提高、競爭性供應的下降、強勁的人口結構，再加上富有彈性的經濟，正在為我們的租賃活動帶來成果，並使我們對我們的強勁表現將繼續保持樂觀。

To that end, we signed 102 leases in the second quarter with expansions outpacing contractions almost 3:1. Net effective rents averaging $19.30 a square foot with an average payback of 17.2%. Of the 102 leases we signed, 42 were new with almost 20% of those new to market. Cash and GAAP rent growth were strong at 3.6% and 17.6% respectively.

為此，我們在第二季簽署了 102 份租約，擴張速度幾乎是收縮速度的 3 倍。淨有效租金平均為每平方英尺 19.30 美元，平均回報率為 17.2%。在我們簽署的 102 份租約中，有 42 份是新租約，其中近 20% 是新上市的。現金和 GAAP 租金成長強勁，分別為 3.6% 和 17.6%。

Above all, we are most enthusiastic about the progress we've made and continue to make on our occupancy upside across four core assets in Atlanta and Nashville. Three of these four have completed or in the midst of completing our Highwoodtizing redevelopment program, essentially positioning them to directly compete with new construction. The fourth in Westwood South is in the highest barrier-to-entry BBDs of Brentwood in suburban Nashville. And it has a leasing prospect pipeline that would fill the building 2 times over.

最重要的是，我們對亞特蘭大和納許維爾四個核心資產的入住率所取得的進展以及繼續取得的進展感到非常興奮。其中三個已經完成或正在完成我們的 Highwoodtizing 重建計劃，從本質上來說，它們可以與新建築直接競爭。韋斯特伍德南區的第四家店位於納許維爾郊區布倫特伍德進入門檻最高的 BBD 區。並且它擁有一個租賃前景管道，可以容納兩倍於該建築的租客。

Symphony Place in Downtown Nashville started the quarter strong. The seven-floor lease with Nashville Mainstay and global law firm Holland & Knight was proof positive that the environment and experience we are curating there is what Nashville's best and brightest are looking for, and they are leasing prospects for over 80% of the building.

納許維爾市中心的交響樂廣場本季開局強勁。我們與納許維爾 Mainstay 和全球律師事務所 Holland & Knight 簽訂了七層樓的租賃協議，充分證明我們在此打造的環境和體驗正是納許維爾最優秀、最聰明的人才所尋求的，他們有意租賃該建築 80% 以上的面積。

While you never about 1,000, with these prospects and inbound activity picking up in Nashville, Symphony Place is poised to deliver meaningful organic growth. The backfill update from Nashville is a good segue way into Music City's broader market performance with the nation's lowest large metro unemployment rate. Cushman & Wakefield reported Nashville having the nation's third highest positive net absorption and the market's robust demand generated almost 1 million square feet of leasing for the quarter, the highest for Nashville since the second quarter of 2021.

儘管數量永遠不會達到 1,000，但隨著這些前景和納許維爾入境活動的興起，Symphony Place 預計將實現有意義的有機增長。納許維爾的補充更新很好地過渡到了音樂之城更廣泛的市場表現，該市擁有全美最低的大都市失業率。高緯環球報告稱，納許維爾的淨吸收量位居全美第三，市場強勁的需求在本季度創造了近 100 萬平方英尺的租賃空間，這是納許維爾自 2021 年第二季以來的最高水準。

JLL added that there are almost 2 million square feet of active requirements in the market and with a decade-low construction pipeline, delivering its 79% pre-leased and with no new starts in the foreseeable future, vacancy should decline, rents should increase, and momentum should continue. The second quarter leasing, we did in Nashville, led our markets for both total and new volume, had our highest dollar weighted average lease term at nine years and was tops with GAAP rent growth of 23.8% and cash rent spreads of 12.4%.

JLL 補充說，市場上有近 200 萬平方英尺的活躍需求，並且由於十年來在建辦公大樓數量處於低位，預租率為 79%，並且在可預見的未來沒有新開工，空置率應該會下降，租金應該會上漲，並且發展勢頭應該會持續下去。我們在納許維爾進行的第二季租賃業務在總租賃量和新租賃量方面均領先市場，美元加權平均租賃期限最高，為九年，GAAP 租金增長率為 23.8%，現金租金利差為 12.4%。

Southeast of Nashville, Charlotte continues to be a talent magnet with new data showing that the area's daily net migration count is up from 117 a day to 157. According to the Charlotte Regional Business Alliance and where Cushman highlighted the region as one of the nation's top quarterly job generators with a 2.2% growth rate. Cushman also noted Charlotte's fourth consecutive quarter with leasing activity over 500,000 square feet or over 80% occurred in the submarkets uptown, Midtown, and South Park. Our 2 million square foot Charlotte portfolio, which is entirely located in the Uptown and South Park BBDs leads the way at 96.6% occupied. Our 1.2 million square foot legacy Union Uptown portfolio sits squarely at the geographic center of Charlotte's Class AA demand and is 95% occupied, while our 6-building 800,000 square foot portfolio in South Park is 98% occupied.

夏洛特位於納許維爾東南部，繼續成為人才聚集地，新數據顯示該地區每日淨移民人數從每天 117 人增加到 157 人。據夏洛特地區商業聯盟稱，庫什曼強調該地區是美國季度就業最多的地區之一，成長率達 2.2%。庫什曼還指出，夏洛特連續第四個季度的租賃活動面積超過 50 萬平方英尺，或超過 80% 的租賃活動發生在上城區、中城區和南公園子市場。我們的夏洛特投資組合佔地 200 萬平方英尺，全部位於上城區和南公園 BBD，入住率高達 96.6%。我們原有的 120 萬平方英尺 Union Uptown 投資組合正好位於夏洛特 AA 級需求的地理中心，入住率為 95%，而我們位於南公園的 6 棟樓 80 萬平方英尺的投資組合入住率為 98%。

With Charlotte's construction pipeline empty and with multiple large inbounds cited by the Charlotte's alliance, not including Citigroup or AssetMark's recent significant job announcements, market vacancy and rental rates should continue to move in opposite directions. Of all of our markets, Dallas continues to be an economic juggernaut with continued job and population growth and positive net absorption. JLL noted that 60% of Dallas' office pipeline is build-to-suit construction for Goldman Sachs and Wells Fargo and that there are an additional 7.6 million square feet of requirements in the market.

由於夏洛特的建築管道空置，且夏洛特聯盟引用了多個大型項目入駐，不包括花旗集團或 AssetMark 最近發布的重大招聘公告，市場空置率和租賃率應該會繼續朝相反的方向發展。在我們所有的市場中，達拉斯繼續成為經濟巨頭，就業和人口持續成長，淨吸收量為正。JLL 指出，達拉斯 60% 的辦公大樓專案都是為高盛和富國銀行量身定制的，市場還有 760 萬平方英尺的需求。

Our Dallas development pipeline is benefiting from this demand with prospect activity at both our 422,000 square foot, Plano BBD Granite Park 6 development, which is currently 59% pre-leased, and our 642,000 square foot, 23 Springs development in Dallas' uptown BBD, which itself is 63% pre-leased.

我們在達拉斯的開發案受益於此需求，我們位於普萊諾 BBD 的 422,000 平方英尺的 Granite Park 6 開發案（目前預租率為 59%）和位於達拉斯上城 BBD 的 642,000 平方英尺的 23 Springs 開發案（該開發案本身預租率為 63%）均有潛在開發活動。

Also in uptown and down the street from 23Springs is our 557,000 square foot in-service asset, McKinney and Olive, which is over 99% leased. I would be remiss if I didn't share highlights from Tampa, both as a market and from our portfolio's perspective. CBRE led this quarter's Tampa market report with a headline that reads, a positive path ahead as the office market builds on Q1 surge.

同樣位於 23Springs 上城區和街道下方的是我們在使用的 557,000 平方英尺資產 McKinney 和 Olive，出租率超過 99%。如果我不分享坦帕的亮點，無論是從市場角度還是從我們的投資組合角度，那我就是失職了。世邦魏理仕 (CBRE) 在本季度的坦帕市場報告中領銜，標題為「辦公大樓市場在第一季激增的基礎上繼續保持成長，未來前景樂觀」。

The report noted that Tampa posted its fifth consecutive quarter of positive net absorption, and the pipeline for continued positive absorption is healthy with 1.3 million square feet of future tenant move-ins tied to our already executed leases with an additional 1.4 million square feet of active prospects and one of the lowest market-wide vacancies in the nation for CBRE, we are very pleased with our market activity and where we ended the quarter at 86.1% occupied, but more than 92% leased.

報告指出，坦帕連續第五個季度實現淨吸納量正增長，持續的淨吸納量勢頭良好，與已簽訂的租約相關的未來租戶入住面積為 130 萬平方英尺，另有 140 萬平方英尺的活躍潛在客戶，對於 CBRE 來說，坦帕是全美市場空置率最低的地區之一，我們對我們的市場活動感到非常滿意，本季度租賃

Our Midtown East development recently delivered 40% pre-leased and has strong prospects for another 40% of the building. Underwritten to stabilize in the second quarter of 2026, Midtown East was the only building under construction the better part of two years and is the tallest building in the West Shore BBD and in the heart of Midtown Tampa's thriving mixed-use district anchored by Whole Foods to hotels and luxury apartments.

我們的中城東區開發案最近已完成 40% 的預租，預計再完成 40% 的預租。預計在 2026 年第二季度實現穩定，中城東區是近兩年來唯一正在建造的建築，也是西岸 BBD 中最高的建築，位於坦帕中城繁榮的混合用途區的中心地帶，該區以全食超市、酒店和豪華公寓為主。

With a commute worthy portfolio and a trophy asset team, Highwoods is creating compelling environments and experiences that are giving our customers a competitive advantage in recruiting and retaining the very best. This advantage is recognized in our activity and economics, and we are steadfast in our conviction that great value is created when the best and brightest are better together.

憑藉值得通勤的投資組合和獎杯資產團隊，Highwoods 正在創造引人注目的環境和體驗，為我們的客戶在招募和留住最優秀人才方面帶來競爭優勢。這一優勢在我們的活動和經濟中得到了認可，我們堅信，當最優秀和最聰明的人共同努力時，就會創造出巨大的價值。

Brendan?

布倫丹？

Thanks, Brian. In the second quarter, we delivered net income of $18.3 million or $0.17 per share and FFO of $97.7 million or $0.89 per share. The quarter included three atypical items. First, we received $3 million from the Florida Department of Transportation for the impact of roadway improvements adjacent to a noncore property in Tampa. This payment, which is reflected in other income was expected and has been included in our FFO outlook since the beginning of the year.

謝謝，布萊恩。第二季度，我們的淨收入為 1,830 萬美元，即每股 0.17 美元，FFO 為 9,770 萬美元，即每股 0.89 美元。本季包括三項非典型項目。首先，我們從佛羅裡達州交通部獲得了 300 萬美元，用於改善坦帕非核心地產附近道路的影響。這筆付款反映在其他收入中，這是預料之中的，並且自今年年初以來已納入我們的 FFO 展望中。

Second, we received $1 million of term fees, the largest was attributable to a customer where we proactively took back space early and have subsequently relet the space to a new user with a long-term lease. This term fee temporarily boosted 2Q earnings, but will be offset by downtime at the property. Third, we wrote off nearly $1 million of predevelopment costs at sites where we no longer believe office to be the highest and best use. Otherwise, this was a very straightforward quarter. We are pleased with our results, which demonstrate the resiliency of our operations and cash flows.

其次，我們收到了 100 萬美元的期限費用，其中最大的一筆費用來自一位客戶，我們主動提前收回了空間，隨後將該空間重新出租給一位具有長期租約的新用戶。該期限費用暫時提高了第二季度的收益，但將被物業的停工期所抵消。第三，我們註銷了近 100 萬美元的前期開發成本，因為我們認為這些地點不再適合用作辦公室。除此之外，這是一個非常簡單的季度。我們對我們的業績感到滿意，這表明我們的營運和現金流具有彈性。

Our balance sheet remains in excellent shape. Our debt-to-EBITDA ratio was 6.3 times at quarter end. We only have $106 million left to fund on our development pipeline and are currently maintaining over $700 million of available liquidity. Our only debt maturity over the next 18 months is a $200 million variable rate term loan that is scheduled to mature in May 2026. Discussions with our bank group have been very positive, and we remain comfortable in our ability to extend this loan.

我們的資產負債表依然保持良好狀態。季度末我們的債務與 EBITDA 比率為 6.3 倍。我們的開發資金僅剩 1.06 億美元，目前我們維持著超過 7 億美元的可用流動資金。我們未來 18 個月內唯一到期的債務是一筆 2 億美元的浮動利率定期貸款，預計於 2026 年 5 月到期。我們與銀行集團的討論非常積極，我們對延長這筆貸款的能力仍然充滿信心。

As Ted mentioned, we have updated our 2025 FFO outlook to $3.37 to $3.45 per share, which equates to a $0.02 increase at the midpoint. The underlying picture is actually stronger than the headline implies. As I mentioned earlier, the second quarter included $0.01 of higher G&A due to the expensing of predevelopment costs that were not included in our prior outlook. Plus we pushed $0.02 of interest income out of the 2025 forecast and into future years. These items have been partially offset by a $0.01 increase to prior year property tax refunds expected during 2025.

正如 Ted 所提到的，我們已將 2025 年 FFO 預期更新為每股 3.37 美元至 3.45 美元，相當於中點增加 0.02 美元。實際情況比標題所暗示的更為強勁。正如我之前提到的，第二季的 G&A 費用增加了 0.01 美元，這是由於我們先前的展望中未包括的開發前成本費用化造成的。此外，我們將 0.02 美元的利息收入從 2025 年的預測中推遲到未來幾年。這些項目已被預計 2025 年上一年度房產稅退稅增加 0.01 美元所部分抵銷。

Overall, this equates to $0.02 of net headwinds that were not included in our April outlook, but these have been more than offset by $0.04 of higher anticipated NOI, resulting in the increase of $0.02 per share at the midpoint.

總體而言，這相當於我們 4 月展望中未包括的 0.02 美元淨逆風，但這些逆風已被預期更高的 0.04 美元淨淨收入所抵消，導致中點每股增加 0.02 美元。

Turning to leasing and our occupancy outlook. We expect to be towards the low end of our year-end 2025 occupancy outlook of 86% to 87%, largely driven by proactively taking space back early from users where we've subsequently relet these spaces to new users with leases that don't commence until after year-end. This activity while reducing near-term occupancy secures additional long-term tenancy across our portfolio and reduces our rollover risk in future years. We also proactively took back 35,000 square feet early from a user to secure a long-term lease extension on their remaining 70,000 square feet on an as-is basis.

轉向租賃和我們的入住率前景。我們預計，2025 年底的入住率將接近 86% 至 87% 的預期低點，這主要是因為我們主動從用戶手中收回空間，然後我們將這些空間重新出租給新用戶，而租約要到年底之後才開始。此項活動在減少短期入住率的同時，確保了我們投資組合中的額外長期租賃，並降低了未來幾年的展期風險。我們還主動從用戶手中收回了 35,000 平方英尺的空間，以確保其在剩餘 70,000 平方英尺的空間上按原樣獲得長期租約延期。

Finally, we have one user that we originally expected would be able to take occupancy of their 50,000 square feet in the fourth quarter, but we now expect this lease to commence in the first quarter of 2026. These timing issues have moved 130,000 square feet of previously projected occupancy at year-end 2025 into the future.

最後，我們有一位用戶，我們原本預計他可以在第四季度入住 50,000 平方英尺的空間，但現在我們預計該租約將於 2026 年第一季開始。這些時間問題使得先前預計的 2025 年底入住面積 13 萬平方英尺的計畫被推遲到了未來。

Lastly, I want to review in more detail the performance of the core four operating properties with meaningful occupancy upside that Ted highlighted as well as our development properties.

最後，我想更詳細地回顧泰德強調的四個核心營運物業的表現，這些物業的入住率具有顯著的上升空間，以及我們的開發物業。

At the beginning of the year, we called attention to $25 million of embedded annual NOI growth potential upon stabilization of the core four. At that point, we had locked in $5 million of this future upside with signed leases. Today, this number is now up to over $12 million, and we have strong prospects for another $5 million to $6 million.

年初，我們注意到，一旦核心四大業務穩定下來，每年的 NOI 成長潛力將達到 2,500 萬美元。那時，我們已透過簽署租約鎖定了 500 萬美元的未來收益。如今，這個數字已超過 1,200 萬美元，而且我們預計再獲得 500 萬至 600 萬美元。

Our two 2023 development deliveries, Granite Park, Dicks and Glenlake 3 have over $10 million of annual NOI growth potential upon stabilization, over $6 million of which has been secured with signed leases, up from $4 million at the beginning of the year. The two developments that delivered earlier this year, 23Springs and Midtown East, have over $20 million of annual NOI growth potential upon stabilization.

我們將於 2023 年交付的兩大開發項目，Granite Park、Dicks 和 Glenlake 3，在穩定後擁有超過 1000 萬美元的年度 NOI 增長潛力，其中超過 600 萬美元已通過簽訂租約獲得保障，高於年初的 400 萬美元。今年稍早交付的兩個開發項目 23Springs 和 Midtown East 在穩定後每年的 NOI 成長潛力超過 2000 萬美元。

We have secured $14 million of this upside with leases that will commence in the future, up from $11 million at the beginning of the year, plus we have strong prospects for another $3 million. In total, these eight properties have over $55 million of annual NOI growth potential above our 2025 outlook. We have locked in over 60% or more than $33 million of this upside with leases that have been signed but are not contributing to 2025, plus we have strong prospects for another $9 million.

我們已經透過未來開始的租約獲得了 1,400 萬美元的收益，高於年初的 1,100 萬美元，此外，我們有望再獲得 300 萬美元的收益。整體而言，這八處房產的年度 NOI 成長潛力高於我們 2025 年的預期，超過 5,500 萬美元。我們已簽署租約，但不會為 2025 年做出貢獻，從而鎖定了其中 60% 以上（即 3300 多萬美元）的收益，此外，我們預計將再獲得 900 萬美元的收益。

To be clear, it will take time for these signed leases to come online. We are also still capitalizing interest and operating expenses at 23Springs and Midtown East as these two development projects delivered earlier this year. So not all of the NOI from those two assets will be realized in future FFO or operating cash flow. However, the leasing activity is encouraging, and we expect all of the leases signed to date to commence by late 2026, which gives us confidence about the trajectory of earnings and cash flow as we move into 2026 and even into 2027.

需要明確的是，這些簽署的租約需要時間才能生效。我們仍在將 23Springs 和 Midtown East 的利息和營運費用資本化，因為這兩個開發項目已於今年稍早交付。因此，這兩項資產的 NOI 並非全部都會在未來的 FFO 或營運現金流中實現。然而，租賃活動令人鼓舞，我們預計迄今為止簽署的所有租約都將在 2026 年底前開始生效，這使我們對進入 2026 年甚至 2027 年的盈利和現金流軌跡充滿信心。

To wrap up, we're ahead of our expectations in terms of executing on our embedded growth drivers with the potential to secure even more of this upside over the next few quarters. We're also encouraged at the potential to recycle additional capital and thereby further improve our long-term growth profile. Given our strong markets, BBD locations, proven operating and asset recycling strategies, and well-positioned balance sheet, we are encouraged about the next few years for Highwoods.

總而言之，我們在執行嵌入式成長動力方面超出了預期，並有可能在未來幾季獲得更大的成長空間。我們也對回收額外資本的潛力感到鼓舞，從而進一步改善我們的長期成長狀況。鑑於我們強大的市場、BBD 位置、成熟的營運和資產回收策略以及良好的資產負債表，我們對 Highwoods 未來幾年的發展充滿信心。

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）

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茲 (Peter Abramowitz)，傑富瑞 (Jefferies)。

Just wanted to dig into the guidance a little bit. So you had a significant beat in second quarter here and you had a big other income items. Just wondering what else went into the guidance that it didn't necessarily flow through to a slightly larger rate? Is there a degree of kind of conservatism still in there? And your expectations for the back half.

只是想稍微深入了解一下指導。因此，您在第二季度取得了顯著的成績，並且還獲得了其他豐厚的收入。我只是想知道指引中還包含了哪些內容，而這些內容不一定會導致利率略高？其中是否還存在一定程度的保守主義？以及您對後半部的期望。

Peter, it's Brendan. I'll try to take that. So I would say that I think as I mentioned in the script, we had some other items that went against us, right? So there was $0.03 of headwind, I would say, in the updated outlook that is not through the property level, not at the NOI level. So G&A is higher. We did incur that in the quarter. So that's part of the Q2 beat, I guess, relative to at least certainly Street expectations.

彼得，我是布倫丹。我會盡力接受這一點。所以我想說，正如我在劇本中提到的那樣，我們還有其他一些對我們不利的事情，對嗎？因此，我想說，在更新後的展望中，有 0.03 美元的不利因素，但這並不是透過房地產層面，也不是透過 NOI 層面。因此 G&A 較高。我們在本季確實發生了這種情況。所以我想，這是第二季業績超出預期的部分原因，至少相對於華爾街的預期而言。

But then there were some other income or interest income that we had forecast for late in the year that we now have pushed out of that. So that $0.03 of headwind has been more than offset by, call it, $0.05 of NOI upside, if you include a little bit more in terms of prior year property tax refunds. So I think you're getting $0.04 of higher kind of NOI in those numbers. That's split between development NOI and the same property pool.

但是，我們原本預測今年稍後會出現一些其他收入或利息收入，但現在我們已將其推遲。因此，如果將前幾年的房產稅退稅計算在內，那麼 0.03 美元的不利因素就已經被 0.05 美元的 NOI 上漲所抵消了。所以我認為在這些數字中你會得到 0.04 美元的更高 NOI。這是開發營業淨收入和同一房地產池之間的分配。

So I think that's all pretty good. I would say I would maybe caution you and others to extrapolate a quarter or two to a full year outlook. I think what I would encourage everyone to do is kind of think about the totality of the year and then think about kind of all of the building blocks of NOI growth that we laid out as you think about future periods going forward.

所以我認為這一切都很好。我想說，我可能會提醒你和其他人，將一兩個季度的預測推斷為全年的預測。我認為我鼓勵大家做的是思考一下全年的情況，然後思考我們列出的所有淨利潤成長基石，同時思考未來的時期。

There's always some seasonality in numbers, there's moving of expenses that can move from one quarter to another. So I think if you extrapolate one quarter to another, it can kind of lead to a false positive or a false negative.

數字總是具有一定的季節性，支出也會從一個季度轉移到另一個季度。所以我認為如果你將一個季度推斷到另一個季度，它可能會導致假陽性或假陰性。

That's helpful. And then could you talk about kind of the opportunity set for acquisitions in your markets right now, kind of what you'd be targeting potentially from a return perspective, whether going in yields or longer-term IRRs? And does it seem like activity has kind of picked up since maybe it slowed down post the Liberation Day announcements?

這很有幫助。然後，您能否談談目前您所在市場中的收購機會，以及從回報角度來看您可能瞄準的目標，無論是收益率還是長期內部收益率？自解放日公告發布以來，活動似乎有所放緩，但現在似乎有所回升？

Peter, it's Ted. I'll take that one. Look, I think you nailed it. Capital markets are definitely starting to open up a little bit. We're starting to see more high-quality assets come to market. I think the bid-ask spread is narrowing.

彼得，我是泰德。我要那個。瞧，我認為你已經成功了。資本市場確實開始稍微開放了。我們開始看到更多優質資產進入市場。我認為買賣價差正在縮小。

Debt capital markets are opening up. So the availability of debt for office acquisitions is better today than what it was earlier in the year and certainly last year. Equity capital has come off the sidelines. And I think they're actually underwriting office again and not -- and they're being more constructive on the underwriting.

債務資本市場正在開放。因此，目前用於收購辦公室的債務可用性比今年早些時候，尤其是去年更好。股權資本已退出場外。我認為他們實際上再次承保辦公室，而不是 - 而且他們在承保方面更具建設性。

So I think sellers have been waiting for this, and they're starting to bring assets to market and some of which are wishlist assets. So a lot more in the market, a lot of higher-quality assets. Some of those are core, some are value-add, some are core plus.

所以我認為賣家一直在等待這一點，他們開始將資產推向市場，其中一些是願望清單資產。因此，市場上有大量優質資產。其中一些是核心，一些是增值，一些是核心附加價值。

So we look at everything, and we're going to price it based on our evaluation of risk and certainly, from a return standpoint, it will be based on the risk adjusted yield. So again, we look at everything and -- but we are starting to see some attractive opportunities that we've been sort of waiting for.

因此，我們會考慮一切，並根據風險評估來定價，當然，從回報的角度來看，定價將基於風險調整後的收益率。因此，我們再次審視一切——但我們開始看到一些我們一直在等待的誘人機會。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Can you talk a little bit about your expectations for just concessions and TIs for some of the leasing that you've done in the quarter?

您能否談談您對本季進行的一些租賃的優惠和 TI 的期望？

Yes, Seth, it's Ted. From a leasing perspective, as you know, we had another really strong leasing quarter. Our tour activity remains strong. It's the same trends we've seen for a while, continuing to see a flight to quality, flight to capital, flight to amenities, flight to location, same thing we've seen now for several years. Our leasing CapEx, it's been -- I think we're leveling off.

是的，塞斯，我是泰德。從租賃角度來看，如您所知，我們又經歷了一個非常強勁的租賃季度。我們的旅遊活動依然強勁。這是我們一段時間以來看到的相同趨勢，繼續看到對品質的追求、對資本的追求、對便利設施的追求、對地理位置的追求，這是我們幾年來所看到的相同現象。我們的租賃資本支出—我認為我們正在趨於平穩。

I think we've certainly peaked. Our net effective rents were incredibly strong this quarter, so our concessions. While it varies by submarket and market, we've got some very strong submarkets where we're seeing concession packages come down.

我認為我們確實已經達到頂峰。本季我們的淨有效租金非常強勁，因此我們做出了讓步。雖然不同子市場和市場的情況有所不同，但我們發現一些非常強大的子市場中的優惠方案有所下降。

In addition to rates going up, it's still high in submarkets. So -- but overall, I think if you have a mix, it's going to jump around a little bit quarter-to-quarter, but in general, I think it's fair to say concessions have generally peaked and market rents are going up. So it should bode well for net effective rents.

除了利率上漲之外，子市場利率仍然很高。所以 — — 但總的來說，我認為如果你有一個混合體，它會在每個季度之間略有波動，但總的來說，我認為可以公平地說，優惠已經普遍達到頂峰，市場租金正在上漲。因此，這對於淨有效租金來說是一個好兆頭。

Rob Stevenson, Janney.

羅伯史蒂文森、珍妮。

Just to ask the last question in a different way. Given all the leasing, when you take a look at the the building improvement, second gen tenant improvements and leasing commissions. Is there a spike that we should be expecting in a couple of the upcoming quarters given when this stuff hits? Or is that sort of low $40 million a quarter that you've been averaging for the last few years, been about where it's going to wind up being on a sort of smooth out basis?

只是想用不同的方式問最後一個問題。考慮到所有的租賃，當您查看建築改進、第二代租戶改進和租賃佣金。考慮到這種情況發生後，我們是否應該預期未來幾季會出現高峰？或者說，過去幾年來，你們一直保持著每季 4,000 萬美元的低水平平均收入，最終會以平穩的方式達到這個水平嗎？

Rob, it's Brendan. I'll take that one or at least start. I think what I would say is you've probably seen the commission levels, I think, are -- have been high because of the volume and those get paid more quickly than the TIs get dispersed. So you've probably seen it kind of show up in commissions. I would say, last year when leasing volumes were very high, particularly new and in the first half of this year as well.

羅布，我是布倫丹。我會選擇那個，或至少開始。我想說的是，你可能已經看到了佣金水平，我認為，由於交易量很大，佣金水平一直很高，而且支付速度比 TI 分散的速度更快。因此您可能已經在佣金中看到過它的出現。我想說，去年租賃量非常高，尤其是新車租賃量，今年上半年也是如此。

For TI dollars, I would say that I think your question is a good one. I think we're going to remain at elevated levels in -- we were there last year. I think it's probably likely to be a little bit higher in 2025 and probably a little higher than where we were in the first half of the year. And we think in all likelihood, it will remain there in 2026 as well as we kind of keep this occupancy build going for the next several quarters.

對於 TI 美元，我想說我認為你的問題很好。我認為我們將保持在較高水平——去年我們就處於這一水平。我認為 2025 年可能會更高一些，而且可能比上半年的水平更高一些。我們認為，很有可能，這種狀況將在 2026 年繼續保持，並且在接下來的幾個季度中，這種入住率的上升趨勢將持續下去。

So we do think it's going to be elevated I would say not dramatically higher than where we were over the past year or so. But I would say that I do think it's going to be high for the remainder of this year and in all likelihood next year as well.

因此，我們確實認為它會上升，但我認為不會比過去一年左右的水平大幅上升。但我想說的是，我確實認為今年剩餘時間內的通膨率將會維持在高位，而且明年也很有可能如此。

Okay. That's incredibly helpful. And then I guess, Brendan, at this point in the year with a bunch of line items more or less locked in, what's the biggest swing factors between you guys hitting the sort of $3.37 versus the $3.35? What's the biggest unknown for you at this point to keep the guidance range that wide?

好的。這非常有幫助。然後我想，布倫丹，在今年的這個時候，很多項目或多或少都已鎖定，你們達到 3.37 美元還是 3.35 美元之間最大的影響因素是什麼？目前對於您來說最大的未知數是什麼，以致於使指導範圍保持如此廣泛？

Yes, it's -- so there's probably a couple of items, timing-related things that are in there. So I would say that there's a little bit of that variability within the guide. So that's in there. And then to the extent that we do anything that's meaningful that we have done a little bit of this year, which has proactively kind of take space back early.

是的，其中可能包含一些與時間相關的內容。所以我想說指南中存在一點點變化。這就是它。然後，就我們今年所做的任何有意義的事情而言，我們已經做了一點，這已經主動地提前收回了空間。

And for long-term benefits. So we've done that a few times. I think I highlighted some of that in the prepared remarks that we've done. There's some of that, which could happen as well with some conversations that are out there. And then we've got a little bit of what I would say are probably a little bit of variability in terms of lease lease that's out there.

並追求長遠利益。我們已經這樣做過幾次了。我認為我在我們已經準備好的發言中強調了其中的一些內容。有些情況是這樣的，有些對話也可能發生這種情況。然後，我想說的是，我們可能會發現租賃方面存在一些變化。

There are some renewals that could happen or could not. So there's a little bit of positive negative on the lease side. But for the most part, I would say it's probably around expense timing, but probably not a huge amount of variability in terms of where we are now as you point out where we sit in the year.

有些續約可能會發生，也有些可能不會發生。因此，租賃方面存在一些正面的負面影響。但在大多數情況下，我想說這可能與費用時機有關，但就我們現在所處的位置而言，可能不會有太大的變化，正如您所指出的，我們今年所處的位置。

Okay. And is it safe to say that given the timing that any acquisitions or dispositions at this point of any material amount would probably wind up being sort of mid to late fourth quarter in terms of sort of being able to be closed at that point in time and sort of not really impacting numbers at this point very much. which is still an opportunity for you guys to do stuff of materiality?

好的。是否可以肯定地說，考慮到此時此刻任何重大金額的收購或處置都可能最終在第四季度中後期完成，並且不會對此時的數字產生太大影響。這對你們來說仍然是一個做實質事情的機會？

Yes. So just to be clear, any acquisitions or dispositions are not included in kind of the range, that would be outside of the range. But to the extent of where we sit in the year, the likelihood of an acquisition or a disposition, having a meaningful impact on numbers is probably fairly low. I think that's fair.

是的。因此需要明確的是，任何收購或處置都不包含在該範圍內，那將超出該範圍。但就我們今年所處的情況而言，收購或處置對數字產生重大影響的可能性可能相當低。我認為這是公平的。

Okay. And then you talked about the term loan that you thought that you'd be able to extend that. Is that the sort of most attractive sort of cheapest form of debt capital for you guys at this point in time?

好的。然後您談到了定期貸款，您認為您可以延長貸款期限。對你們來說，這是目前最具吸引力、最便宜的債務資本形式嗎？

I don't know that I would characterize it as the most attractive cheapest form of capital that's available, but we'd like to have diversity in the debt stack that's there. And that's a good source of capital for us given that it's variable, if we do have a lot of disposition proceeds at any point in time, that becomes freely prepayable, and we like to have a little bit of variable rate in the stack because you always just want to kind of diversify the risk in there in terms of your interest rate exposure. So I think for all those reasons, it's an efficient source of capital. I don't know if I would necessarily necessarily characterize it as the cheapest form of capital.

我不知道我是否會將其描述為最具吸引力且最便宜的資本形式，但我們希望現有的債務結構多樣化。鑑於它是可變的，這對我們來說是一個很好的資金來源，如果我們在任何時間點確實有很多處置收益，那麼這些收益就可以自由預付，並且我們希望在堆疊中有一些可變利率，因為你總是想在利率敞口方面分散風險。所以我認為，出於所有這些原因，它是一種有效的資金來源。我不知道我是否必然將其描述為最廉價的資本形式。

Nicholas Thillman, Baird.

尼古拉斯·蒂爾曼，貝爾德。

Maybe, Ted, we'll start off with this. obviously, COVID and kind of the pandemic transferred a lot of just conversations on flight to quality and the type of assets. Kind of curious if you've taken a look at potential impacts of AI on demand and that impacts longer term, the type of assets you guys want to own, whether it be individual submarkets or size of buildings and kind of how you guys are evaluating that as it's still early days, but just longer term sort of view?

泰德，也許我們可以從這個開始。顯然，新冠疫情和某種流行病轉移了許多關於追求品質和資產類型的對話。有點好奇，您是否研究過人工智慧對需求的潛在影響以及這種影響的長期影響，您想要擁有的資產類型，無論是單一子市場還是建築物規模，以及您如何評估這一點，因為現在還處於早期階段，但只是從長期角度來看？

Yes. Look, it's definitely early days, right? I mean, obviously, the demand side, the West Coast is seeing a lot of demand for AI companies. So that's been great for them. In terms of us, look, very early on, I think companies are obviously, I think every company in America is probably looking at how AI may impact our business going forward.

是的。瞧，現在肯定還太早，對吧？我的意思是，顯然，從需求方面來看，西海岸對人工智慧公司的需求很大。這對他們來說很棒。就我們而言，很早以前，我認為公司顯然，我認為美國的每家公司可能都在研究人工智慧將如何影響我們未來的業務。

But look, we've been through this before, whether it be in densification. I remember, 20 years ago, law firms we're going to be reducing our space by a significant percentage because of the law libraries and all the other things they didn't need.

但是你看，我們以前經歷過這種情況，無論是在緻密化方面。我記得，20 年前，由於法律圖書館和其他所有不再需要的東西，律師事務所將大幅減少辦公空間。

So we've been through different challenges. I think as an office industry for several years, and we've been able to manage through it and get as the markets continue to grow. So AI, I don't know what the answer is right now (inaudible)

所以我們經歷了不同的挑戰。我認為，作為辦公行業，我們已經度過了好幾年，並且能夠順利度過難關，並且隨著市場的持續增長而發展。所以人工智慧，我現在不知道答案是什麼（聽不清楚）

And then just a question on -- you guys are kind of through a lot of the large like expirations you had within the portfolio. I guess, what do you guys kind of view is like a normalized run rate when it comes to retention as we look at expirations into the next 18 to 24 months.

然後就一個問題——你們的投資組合中有很多大型到期日。我想，當我們考慮未來 18 到 24 個月的到期情況時，你們對保留的正常運作率有何看法？

Nick, it's Brendan. I'll take that. So we always struggle a little bit answering this question. I think when you look at early renewals that get done and you kind of think about a full cycle, our retention level tends to be, call it, kind of 60% to 65%. I think if you're looking at expirations that are going to occur kind of over the next 12 to 18 months, those numbers go down because you've got anti adverse selection bias that's in kind of in the rent roll because you obviously don't early renew customers that are ultimately going to move out.

尼克，我是布倫丹。我會接受的。因此，我們在回答這個問題時總是有些困難。我認為，當您查看已完成的早期續約並考慮整個週期時，我們的保留水準往往是 60% 到 65%。我認為，如果你查看未來 12 到 18 個月內即將到期的租約，這些數字就會下降，因為你在租金單中存在反逆向選擇偏差，因為你顯然不會提前續約最終會搬走的客戶。

So I would say, if you think about the next 18 months, so from where we are now through the end of 2026, we really, as you point out, have kind of worked through those large known move-outs and I think the retention level that we have from here kind of through the end of next year is probably in that 45% to 50% range, if I kind of had to give you a number that on a range, and that's probably a little bit higher than where we've been historically and certainly much higher than where we were over a 12- or 18-month period if you look at the preceding 12 to 24 months. So I think that gives us confidence that we're well set up to build occupancy as we go forward over the next 18 months or so.

所以我想說，如果你考慮未來 18 個月，那麼從我們現在的位置到 2026 年底，正如你所指出的，我們確實已經解決了那些已知的大規模遷出問題，我認為從現在到明年年底我們的保留水平可能在 45% 到 50% 的範圍內，如果我不得不給你一個範圍內的歷史水平，這可能比我們前的數字個月，那肯定比我們在 12 或 18 個月期間的水平要高得多。因此，我認為這讓我們有信心，我們已做好充分準備，在未來 18 個月左右提高入住率。

Dylan Burzinski, Green Street Advisors.

迪倫·布爾津斯基 (Dylan Burzinski)，Green Street Advisors 的顧問。

Appreciate the comments on sort of the demand backdrop and how things are improving, but are you able to talk about sort of how that demand backdrop differs across your guys' market footprint? Are there any markets what you guys have a portfolio concentration and that are experiencing outsized demand versus others?

感謝您對需求背景和情況如何改善的評論，但您能否談談這種需求背景在您們的市場足跡中有何不同？你們的投資組合中是否存在某個市場，且該市場的需求量比其他市場更大？

Look, Dylan, I say certainly Charlotte, Dallas and Nashville, if you had to rank our markets, it'd be 1A, 1B and 1C. All three of those markets are outperforming. We're very well leased in Charlotte, so we're not able to move occupancy. But if you just think about the core four that we've talked about now for the last couple of quarters, three of the four of those are in Nashville. And we're making significant progress, certainly well ahead of our business plan on what we thought.

聽著，迪倫，我肯定會說夏洛特、達拉斯和納許維爾，如果你必須對我們的市場進行排名，那將是 1A、1B 和 1C。這三個市場均表現出色。我們在夏洛特的租賃情況非常好，所以我們無法轉移入住率。但如果你想想我們在過去幾季討論過的四個核心球員，你會發現其中有三個在納許維爾。我們正在取得重大進展，遠遠超出了我們所想的商業計劃。

So the demand in Nashville continues to be really strong. And then what we're seeing in Dallas on our development projects and just the inbound net migration to Dallas has been extremely strong, specifically to the submarkets we're in.

因此納許維爾的需求持續強勁。我們在達拉斯的開發案中看到的情況是，流入達拉斯的淨移民數量非常強勁，特別是我們所在的子市場。

So we love the demand in those three markets in particular. But at the same time, Tampa is performing very, very well. Brian talked about it on the preferred -- on our prepared remarks. We're seeing a lot of great demand there. So I'd say it's pretty broad based and certainly concentrated in those four markets, but broad-based in general.

因此，我們特別喜歡這三個市場的需求。但同時，坦帕的表現非常非常好。布萊恩在我們準備好的發言中談到了這一點。我們看到那裡有很大的需求。所以我認為它的基礎相當廣泛，並且肯定集中在這四個市場，但總體而言基礎廣泛。

Dylan, Brian here. I might just add. Charlotte, I think I mentioned it in the remarks, Citi Group and AssetMark announced in aggregate over 700 new jobs. And that's financial services, and so that's pretty well expected for Charlotte. I think they've done a great job of kind of capturing that.

迪倫，我是布萊恩。我可能只是補充一下。夏洛特，我想我在評論中提到過，花旗集團和 AssetMark 總共宣布了 700 多個新工作。這就是金融服務，因此這對夏洛特來說是相當正常的。我認為他們已經很好地捕捉到了這一點。

But the Charlotte Regional Alliance, which is sort of the evolution of the chamber they recently highlighted. There are six inbounds that Charlotte is looking at. Only one of those inbounds currently has a US headquarters. So this is not just inbound domestically, even inbound internationally, and those six represent about 5,000 office using jobs.

但夏洛特地區聯盟是他們最近強調的商會的演變。夏洛特正在關註六個界外球。目前，這些入境公司中只有一家在美國設有總部。因此，這不僅僅是國內入境，甚至是國際入境，這六個代表著大約 5,000 個辦公室用工。

And then I also sort of mentioned this net migration diet migration, and this is sort of maybe silly math if you think about it. But adding almost another 50 people a day over a year, it's close to 14,000 new people. I mean, you can just figure out what the impact is in terms of the demand there. So I think that's a good one. And then Dallas, Ted mentioned there's 7.5 million -- over 7.5 million square feet of requirements in the market, and Dallas is a huge market.

然後我還提到了淨遷移飲食遷移，如果你仔細想想，這可能是一種愚蠢的數學。但一年下來，每天新增人口接近 50 人，累計新增人口接近 14,000 人。我的意思是，你可以弄清楚這對那裡的需求有何影響。所以我認為這是好的。然後是達拉斯，泰德提到市場需求超過 750 萬平方英尺，達拉斯是一個巨大的市場。

But where we're focused, we're getting great demand there. Nashville's got almost 2 million square feet of active requirements in the market. Many kind of code name, multi-market. The CBD was the most active submarket this last quarter and antenna highlighted Tampa there's over 1 million active prospects in Tampa as well. And we're really happy with the inbounds we've seen in our development there, some really kind of blue chip names looking at investing in the best space in Tampa.

但在我們關注的領域，我們的需求量很大。納許維爾的市場活躍需求面積接近 200 萬平方英尺。多種代號，多種市場。中央商務區是上個季度最活躍的子市場，天線突出顯示坦帕，坦帕也有超過 100 萬活躍潛在客戶。我們對在那裡的發展中看到的入場情況感到非常高興，一些真正的藍籌股公司正在考慮投資坦帕的最佳空間。

Appreciate that color, guys. And then, Ted, I think you mentioned, obviously, development pipelines across your markets are shrinking significantly and no new ground-up construction is likely to start given how pressured development economics are today. Can you sort of help sort of frame that in terms of where you think replacement rents would need to be versus where market rents are today.

大家欣賞這個顏色。然後，泰德，我想你提到過，顯然，你們市場的開發管道正在大幅縮減，而且考慮到當今開發經濟的壓力，不太可能開始任何新的建設。您能否幫您闡述一下，您認為替代租金需要是多少，以及目前的市場租金是多少。

think it certainly varies by market, right? The differential, the closest market we are to new development is probably Dallas, right? I think Dallas is proving out and whether it be an uptown in the Knox-Henderson area, Preston Center, those three submarkets in particular, in Dallas are probably at or approaching cost-justified rents. Outside of that, most of our markets is probably 20% to 40% off.

我認為它肯定會因市場而異，對嗎？差異在於，我們距離新開發最近的市場可能是達拉斯，對嗎？我認為達拉斯已經證明了這一點，無論是諾克斯-亨德森地區的住宅區，還是普雷斯頓中心，特別是達拉斯的這三個子市場，其租金可能已經達到或接近成本合理的水平。除此之外，我們的大多數市場可能都有 20% 到 40% 的折扣。

And that's new development today, what rates they're getting versus what you need to build something more. The last few years when the starts haven't been been all that high, the construction costs have continued to go up. You think they level off, but they have continued to go up. So the rents you need and that's whether it be hard costs, financing costs, what have you. So the rents you need are quite a bit higher than what they are in the existing development pipeline.

這就是今天的新發展，他們獲得的利率與建造更多東西所需的利率相比。過去幾年，新開工率一直不高，建築成本卻持續上漲。你以為它們已經趨於平穩，但實際上它們仍在繼續上升。所以你需要租金，無論是硬成本、融資成本或其他什麼。因此，您需要的租金比現有開發案中的租金高出不少。

So again, varies by market, but it's a pretty big delta.

所以，再次強調，雖然因市場而異，但差異相當大。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I wanted to go back, I guess, Brendan to something you mentioned about sort of 26. Given the signed but not commenced leases or the lease rate and the benefit of that going into -- you mind just walking us, I am not looking for a number, but just like what are the other kind of moving pieces that make probably '26 visibility either much better than you've had in past years? Or is there some other swing factor? Just how much derisked is '26 growth from here on.

我想回到布倫丹，談談你提到的關於 26 的事情。考慮到已簽署但尚未開始的租約或租賃率以及由此帶來的好處 - 您介意帶我們走一走嗎，我不是在尋找一個數字，而是像其他哪些活動因素可能使 26 年的可見性比過去幾年好得多？還是有其他影響因素？從現在起，26 年的成長風險到底降低了多少？

Yes. Vikram, it's a good question. It's -- we've obviously built a lot of embedded growth through the leasing that we've done to date. And I think if you look at the lease rate versus the occupied rate, a 330 basis point spread is the highest that I can remember that we've had, certainly within the past several years, that's the highest spread and is more than double what the average is.

是的。維克拉姆，這是個好問題。顯然，我們透過迄今為止的租賃業務實現了很大的嵌入式成長。我認為，如果你看一下租賃率與入住率，330 個基點的利差是我記得的我們所擁有的最高值，當然在過去幾年中，這是最高的利差，是平均水平的兩倍多。

So our normal lease to occupied spread is, call it, 100 to 200 basis into 150 at the midpoint, to be more than double that is a good indicator that occupancy is likely to grow as we go forward. And a lot of those leases are signed, as you point out.

因此，我們的正常租賃與入住率差額是，稱之為 100 至 200 的基數，中間值為 150，如果這一數字是這個數字的兩倍多，則是一個很好的指標，表明入住率可能會隨著我們的前進而增長。正如您所指出的，許多租約都已經簽署。

Now clearly, we're assuming that the economy and the leasing market are going to hold up from here and go forward at roughly where we've been to, I think, drive and realize kind of the growth potential as we go out into next year and beyond. So there's a little bit of we need things to kind of continue to hold up. But we've certainly done a lot of the good leg work that's there and are well positioned to deliver on that growth. I think the way that I would think about this.

現在很明顯，我們假設經濟和租賃市場將從現在開始保持穩定，並大致按照我們曾經去過的水平向前發展，我認為，這將推動並實現明年及以後的成長潛力。因此，我們需要讓事情繼續保持下去。但我們確實已經做了很多出色的準備工作，並且已經做好了實現這一成長的準備。我想我會這樣思考這個問題。

And again, I know you know this, but we're not in a position to sort of talk about with any specifics in terms of numbers for next year or thereafter. We do think we have a good opportunity to grow occupancy as we migrate late in this year and then throughout 2026. So I think we've talked in the past where we would say, year-end occupancy kind of through 26. I think we have the opportunity to grow that 100 to 200 basis points in a fairly steady manner throughout the year.

再說一次，我知道你知道這一點，但我們無法談論明年或以後的任何具體數字。我們確實認為，隨著我們在今年年底以及整個 2026 年進行遷移，我們有很好的機會提高入住率。所以我認為我們過去曾討論過，年底入住率大概會達到 26%。我認為我們有機會在全年以相當穩定的方式實現 100 到 200 個基點的成長。

So unlike in years past where we often have a seasonal dip early in the year and then build back. I think we're likely to see a more steady cadence of occupancy build as we go forward. Beyond that, we've got some of the development deliveries that are there. So I think talked about in the prepared remarks, where we are with GP6 and Glenn Lake 3, neither of those assets, are we capitalizing any costs associated with those.

因此，與過去幾年不同的是，我們經常在年初出現季節性下滑，然後又恢復成長。我認為，隨著我們不斷前進，我們可能會看到入住率的穩定成長。除此之外，我們也完成了一些開發交付。因此，我認為在準備好的評論中談到了我們目前擁有的 GP6 和 Glenn Lake 3，這兩項資產，我們都沒有將與它們相關的任何成本資本化。

So as those leases commence and come online, all of that falls to the bottom line, we have the two development deliveries that were earlier this year those should also be additive, but we are capitalizing cost operating and interest on those two assets. So that NOI will come online and will be additive but will be somewhat offset by some expensing of interest and operating expenses compared to 2025. But all of that gives good growth potential and give some good growth drivers over the next several quarters.

因此，隨著這些租約開始生效並上線，所有這些都落到了底線，我們今年早些時候有兩個開發交付，它們也應該是附加的，但我們正在利用這兩項資產的成本運營和利息。因此，NOI 將上線並具有附加性，但與 2025 年相比，將被部分利息和營運費用所抵消。但所有這些都為未來幾季帶來了良好的成長潛力和一些良好的成長動力。

And then outside of that, I would say it's more just the things that are kind of unknown. Don't expect to do a lot of financing over the next 18 months. The balance sheet is in pretty good shape, and then it would come down to what we may do on the acquisition or disposition side.

除此之外，我想說這更多的是一些未知的事情。不要指望在未來 18 個月內進行大量融資。資產負債表狀況良好，接下來就取決於我們在收購或處置方面可以做些什麼。

That's helpful. And just one more. I mean, I think the team talked a lot about these big RFPs, and I think you've mentioned like four or five nonforeign firms looking for headquarter space. One, just how competitive do you think this process is? Like what sort of competition is there from landlords to kind of win these deals, and do you mind giving us a little bit more color, like what type of industry is this demand coming from, especially the foreign entities you mentioned?

這很有幫助。還有一個。我的意思是，我認為團隊討論了很多這些大型 RFP，而且我認為您提到了四到五家正在尋找總部空間的非外國公司。第一，您認為這個過程的競爭力到底有多大？例如，房東之間有什麼樣的競爭來贏得這些交易，您介意給我們多提供一些細節嗎，例如這種需求來自哪種行業，特別是您提到的外國實體？

Vikram, Brian here. I'll take a shot. Couple of things. They're all generally code-named -- and what's interesting is because of the markets we're in, we will sometimes see them pop up in multiple markets. So whether it's Charlotte and Atlanta, whether it's Nashville and Charlotte, whether it's Atlanta and Raleigh.

維克拉姆，我是布萊恩。我會試一試。有幾件事。它們通常都有代號——有趣的是，由於我們所處的市場，我們有時會看到它們出現在多個市場中。無論是夏洛特和亞特蘭大，還是納許維爾和夏洛特，還是亞特蘭大和羅利。

So it's interesting there.

這很有趣。

In the Charlotte area, yes, there's a financial services bent. But at the same time, there are some kind of headquarter or US headquarter locations for international firms that manufacture things that are bringing they are manufacturing the products they build state side to sell kind of a domestic product made here.

夏洛特地區確實存在金融服務傾向。但同時，一些國際公司也在美國設立了總部或總部，這些公司將自己生產的產品運送到美國本土銷售。

So I'm not sure you can necessarily connect that to the change in international trade. This is stuff that's kind of been working for a while. One thing I will say is almost all of these, the states, those same states that I mentioned are getting ranked for the best business by CNBC. They are at the table and the states have incentive plans. They have partnerships.

所以我不確定你是否一定能將其與國際貿易的變化聯繫起來。這些東西已經起作用有一段時間了。我想說的是，幾乎所有這些州，我提到的那些州都被 CNBC 評為最佳商業州。他們坐在一起，各州都有激勵計劃。他們有合作關係。

They're open for business. They are working with these companies to these site selectors and so it's very much a public private partnership in every place.

他們已開始營業。他們與這些公司和這些選址者合作，因此在各個地方這都是一種公私合作夥伴關係。

And then they're looking at the BBDs that we're in because that's when they kind of bring external sensitivity in terms of talent, they are very much focused on exceptional experience. So that's where we're seeing a lot with. Unfortunately, in Charlotte, we don't have any room at the end. But because of that, we're getting a good look and understanding who's coming in.

然後他們開始關注我們所處的 BBD，因為那時他們在人才方面會帶來外部敏感性，他們非常注重卓越的經驗。這就是我們所看到的許多現象。不幸的是，在夏洛特，我們最後沒有任何空間。但正因為如此，我們才能更清楚地觀察和了解誰會加入。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones. Going back to the comments on the acquisition front. Just digging a little bit there. Just any curiosity in terms of markets, in terms of situations. Are these distressed.

只需簡單兩句話。回到關於收購方面的評論。只需在那裡挖一點點。只是對市場、對情況的好奇心。這些是不是很心疼。

Are these funds? And also, you may have mentioned the cap rate before, but just if you could remind us sort of cap rate and IRR ranges.

這些是基金嗎？另外，您可能之前提到過資本化率，但您是否可以提醒我們資本化率和 IRR 範圍。

Sure, Ron. Markets, look, there's opportunities out there in multiple markets. Just -- I think sellers again, have been waiting to for this time for the office capital markets to open up. So we're seeing some high-quality assets really across our footprint, right? And cap rates, I'll tell you for high-quality trophy core asset, well leased with a decent Walt.

當然，羅恩。市場，看，多個市場都存在機會。只是——我認為賣家一直在等待辦公資本市場開放。所以我們確實看到了一些高品質的資產，對嗎？至於資本化率，我會告訴你，這是高品質的獎杯核心資產，租賃情況良好，沃爾特也不錯。

It's plus or minus 7% or so. But again, that varies by market a little bit by the weighted average lease term, the credit whether there's below or above market rents. So there's just a lot of variables that go into it that may cause the cap rate to be a little bit higher, a little bit lower.

大約在正負 7% 左右。但同樣，這會因市場而異，取決於加權平均租賃期限、信用額度是低於還是高於市場租金。因此，有許多變數可能會導致資本化率稍微高一點或稍微低一點。

IRRs are in the probably high to high single-digit to low double-digit type of range. again, depending on the market and the specific profile, the acquisition-specific deal.

IRR 可能處於從高到高個位數到低兩位數的範圍內。同樣，這取決於市場和具體情況以及特定收購交易。

Great. And then my Second question, just commentary about maybe the capital market is feeling a little bit better. Does this mean you guys are sort of closer to sort of bringing Pittsburgh back online for a sale potentially maybe end of this year or even next year, just how are you guys thinking about sort of that market exit.

偉大的。我的第二個問題是，也許資本市場感覺好一點。這是否意味著你們即將讓匹茲堡重新上線銷售，可能在今年年底甚至明年，你們是如何考慮退出市場的？

Yes, certainly, I do think we're closer today than what we were three months ago, six months ago, two years ago. So we're still waiting. We're having a lot of leasing success in Pittsburgh. So we're going to be patient and to bringing out the right time. still might be a little bit early.

是的，我確實認為我們今天比三個月前、六個月前、兩年前更接近目標了。所以我們仍在等待。我們在匹茲堡取得了許多租賃成功。所以我們會耐心等待，等待適當的時機。但可能還是有點早。

But we've got -- if you look at our dispo guidance, it's another $150 million this year. We've got a number of buildings that are out in the market right now and others were prepping to bring to market.

但如果你看一下我們的處置指導，你會發現今年還有 1.5 億美元。我們目前有許多建築物正在市場上出售，其他建築物正準備上市。

So we -- look, we -- if I had a different profile. It's a lot like what we've sold the last couple of years and over the last several years, it's a mix of single tenant longer-term lease buildings together with some older higher CapEx, lower growth assets as well. So we've got a number of those out in the market that we're marketing in multiple markets. So Pittsburgh would be in that mix at the right time.

所以我們——你看，我們——如果我有不同的個人資料。它很像我們過去幾年和過去幾年出售的資產，包括單一租戶的長期租賃建築以及一些較老的、資本支出較高、增長較低的資產。因此，我們在市場上推出了許多產品，並在多個市場進行行銷。因此匹茲堡會在正確的時間加入這一行列。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I just wanted to follow up on Ron's question. Again, just as you guys kind of take a look at different markets and what's happening with demand, supply fundamentals, as we kind of look at what's happened with capital markets. Just wondering if there's any scenario where we could see you enter new markets or possibly also exit additional markets apart from Pittsburgh, that's marked for exit.

我只是想繼續回答羅恩的問題。再說一次，就像你們觀察不同的市場以及需求、供應基本面發生的情況一樣，我們也觀察資本市場發生的情況。只是想知道是否存在某種情況，我們可以看到您進入新市場，或者可能退出匹茲堡以外的其他市場，這標誌著退出。

Yes, this is Ted. I'll take that. Look, I think, as you know, we've entered two markets in the last six years. We went into Charlotte in 2019 in Dallas in 2021. And then we've exited three markets during that same period.

是的，這是泰德。我會接受的。聽著，我認為，正如你所知，我們在過去六年裡已經進入了兩個市場。我們於 2019 年進入夏洛特，並於 2021 年進入達拉斯。然後我們在同一時期退出了三個市場。

So look, we're always looking at new markets. But I'd tell you right now, we're sort of pleased with our footprint. We've announced, obviously, the exit out of Pittsburgh over time. But we're pleased with our market selection at this time.

所以，我們一直在尋找新的市場。但我現在要告訴你，我們對我們的足跡感到很滿意。顯然，我們已經宣布將逐步退出匹茲堡。但我們對目前的市場選擇感到滿意。

Okay. That's helpful. And then also following up on Vikram's last question. again, Brendan, I appreciate all the color in regards to how occupancy could kind of shape up over the next 18 months or so. Just kind of curious within that while there are no big kind of 100,000 square foot move-outs that are kind of known.

好的。這很有幫助。然後也要跟進 Vikram 的最後一個問題。 Brendan，我再次感謝您對未來 18 個月左右入住率可能如何變化的解釋。只是有點好奇，雖然沒有已知的 100,000 平方英尺的大規模搬遷。

Can you just talk a little bit about kind of like the next level (inaudible) like the 50,000 to 100,000 square foot leases and if there could be a couple of the rate kind of tender occupancy growth.

您能否簡單談談下一級別（聽不清楚）的情況，例如 50,000 到 100,000 平方英尺的租賃，以及是否有可能出現幾種費率類型的招標入住率增長。

Yes. Let me start, Brian or Brendan might jump in. Look, demand we're seeing across our markets, clearly, a trend we've seen in the last couple of quarters is starting to see some larger users out there. But I would tell you, our bread and butter is still that $5 million type 1,000 square foot user. So we're going to pick off a floor or two here and there, but we're -- our bread and butter is still going to be at $5 to $15 million, then when you -- and we're seeing that in most of our markets, then when you look at who's doing it, it continues to be professional service firms, the law firms, the banks accounting firms, engineering firms, health care has been pretty good.

是的。首先，布萊恩 (Brian) 或布倫丹 (Brendan) 可能會加入進來。看看，我們看到整個市場的需求，顯然，我們在過去幾季看到的趨勢是開始看到一些更大的用戶。但我要告訴你，我們的收入來源仍然是價值 500 萬美元的 1,000 平方英尺的用戶。因此，我們會在這裡或那裡挑選一兩個樓層，但我們的營收仍然在 500 萬到 1500 萬美元之間，然後當你——我們在大多數市場都看到這種情況，然後當你看看是誰在做這件事時，你會發現仍然是專業服務公司、律師事務所、銀行、會計公司、工程公司，醫療保健一直都做得很好。

That's continuing to be a good demand driver for us. And then the other thing that sort of has been slow and steady the last several quarters we've talked about is our expansions, our next expansion activity. Just in the last four quarters, we've had 53 companies expand 21 contracts for a net of over 200,000 square feet of net absorption.

這對我們來說仍然是一個良好的需求驅動因素。然後，我們談論的過去幾季一直緩慢而穩定發展的另一件事是我們的擴張，我們的下一個擴張活動。僅在過去四個季度，我們就有 53 家公司擴大了 21 份合同，淨吸收量超過 20 萬平方英尺。

And then look, the fourth demand driver is the in-migration that Brian talked about earlier. This quarter, we had 8 companies that are new to our markets. All of them, they weren't relocations, but there are companies that are coming to our markets, adding offices. That was another 27,000 square feet across 4 different markets. So it's been pretty diversified.

然後看，第四個需求驅動因素是布萊恩之前談到的移民。本季度，我們有 8 家公司首次進入我們的市場。他們並不是全部搬遷，而是有一些公司進入我們的市場並增加辦事處。這相當於 4 個不同市場的另外 27,000 平方英尺。所以它已經相當多樣化了。

Both larger tenants as well as just our bread and butter.

既有較大的租戶，也有我們的衣食父母。

Yes, Tayo. So what I would just add to Ted's comments or just rather than kind of go space by space kind of getting into the weeds on things. There's always going to be customers that move out. There's always going to be customers that move in. I think in -- I forgot who asked the question, but over the next 18 months or so, if we're in that kind of 45%, 50% retention level of those remaining leases, that 3.1 million square feet that we've got between now and and year-end 2026.

是的，Tayo。因此，我只想補充 Ted 的評論，或者只是逐一討論各個方面的問題。總會有顧客離開。總會有顧客搬進來。我認為——我忘了是誰問的這個問題，但在接下來的 18 個月左右，如果我們對剩餘租約的保留率達到 45% 或 50%，那麼從現在到 2026 年底，我們將擁有 310 萬平方英尺的空間。

If we continue at 300,000 square feet a quarter of new that's going to replace more than replace what the likely kind of move-outs would be to the positive by probably 200,000 to 300,000 square feet. And then what I think is likely is you're going to see that lease occupied spread narrow, and that's going to add more in terms of -- so that creates the environment to drive occupancy higher. So I think that sets us up well.

如果我們繼續以 30 萬平方英尺的面積建造四分之一的新建築，那麼替換的面積將比可能的搬離面積多出 20 萬到 30 萬平方英尺。然後我認為可能會看到租賃入住率差距縮小，這將創造更多的空間 - 從而創造一個推動入住率上升的環境。所以我認為這對我們很有利。

But again, we've got to continue to lease space, and we feel confident about that given the pipeline that's out there. But certainly, there's a long way between now and the next six quarters.

但是，我們必須繼續租賃空間，考慮到現有的管道，我們對此充滿信心。但可以肯定的是，從現在到未來六個季度還有很長的路要走。

Young Min Ku, Wells Fargo.

富國銀行的 Young Min Ku。

Yes. Great. Brendan, I just wanted some clarification on the other income. Thank you for that detail on the $3 million payment from Florida. How should we think about that other income line item for the rest of the year?

是的。偉大的。布倫丹，我只是想澄清一下其他收入。感謝您提供有關佛羅裡達州 300 萬美元付款的詳細資訊。我們該如何考慮今年剩餘時間的其他收入項目？

And then are there similar type of opportunities in '26?

那麼 26 年是否仍有類似的機會？

Yes, Yang. It's a good question. Yes. We've kind of been running at that, call it, on a normalized basis, $1.5 million a quarter and then obviously, this quarter, I think you saw that number spike up to 4.5% or a little more than that in the quarter, which was driven, as you pointed out by the FDA payment.

是的，楊。這是個好問題。是的。我們一直以這樣的方式運作，以正常化為基礎，每季度 150 萬美元，然後顯然，本季度，我認為你會看到這個數字飆升至 4.5％ 或略高於這個數字，正如你所指出的，這是由 FDA 付款推動的。

I would expect that, that other income line would be more consistent with that $1.5 million or so a quarter kind of going forward. There -- we tend to get some unusual items that happen once a year kind of give or take, right? So last year, we had a large repayment on tax from Nashville, that's why if you look at the year-over-year comparison to Q2 '24, it's actually down in that line item.

我預計，其他收入線未來將與每季約 150 萬美元的收入更加一致。那裡——我們往往會遇到一些每年都會發生一次的不尋常的事情，對吧？因此，去年我們從納許維爾獲得了一大筆稅款償還，因此，如果您查看與 24 年第二季度的同比比較，您會發現該項目的金額實際上是下降的。

So I would say that in all likelihood, there's probably something that happens sometime between now and over the next few quarters or happens next year, but it's always a little bit difficult to forecast and we don't have visibility into that level yet. So we'll kind of see where that stuff shakes out, but it wouldn't be surprising to me if there's some one-timers or whatever like that for 2026. But I think your question is good, that, that could be there could be a little bit less of that next year than what we have this year.

所以我想說，很有可能，從現在到未來幾個季度或明年之間可能會發生一些事情，但這總是有點難以預測，而且我們還沒有看到這個水平。因此，我們將拭目以待這些事情最終會如何發展，但如果 2026 年出現一些一次性事件或類似事件，我不會感到驚訝。但我認為你的問題很好，那就是明年的數量可能會比今年少一點。

Got it. And then just one last from me. So it looks like the year-end occupancy target might be a little bit lower than previously expected. Does that impact your same-store NOI outlook by any chance?

知道了。這是我的最後一句話。因此看起來年底入住率目標可能比之前預期的要低一點。這是否會影響您的同店淨利前景？

Yes, good question. Not really. So I think the average occupancy, we didn't change. We are probably a little bit higher in terms of average occupancy in the first half of the year than what we thought kind of coming into the year. But we're -- because of a few of those leases that I mentioned that we took back some of the space earlier.

是的，好問題。並不真地。所以我認為平均入住率沒有改變。就今年上半年的平均入住率而言，我們可能比年初預想的要高。但是我們——由於我提到的一些租約，我們早些時候收回了部分空間。

We've got one customer that we moved from late in '25 occupancy to early in '26 occupancy, that year-end number is coming in a little bit lower than where we thought. But those are generally all for pretty good reasons. So it didn't have a huge impact in terms of the same-store LI outlook even though it does have less occupancy on one day of the year at the end of the year, but that's a timing issue more than anything else.

我們有一位客戶，其入住時間從 25 年末推遲到了 26 年初，但年底的數字比我們預想的要低一些。但這些通常都是有充分理由的。因此，儘管在年底的某一天入住率確實較低，但就同店 LI 前景而言，它並沒有產生巨大的影響，但這主要是時間問題。

Thank you for your question. There are no additional questions waiting at this time. So I'll pass the call back to the management team for any closing remarks.

感謝您的提問。目前沒有其他問題。因此，我會將電話轉回給管理團隊，以便他們發表最後的評論。

Just want to thank everybody for joining the call today, and thank you for your interest in Highwoods. We look forward to seeing everybody soon. Take care.

只想感謝大家今天參加電話會議，並感謝你們對 Highwoods 的關注。我們期待很快見到大家。小心。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。