Highwoods Properties Inc (HIW) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Highwoods Properties earnings call.

早上好，歡迎來到 Highwoods Properties 財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded, Wednesday, April 27, 2022. I would now like to turn the conference over to Hannah True, Manager of Finance and Corporate Strategy. Please go ahead, Ms. True.

提醒一下，本次會議將於 2022 年 4 月 27 日星期三進行錄製。我現在想將會議轉交給財務和企業戰略經理 Hannah True。請繼續，True 女士。

Thank you, operator, and good morning, everyone. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; Brian Leary, our Chief Operating Officer; and Brendan Maiorana, our Chief Financial 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，大家早上好。今天早上和我一起參加電話會議的是我們的首席執行官 Ted Klinck；我們的首席運營官 Brian Leary；和我們的首席財務官 Brendan Maiorana。為方便起見，今天準備好的評論已發佈在網絡上。如果您還沒有收到昨天的收益發布或補充，它們都可以在我們網站 highwoods.com 的投資者部分找到。

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. 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.

在今天的電話會議上，我們的審查將包括非 GAAP 指標，例如 FFO、NOI 和 EBITDAre。發布和補充包括將這些非 GAAP 措施與最直接可比的 GAAP 財務措施進行調節。在今天的電話會議上做出的前瞻性陳述受風險和不確定因素的影響。這些風險和不確定性在我們的新聞稿和提交給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存在重大差異，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.

有了這個，我現在將電話轉給泰德。

Thanks, Hannah, and good morning, everyone. We had excellent financial and operational results in the first quarter, consistent with our performance since the start of the pandemic. Leasing activity is robust. Same-property cash NOI growth was solid. We had our third consecutive quarter of record core FFO per share, which excludes land sale gains. Our cash flows continue to strengthen, and our balance sheet is in excellent shape. We believe our strong performance to start the year is largely attributable to continuing execution of our strategy.

謝謝，漢娜，大家早上好。我們在第一季度取得了出色的財務和運營業績，與大流行開始以來的表現一致。租賃活動強勁。同物業現金 NOI 增長穩健。我們連續第三個季度創下每股核心 FFO 紀錄，其中不包括土地出售收益。我們的現金流繼續增強，資產負債表狀況良好。我們認為，我們今年年初的強勁表現主要歸功於我們戰略的持續執行。

As we've stated before, our simple and straightforward investment strategy is to generate attractive and sustainable returns over the long term by developing, acquiring and owning a portfolio of high-quality, differentiated office buildings in the BBDs or markets or said another way, workplaces that are commute worthy. We are actively putting together the building blocks to further strengthen the financial and operational performance, resiliency and long-term growth prospects for our portfolio. Our development team is exploring numerous potential starts. We are optimistic about the potential to acquire additional high-quality assets, and we're continuing to make progress with our long-proven plan of cycling out of noncore assets.

正如我們之前所說，我們簡單直接的投資策略是通過在 BBD 或市場開發、收購和擁有高質量、差異化的辦公樓組合或換句話說，在長期內產生有吸引力和可持續的回報，值得通勤的工作場所。我們正在積極整合構建模塊，以進一步加強我們投資組合的財務和運營績效、彈性和長期增長前景。我們的開發團隊正在探索許多潛在的開始。我們對收購更多優質資產的潛力持樂觀態度，並且我們正在繼續推進我們久經考驗的循環退出非核心資產的計劃。

Turning to our results. We delivered FFO of $1.03 per share in the first quarter. Excluding $0.04 of land sale gains, our FFO was $0.99 per share, more than 8% higher than the first quarter last year. In addition to FFO, our operations were also healthy. Same-property cash NOI growth was consistent with last quarter at 3.1%. Occupancy held relatively steady at 91.1%, and leasing maintained its momentum with 658,000 square feet of second gen space, including a robust 391,000 square feet of new leases. Rent spreads were positive 14.9% on a GAAP basis and roughly flat on a cash basis, with average term increasing to 6.4 years. Average rental rates per square foot in our 27.4 million square foot in-service portfolio were 4.2% higher on a cash basis compared to 1 year ago.

轉向我們的結果。我們在第一季度交付了每股 1.03 美元的 FFO。不包括 0.04 美元的土地出售收益，我們的 FFO 為每股 0.99 美元，比去年第一季度高出 8% 以上。除了 FFO，我們的運營也很健康。同物業現金 NOI 增長與上一季度一致，為 3.1%。入住率保持在 91.1% 的相對穩定，租賃保持增長勢頭，有 658,000 平方英尺的第二代空間，包括強勁的 391,000 平方英尺的新租賃。按 GAAP 計算，租金差為正 14.9%，按現金計算基本持平，平均租期增加至 6.4 年。與 1 年前相比，我們 2740 萬平方英尺的在用資產組合的每平方英尺平均租金按現金計算增長了 4.2%。

The upbeat start to the year has given us confidence to increase our year-end occupancy outlook as many of the new leases signed will commence later in the year. Utilization across our portfolios increased to around 50%, up about 10 percentage points during the past couple of months, and we expect to continue to pick up based on the return-to-work plans we are hearing from our customers. As we've stated before, even though utilization is below pre-pandemic levels and customers are figuring out their office workspace schedules, many of which are hybrid, we are encouraged by the consistently strong leasing activity we've seen across our markets since the start of last year.

今年的樂觀開局讓我們有信心提高年終入住率預期，因為許多新簽署的租約將在今年晚些時候開始。我們投資組合的利用率增加到 50% 左右，在過去幾個月中增加了約 10 個百分點，我們預計將根據我們從客戶那裡聽到的重返工作計劃繼續回升。正如我們之前所說，儘管利用率低於大流行前的水平並且客戶正在確定他們的辦公室工作空間時間表，其中許多是混合的，但自去年開始。

Turning to investments. During the quarter, we sold a land parcel in Tampa's Westshore BBD for $9.6 million, which included a $4.1 million gain. This sale is a good example of our strategy to maximize value from our existing assets, whether buildings or land. We sold the pad to a developer who will construct a luxury multifamily community adjacent to our 209,000 square foot base center office building.

轉向投資。本季度，我們以 960 萬美元的價格出售了坦帕西岸 BBD 的一塊地塊，其中包括 410 萬美元的收益。此次出售是我們從現有資產（無論是建築物還是土地）中最大化價值的戰略的一個很好的例子。我們將墊子賣給了開發商，開發商將在我們 209,000 平方英尺的基地中心辦公樓附近建造一個豪華的多戶社區。

Our land bank has a value of approximately $340 million and has never been more attractive. It can support $2.2 billion of future office and another almost $2 billion of adjacent mixed-use development via new apartments, shops, restaurants and hotels. These mixed-use sites create excellent optionality for us as we may choose to sell the parcels outright or participate in the ownership and development. Either way, the build-out of this mixed-use land will bring even more desirable amenities to our adjacent office properties as will be the case at Bay Center.

我們的土地儲備價值約為 3.4 億美元，而且從未像現在這樣具有吸引力。它可以支持價值 22 億美元的未來辦公室和另外近 20 億美元的相鄰綜合用途開發項目，包括新公寓、商店、餐廳和酒店。這些混合用途場地為我們創造了極好的選擇權，因為我們可以選擇直接出售地塊或參與所有權和開發。無論哪種方式，這塊混合用途土地的擴建都將為我們鄰近的辦公物業帶來更理想的便利設施，就像 Bay Center 的情況一樣。

Our $283 million 615,000 square foot development pipeline is now 55% preleased, having leased another 23,000 square feet since our February call. We have healthy interest across our projects and remain confident that both Virginia Springs II and Midtown West will stabilize by the end of the year.

我們價值 2.83 億美元的 615,000 平方英尺的開發管道現已預售 55%，自我們 2 月的電話會議以來又租用了 23,000 平方英尺。我們對我們的項目抱有濃厚的興趣，並堅信 Virginia Springs II 和 Midtown West 將在年底前穩定下來。

As you may remember, we started both projects fully spec in 2019. While we didn't announce any new developments in the quarter, our team is busy working on potential build-to-suit and spec developments that could be announced later this year. We're progressing with additional noncore dispositions. We have multiple properties under contract, and we have others in various stages of the marketing process. As has been our plan, we are on pace to return our balance sheet to prepack acquisition metrics by the middle of the year.

您可能還記得，我們在 2019 年啟動了這兩個完全符合規範的項目。雖然我們沒有在本季度宣布任何新的開發，但我們的團隊正忙於可能在今年晚些時候宣布的潛在定制和規範開發。我們正在推進其他非核心配置。我們有多個合同財產，還有其他處於營銷過程的不同階段。按照我們的計劃，我們正按計劃在年中之前將我們的資產負債表恢復到預先打包的收購指標。

On the acquisition front, competition for high-quality properties in our markets BBDs has continued to be strong as institutional investors recognize the excellent long-term value of assets located in the best submarkets across our footprint. We're seeing opportunities arise in BBDs, but rest assured, we will continue to be disciplined with our capital allocation as we seek to acquire office assets that would further strengthen our performance, resiliency and long-term growth prospects.

在收購方面，由於機構投資者認識到位於我們業務範圍內最佳子市場的資產具有卓越的長期價值，因此我們 BBD 市場中對優質物業的競爭持續激烈。我們看到 BBD 中出現了機會，但請放心，在我們尋求收購辦公資產以進一步加強我們的業績、彈性和長期增長前景時，我們將繼續嚴格控制我們的資本分配。

Now to our 2022 FFO outlook. We project full year FFO of $3.82 to $3.98 per share, up $0.06 per share at the midpoint since our initial outlook in February. Same-property cash NOI is projected to grow at 0.5% to 2.0%, up 25 basis points at the midpoint, and we now expect to end the year with occupancy of 91.0% to 92.5%, also up 25 basis points at the midpoint. Our investment activities, acquisitions, dispositions and development announcements are unchanged from our prior outlook.

現在來看我們的 2022 年 FFO 展望。我們預計全年 FFO 為每股 3.82 美元至 3.98 美元，自我們 2 月份的初步展望以來中點每股上漲 0.06 美元。同物業現金 NOI 預計將增長 0.5% 至 2.0%，中點上升 25 個基點，我們現在預計年底入住率為 91.0% 至 92.5%，中點也上升 25 個基點。我們的投資活動、收購、處置和開發公告與我們之前的展望沒有變化。

Before I turn the call over to Brian, I'd like to briefly recap our performance and outlook. Our leasing activity has rebounded to pre-pandemic levels, especially new leasing as evidenced by this quarter's 391,000 square feet. Our full year 2022 outlook for all 3 of our primary financial and operational indicators, year-end occupancy, same-property cash NOI and FFO per share are higher at the respective midpoints than originally forecasted. Our $283 million development pipeline is 55% preleased and will generate meaningful cash flow as it delivers. And our balance sheet is strong with leverage of 39% and a debt-to-EBITDA ratio of 5.3x. We're confident that we continue to have the building blocks in place to drive sustainable growth over the long term. Brian?

在我把電話轉給布賴恩之前，我想簡要回顧一下我們的表現和前景。我們的租賃活動已反彈至大流行前水平，尤其是新租賃，本季度的 391,000 平方英尺就證明了這一點。我們對所有 3 個主要財務和運營指標、年終入住率、同一物業現金 NOI 和每股 FFO 的 2022 年全年展望均高於最初預測的中點。我們 2.83 億美元的開發管道已預發布 55%，並將在交付時產生可觀的現金流。我們的資產負債表強勁，槓桿率為 39%，債務與 EBITDA 之比為 5.3 倍。我們相信，我們將繼續為推動長期可持續增長奠定基礎。布萊恩？

Thank you, Ted, and good morning all. Our team continued to deliver solid results for the quarter with a well located, high-quality invest resilient portfolio that's capturing latent and inbound customer growth and is welcoming back its occupants, albeit on different time lines. Our simple strategy of owning commute worthy workplaces in the best business districts of our markets, which are both urban and suburban in nature, has positioned Highwoods at the nexus of a number of accelerating trends and proven a capable formula for maintaining occupancy, growing rents and increasing term.

謝謝你，泰德，大家早上好。我們的團隊繼續在本季度取得穩健的業績，其位置優越、高質量的投資彈性投資組合正在捕捉潛在和入境客戶的增長，並歡迎其居住者回來，儘管時間不同。我們的簡單策略是在我們市場的最佳商業區擁有適合通勤的工作場所，這些商業區本質上是城市和郊區，這使 Highwoods 處於許多加速趨勢的交匯點，並證明了維持入住率、增加租金和增加期限。

As important, our workplace-making approach is providing our customers a compelling and competitive advantage for retaining, recruiting and returning talent to the office, where they've told us they can achieve together what they can on a part, culture, collaboration and collective creativity. The results for the first quarter bear evidence of this as our team signed 102 deals representing 658,000 square feet, of which, 391,000 square feet were new. These 58 new deals represent our highest quarterly count since Q2 of '14.

同樣重要的是，我們的工作場所營造方法正在為我們的客戶提供令人信服的競爭優勢，以留住、招聘人才並將人才返回辦公室，他們告訴我們，他們可以共同實現他們在部分、文化、協作和集體方面的能力創造力。第一季度的結果證明了這一點，因為我們的團隊簽署了 102 筆交易，總面積達 658,000 平方英尺，其中 391,000 平方英尺是新的。這 58 筆新交易代表了我們自 14 年第二季度以來的最高季度數量。

As this leasing comes online, we expect occupancy currently at 91.1% to increase in the latter half of the year. To our markets, with the in-migration of residents and jobs continues and where unemployment rates have returned to pre-pandemic levels or below. Let's start in Tampa, where unemployment is below 3%. Office employment is up almost 4% year-over-year, and market rents have increased 8% from last year. Our leasing team has been busy signing 260,000 square feet for the quarter. We leased our portfolio's largest vacancy at 5332 Avion, which will bring this asset's occupancy to 95% by the end of the year.

隨著此次租賃上線，我們預計今年下半年的入住率將達到 91.1%。對我們的市場來說，隨著居民和工作崗位的不斷遷入，失業率已恢復到大流行前或更低的水平。讓我們從失業率低於 3% 的坦帕開始。寫字樓就業人數同比增長近 4%，市場租金比去年增長 8%。我們的租賃團隊一直忙於為本季度簽署 260,000 平方英尺的合同。我們在 5332 Avion 租賃了我們投資組合中最大的空缺，這將使該資產的入住率在年底前達到 95%。

In addition, we backfilled our company's 2 largest remaining 2022 expirations, both at One Independence with no downtime via a long-term 112,000 square foot leased to a tech company. Our success at One independence is a clear marker for our workplace-making strategy, having taken the 44-acre single-use independence Parkside through a mixed-use rezoning to add residential and retail uses to the master plan. For the quarter, GAAP rents were up 23.8% in Tampa and the average term for the 260,000 square feet of signed leases was over 7 years. These leases emphasize our strategy of owning, maintaining and operating the strongest most commute-worthy buildings in the BBDs of our markets as they demonstrate the desirability of our properties to diverse corporate users.

此外，我們還通過長期租賃給一家科技公司的 112,000 平方英尺的面積，回填了我們公司 2022 年剩餘的 2 個最大到期日，均在 One Independence 期間沒有停機。我們在 One independence 的成功清楚地表明了我們的工作場所建設戰略，我們通過混合用途重新分區將佔地 44 英畝的單一用途獨立 Parkside 納入總體規劃，以增加住宅和零售用途。本季度，坦帕的 GAAP 租金上漲了 23.8%，已簽署的 260,000 平方英尺租約的平均期限超過 7 年。這些租約強調了我們擁有、維護和運營我們市場 BBD 中最強大、最適合通勤的建築物的戰略，因為它們表明了我們的物業對不同企業用戶的吸引力。

Not to be outdone, the Richmond team posted a strong quarter, signing 93,000 square feet of leases with market rents rising 4% year-over-year and where CoStar's commitment to Richmond was reinforce by their announcement of a $460 million expansion of their research and technology innovation campus, where 2,000 new employees will occupy a new 26-story tower. The Raleigh and Nashville markets posted positive net absorption for the quarter. Their unemployment rates are at or below 3% and our collective 11.4 million square feet in these markets holds main and main positioning in each of these market's BBDs. Raleigh's rents continue to grow, up 6% compared to last year and where JLL notes, the market has averaged over 4% year-over-year increases in rent over the last 5 years.

里士滿團隊也不甘示弱，發布了一個強勁的季度，簽署了 93,000 平方英尺的租約，市場租金同比上漲 4%，CoStar 對里士滿的承諾因他們宣布斥資 4.6 億美元擴展他們的研究和技術創新園區，2,000 名新員工將入住一棟 26 層的新大樓。羅利和納什維爾市場本季度淨吸納量為正。他們的失業率處於或低於 3%，我們在這些市場的 1140 萬平方英尺的總面積在每個市場的 BBD 中佔據主要和主要位置。羅利的租金繼續增長，與去年相比上漲了 6%，仲量聯行指出，過去 5 年市場租金平均同比上漲 4% 以上。

Our team there signed 83,000 square feet of leases and ended the quarter at 93.2% occupied. In Nashville, we ended the quarter 95% occupied, and our Virginia Springs II development is 90% leased and on schedule to stabilize by the end of the year.

我們在那裡的團隊簽署了 83,000 平方英尺的租約，並在本季度末以 93.2% 的佔用率結束。在納什維爾，我們在本季度結束時佔用了 95%，我們的 Virginia Springs II 開發項目已出租 90%，並按計劃在年底前穩定下來。

Having acquired the balance of Ovation's 145 acres in Nashville's burgeoning Franklin Cool Springs BBD, as master developer, we are reenvisioning a more integrated mixed-use plan and will be working with the city and best-in-class third-party retail and residential developers to advance the mixed-use town center over the next several quarters.

在收購 Ovation 在納什維爾蓬勃發展的 Franklin Cool Springs BBD 的 145 英畝土地後，作為主要開發商，我們正在重新構想一個更加綜合的混合用途計劃，並將與該市以及一流的第三方零售和住宅開發商合作在接下來的幾個季度推進混合用途的市中心。

As Ted mentioned earlier, our development pipeline and potential is as solid as ever with either construction or design underway across our footprint with anchor or build-to-suit RFPs in hand. The team's success in delivering on time, on budget and leasing up throughout the pandemic gives us confidence looking ahead at the new development opportunities before us. While we continue to operate in a dynamic and ever-changing industry, a few things have become clear.

正如 Ted 之前提到的，我們的開發渠道和潛力一如既往地穩固，無論是施工還是設計都在我們的足跡上進行，手頭有錨定或定制的 RFP。該團隊在整個大流行期間按時、按預算交付和租賃的成功讓我們充滿信心地展望擺在我們面前的新發展機遇。雖然我們繼續在一個充滿活力和不斷變化的行業中運營，但有幾件事已經變得清晰起來。

The first is that a hybrid work model that provides for flexibility, most specifically throughout the work week is currently a matter of fact for many of our customers. This being said, these same customers have led us to believe that their teams are better together in the office, where they can onboard new hires, mentor rising talent, cultivate culture and collaborate to solve problems or develop new products. It is our opportunity to provide these places and spaces and we couldn't be realizing the results we are without a total team effort.

首先是提供靈活性的混合工作模式，尤其是在整個工作週內，目前對我們的許多客戶來說都是事實。話雖這麼說，這些相同的客戶讓我們相信他們的團隊在辦公室裡在一起會更好，在那裡他們可以招募新員工、指導新興人才、培養文化並合作解決問題或開發新產品。這是我們提供這些場所和空間的機會，如果沒有團隊的共同努力，我們就無法實現我們的成果。

To our Highwoods teammates, thank you for giving our customers your very best every day. Your unwavering commitment to providing the best possible customer care has been the foundation from which the portfolio has proven resilient and from which we will continue to grow.

對於我們的 Highwoods 隊友，感謝您每天為我們的客戶提供最好的服務。您對提供盡可能最好的客戶服務的堅定承諾一直是產品組合證明具有彈性的基礎，也是我們將繼續發展的基礎。

Now let me hand it off to Brendan.

現在讓我把它交給布倫丹。

Thanks, Brian, and good morning, everyone. In the first quarter, we delivered net income of $40.3 million or $0.38 per share and FFO of $110.4 million or $1.03 per share. As Ted mentioned, the quarter included a land sale gain of $0.04 and a termination fee of $0.01, while the $0.01 termination fee was factored into our original FFO outlook provided in February, the $0.04 land sale gain was not.

謝謝，布萊恩，大家早上好。第一季度，我們實現了 4030 萬美元或每股 0.38 美元的淨收入和 1.104 億美元或每股 1.03 美元的 FFO。正如 Ted 所提到的，該季度包括 0.04 美元的土地出售收益和 0.01 美元的終止費，而 0.01 美元的終止費已計入我們 2 月份提供的原始 FFO 展望，而 0.04 美元的土地出售收益則沒有。

Rolling forward from last quarter's FFO and excluding land sales from both the fourth quarter and first quarter, our FFO increased $0.02 per share. The increase in the first quarter compared to the fourth quarter was attributable to the following: higher NOI contributed $0.04, including the aforementioned term fee; the remaining $0.03 increase was driven by higher average occupancy and lower OpEx; and lower interest expense contributed $0.01, primarily attributable to lower average debt balances, which were primarily offset by $0.03 of higher G&A, mostly due to the accounting impact of our annual long-term incentive grants, which are customarily made in the first quarter each year. The combination of these items nets to $0.02 increase in core FFO from the fourth quarter of 2021 to the first quarter of 2022.

從上一季度的 FFO 向前推進並排除第四季度和第一季度的土地銷售，我們的 FFO 每股增加 0.02 美元。與第四季度相比，第一季度的增長歸因於：更高的 NOI 貢獻了 0.04 美元，包括上述期限費用；其餘 0.03 美元的增長是由更高的平均入住率和更低的運營支出推動的；較低的利息支出貢獻了 0.01 美元，這主要是由於較低的平均債務餘額，這主要被較高的 G&A 0.03 美元所抵消，這主要是由於我們的年度長期激勵贈款的會計影響，通常在每年第一季度進行.從 2021 年第四季度到 2022 年第一季度，這些項目的組合使核心 FFO 淨增加 0.02 美元。

Turning to our balance sheet, which remains in excellent shape. We ended the quarter with net-debt-to-EBITDA of 5.3x, down from 5.4x at the end of 2021. We're on pace to return our balance sheet to pre-pack acquisition metrics as we complete the last few noncore dispositions we've planned. Even if we don't sell any additional noncore assets or raise equity, our balance sheet still has plenty of dry powder to be opportunistic with future investments.

轉向我們的資產負債表，它仍然處於良好狀態。我們在本季度結束時的淨債務與 EBITDA 之比為 5.3 倍，低於 2021 年底的 5.4 倍。隨著我們完成最後幾項非核心資產處置，我們正逐步將資產負債表恢復到收購前指標我們計劃好了。即使我們不出售任何額外的非核心資產或籌集股本，我們的資產負債表仍有大量幹火藥可用於未來投資。

To this end, we estimate we can complete our existing development pipeline and invest up to $0.5 billion in additional opportunities without the prerequisite of selling any assets or raising equity and still maintain a net debt-to-EBITDA ratio of under 6x.

為此，我們估計我們可以完成現有的開發管道並投資高達 5 億美元的額外機會，而無需出售任何資產或籌集股本，並且仍將淨債務與 EBITDA 的比率保持在 6 倍以下。

In addition, we have limited debt maturities, which creates optionality with our financing plans. Our only 2 debt maturities prior to 2026 or a $200 million term loan that matures in the fourth quarter of this year and a $250 million unsecured bond that matures in January 2023 that we can repay without penalty in October. We plan to satisfy these maturities with noncore disposition proceeds, retained cash flow and other financings.

此外，我們的債務期限有限，這為我們的融資計劃創造了選擇性。我們僅有的 2 筆債務在 2026 年之前到期，即今年第四季度到期的 2 億美元定期貸款和 2023 年 1 月到期的 2.5 億美元無擔保債券，我們可以在 10 月無償償還。我們計劃通過非核心處置收益、留存現金流和其他融資來滿足這些期限。

Similar to recent quarters, we issued a modest amount of shares on our ATM program at an average price of $46.50 per share for net proceeds of $6 million. ATM issuances remain one of the tools we believe are an efficient and measured way to fund incremental investments particularly our development pipeline on a leverage-neutral basis.

與最近幾個季度類似，我們以每股 46.50 美元的平均價格在 ATM 計劃中發行了少量股票，淨收益為 600 萬美元。 ATM 發行仍然是我們認為是一種有效且可衡量的方式，可以在槓桿中性的基礎上為增量投資特別是我們的開發管道提供資金。

As Ted and Brian mentioned, our development team is busy exploring potential projects, and we believe creating some additional dry powder on our balance sheet ahead of future announcements is prudent and conservative financial planning. As Ted mentioned, we've updated our FFO outlook to $3.82 to $3.98 per share, up $0.06 per share at the midpoint from the original range we introduced in February. The major changes from our prior outlook at the midpoint of the range are the following.

正如 Ted 和 Brian 提到的，我們的開發團隊正忙於探索潛在項目，我們相信在未來的公告之前在我們的資產負債表上增加一些幹火藥是審慎和保守的財務計劃。正如 Ted 所提到的，我們已將我們的 FFO 展望更新為每股 3.82 美元至 3.98 美元，比我們 2 月份推出的原始範圍的中點每股上漲 0.06 美元。與我們此前對該範圍中點的展望相比，主要變化如下。

A $0.04 increase from land sale gains recorded in the first quarter; $0.05 increase from anticipated -- higher anticipated NOI attributable to stronger leasing, better parking revenues and lower OpEx; and a $0.01 pickup from lesser anticipated dilution in 2022 from planned dispositions primarily related to timing. These items add up to $0.10 of upside, which are partially offset by $0.03 of higher projected interest expense due to rising interest rates and $0.01 higher projected G&A expense. These items equate to a net increase of $0.06 per share at the midpoint.

第一季度記錄的土地銷售收益增加 0.04 美元；比預期增加 0.05 美元——更高的預期 NOI 歸因於更強勁的租賃、更好的停車收入和更低的運營支出；以及 2022 年主要與時間相關的計劃處置的預期攤薄減少 0.01 美元。這些項目加起來有 0.10 美元的上漲空間，但由於利率上升而預計利息支出增加 0.03 美元，預計 G&A 支出增加 0.01 美元，部分抵消了這些上漲空間。這些項目相當於中點每股淨增長 0.06 美元。

Finally, as mentioned many times during the past several years, our cash flows continue to strengthen. This quarter is an excellent example of this improvement as our cash available after distribution was $27 million, while CAD and cash flow can be lumpy from quarter-to-quarter or year-to-year, the trend is clear that our cash flows continue to strengthen. Cash flow improvement over the long run was one of the primary drivers behind the plan we executed in late 2019 and early 2020 to cycle out of the slower growth markets of Greensboro and Memphis and redeploy that capital into the higher growth market of Charlotte. It was, again, a primary driver behind the more recent plan of funding the acquisition of a portfolio of high-quality office assets from PAC with the sale of additional noncore assets in our existing markets. As we recycle capital going forward, we expect to continue to improve our portfolio quality, resiliency and long-term growth rate while also further strengthening our cash flows.

最後，正如過去幾年多次提到的那樣，我們的現金流繼續增強。本季度是這種改進的一個很好的例子，因為我們在分配後的可用現金為 2700 萬美元，而加元和現金流量可能在季度與季度或年度之間波動較大，趨勢很明顯，我們的現金流量繼續加強。從長遠來看，現金流的改善是我們在 2019 年底和 2020 年初執行的計劃背後的主要驅動力之一，該計劃旨在循環退出增長較慢的格林斯博羅和孟菲斯市場，並將該資本重新部署到夏洛特的較高增長市場。這再次成為最近計劃的主要驅動力，該計劃通過在我們現有市場上出售額外的非核心資產來資助從 PAC 收購優質辦公資產組合。隨著我們未來回收資本，我們預計將繼續提高我們的投資組合質量、彈性和長期增長率，同時進一步加強我們的現金流。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Our first question is from Vikram Malhotra with Mizuho.

我們的第一個問題來自 Mizuho 的 Vikram Malhotra。

I guess, first, just maybe Brendan, you can walk us through your latest views on just expirations in the back half and into '23. Maybe just update us on any known move-outs, any ones where maybe it's still in process? And just how much of the kind of next 12 months do you actually have covered at this point?

我想，首先，也許布倫丹，你可以向我們介紹你對後半部分和 23 年到期的最新看法。也許只是向我們更新任何已知的搬遷，任何可能仍在進行中的搬遷？在這一點上，您實際涵蓋了未來 12 個月中的多少？

Vikram, sure. So I'll start, and I'll probably pass that off to Brian to talk about the specific expirations and the activity that we're seeing there. But overall, I think, as you saw in the updated outlook, we did increase our year-end occupancy target. So the midpoint moved up 25 basis points to 91.75 at that midpoint, and we ended the quarter at 91.1.

維克拉姆，當然。所以我要開始了，我可能會把它傳遞給布賴恩，讓他談談具體的到期日和我們在那裡看到的活動。但總的來說，我認為，正如您在更新後的展望中看到的那樣，我們確實提高了年終入住率目標。因此，中點上升 25 個基點至 91.75，我們以 91.1 結束本季度。

So I think for our expectations, as we think about migrating throughout 2022, we do expect the occupancy ramp to be back-end loaded. So we would expect occupancy to accelerate as we move into the back half of the year. But we do have good overall activity throughout our markets, and then I'll hand it off to Brian to maybe talk about some of the specific expirations and activity we're seeing there.

因此，我認為對於我們的期望，當我們考慮在整個 2022 年遷移時，我們確實預計入住率將在後端加載。因此，隨著我們進入今年下半年，我們預計入住率會加快。但是我們在整個市場上確實有很好的整體活動，然後我會把它交給布賴恩，也許可以談談我們在那裡看到的一些具體到期日和活動。

Thanks, Brendan. Thanks, Vikram, for the question. You may have heard earlier in the remarks that we have been in regard, if you will, to take care of those '22 expirations and getting ahead into '23 specifically, the largest ones in the entire company were in one building in Tampa that we've since backfilled with no downtime to a tech company. So that's Independence One.

謝謝，布倫丹。謝謝，Vikram，提出這個問題。您可能已經在前面的評論中聽說過，如果您願意的話，要處理那些 22 年期滿並提前進入 23 年，整個公司中最大的人都在坦帕的一棟大樓裡，我們從那以後就沒有停機時間回填到一家科技公司。這就是獨立一號。

So we're feeling really good about the team's work there. But as these expirations come up, we get ahead of them. And so even as we look into '23, where we have the (inaudible) expiration, too, we're feeling really good about prospects and good activity for full relet on that building as well. So to Brendan's point, we do feel optimistic about being able to address these early, and we're staying on the front foot.

所以我們對團隊在那裡的工作感覺非常好。但是隨著這些到期的到來，我們領先於它們。因此，即使我們研究 23 年，我們也有（聽不清）到期，我們對該建築物的完全轉租的前景和良好活動感覺非常好。因此，就 Brendan 的觀點而言，我們確實對能夠及早解決這些問題感到樂觀，並且我們一直處於領先地位。

And sorry, if you could just clarify the tech company, what was the mark-to-market on that?

抱歉，如果你能澄清一下這家科技公司，那它的市值是多少？

Vikram, that one was about flat. That was a long term on a cash basis, it was positive on a GAAP basis. And that was -- if you recall, that was to backfill Brian mentioned, the 2 largest expirations that we had in 2022 remaining, and we backfilled that with no downtime. So -- and we felt good about that transaction in Tampa.

Vikram，那個差不多是平的。這是現金基礎上的長期，在 GAAP 基礎上是積極的。那是——如果你還記得的話，那是為了回填 Brian 提到的，我們在 2022 年剩餘的 2 個最大到期日，我們在沒有停機的情況下回填了它。所以——我們對坦帕的那筆交易感覺很好。

Okay. And then just -- on the OpEx side, in the past, given where utilization is given the -- some of the variable income coming back. Can you just update us on what's embedded in OpEx this year and should expect any variability in that?

好的。然後 - 在 OpEx 方面，過去，考慮到利用率 - 一些可變收入回來了。您能否向我們介紹今年 OpEx 中嵌入的內容，並且應該期待其中的任何變化？

Yes. So I would say -- so what we disclosed in the beginning of the year, and I know we chatted a lot about this with you and many others on the phone. We said we thought OpEx net of recovery would be a headwind to the tune of $0.08 to $0.12 per share for 2022 compared to '21. That number, we probably think that, that has lessened a little bit. So it's probably more in the $0.08 to $0.10 range in terms of headwind is kind of our updated outlook. But more than offsetting that are improvement in terms of parking revenue, overall occupancy levels and other kind of growth within NOI.

是的。所以我想說 - 所以我們在今年年初披露的內容，我知道我們在電話中與你和許多其他人就此聊了很多。我們說過，我們認為與 21 年相比，2022 年的 OpEx 淨復甦將是每股 0.08 美元至 0.12 美元的逆風。我們可能認為，這個數字已經減少了一點。因此，就逆風而言，它可能更多地處於 0.08 美元至 0.10 美元的範圍內，這是我們最新的展望。但在停車收入、整體入住率和 NOI 內其他類型的增長方面的改善不僅抵消了這些。

So our -- as I think I mentioned in the prepared remarks, our NOI, we're up about $0.05 a share compared to where we thought we would be in the beginning part of the year. So we've more than offset some of the headwinds that we've seen elsewhere in the financial plan.

因此，正如我想我在準備好的發言中提到的那樣，我們的 NOI 與我們認為今年年初的水平相比，每股上漲了約 0.05 美元。因此，我們不僅抵消了我們在財務計劃其他地方看到的一些不利因素。

Our next question is from Blaine Heck with Wells Fargo.

我們的下一個問題來自富國銀行的 Blaine Heck。

Brendan, thanks for the color on the ins and outs related to guidance. Just one more question on that. Can you talk about whether the $0.02 to $0.04 of increased interest expense that you're now expecting is driven solely by the increased expense on your loading rate term loan and credit facility? Or were there other balance sheet moves that were contemplated this year that might be a little bit more costly in this environment?

布倫丹，感謝與指導相關的來龍去脈的顏色。還有一個問題。您能否談談您現在預期的 0.02 美元至 0.04 美元的利息支出增加是否僅由加載利率定期貸款和信貸額度的支出增加驅動？或者今年是否考慮了其他資產負債表變動，在這種環境下成本可能會更高一些？

Yes. No, Blaine, thanks for the question. Yes, it's solely attributable to rate overall. And just to give you a little bit of perspective, I mean, we don't speculate on what rates are going to do. We just look at the forward curve and layer that into our expense assumption. So the forward curve has moved up fairly substantially over the past 2.5 months, and that's really driving that $0.02 to $0.04 increase. But just as a reminder, our overall variable rate debt is about 10% of our total debt, and it's less than 4% of our total assets. So we're talking about a significant increase in terms of rates over the past several months, and it's impacting us by about $0.03 a share on an overall base that's $3.90 of FFO.

是的。不，布萊恩，謝謝你的提問。是的，這完全歸因於總體利率。只是為了給你一點觀點，我的意思是，我們不會推測利率會怎樣。我們只看遠期曲線並將其分層到我們的費用假設中。因此，遠期曲線在過去 2.5 個月內大幅上漲，這確實推動了 0.02 美元至 0.04 美元的上漲。但提醒一下，我們的整體可變利率債務約占我們總債務的 10%，不到我們總資產的 4%。因此，我們談論的是過去幾個月利率的大幅上漲，它對我們的影響約為每股 0.03 美元，總基數為 3.90 美元的 FFO。

Got it. That's helpful. And then maybe for Ted and Brian. The land bank is the largest it's been in quite a while, maybe in the company's history. Can you comment on whether some of the leasing you guys did during the quarter on projects under development makes you a little bit more comfortable starting something on land that you own in the near term? And where that might be, Nashville kind of jumps off the page as the largest opportunity for you guys from a development point of view, but that market has seen a lot of supply as well. So if you could comment generally and then on the prospects there and Nashville specifically, that would be helpful.

知道了。這很有幫助。然後可能是泰德和布賴恩。土地儲備是很長一段時間以來最大的，也許是公司歷史上最大的。你能評論一下你們在本季度對正在開發的項目進行的一些租賃是否讓你在短期內更願意在你擁有的土地上開始一些事情？從發展的角度來看，納什維爾可能是你們最大的機會，但那個市場也有很多供應。因此，如果您可以一般性地發表評論，然後具體評論納什維爾的前景，那將很有幫助。

Sure, Blaine. I'll maybe start, and Brian can jump in on Nashville specifically. But yes, you're right. Look, $340 million our land bank is probably close to the higher end of we've had historically. I think having a well-located land bank, it's extremely helpful for us. It's our raw material for growth and development. So gets in front of us -- gets us in front of prospects, gets us a seat at the table. And I can tell you our development team, they're probably as busy as they've been in a long time. We've got numerous active discussions going on in really most of our markets and either whether it be a build-to-suite or what would be a pre-lease that would kick off a building.

當然，布萊恩。我可能會開始，Brian 可以專門加入 Nashville。但是，是的，你是對的。看，我們的土地儲備 3.4 億美元可能接近歷史最高水平。我認為擁有位置優越的土地儲備對我們非常有幫助。它是我們成長和發展的原材料。所以出現在我們面前——讓我們出現在潛在客戶面前，讓我們在談判桌上佔有一席之地。我可以告訴你我們的開發團隊，他們可能很長時間以來都很忙。在我們的大多數市場中，我們已經進行了大量積極的討論，無論是按套房建造還是預租都會啟動建築物。

So it's -- the development team is working hard. And most of these are on our own land that we've had, our own existing land bank. So we're hopeful we can have some starts. Things are taking longer. I've talked about the -- our guys are working hard for the last couple of quarters in all of the discussions we've alluded to in the last quarter or 2, all of them are still ongoing, and we've added a few. They're just taking a long time for one reason or another. So it's hard to predict when -- if and when we can get more developments. But again, we're excited about the land bank. And Brian, do you want to touch on Nashville?

所以它 - 開發團隊正在努力工作。其中大部分都在我們自己的土地上，我們自己現有的土地儲備。所以我們希望我們能有一些開始。事情需要更長的時間。我已經談到了——我們的員工在過去幾個季度中在我們在上一季度或第二季度提到的所有討論中都在努力工作，所有這些討論仍在進行中，我們已經添加了一些.他們只是出於某種原因需要很長時間。所以很難預測我們何時——是否以及何時可以獲得更多的發展。但同樣，我們對土地儲備感到興奮。布萊恩，你想談談納什維爾嗎？

Yes. Sure. And I might just clip on the 10,000-foot level on that land bank is none of the things that give us a little of an advantage competing in these markets against more typical kind of merchant development is having that land bank gives us the time to design. Right now, with -- I'm sure it will be out there escalations and supply chain disruptions as we can advance design and get better visibility into costing.

是的。當然。我可能只是在 10,000 英尺的水平上剪下那個土地儲備，沒有什麼能讓我們在這些市場上與更典型的商業開發競爭中獲得一點優勢，就是讓土地儲備給我們時間來設計.現在，隨著 - 我確信它會升級和供應鏈中斷，因為我們可以推進設計並更好地了解成本。

In terms of what we're going to build, it gives us an advantage to them start. So Blaine, you hit on it with Nashville. We are very fortunate in having really 3 significant land bank positions in the 3 most significant BBDs in Nashville kind of working the way inside out of those 3, 2 of the 3, we are working through some nuances and with the local jurisdictions on site plan approval, so we can really be in starting house to move very quickly. But the one that has already cleared that is there in the Gulch, where it's our Gold Central assembly of basically a couple of city blocks surrounding Asurion between Broadway and Church.

就我們要建造的東西而言，它給了我們一個優勢，讓他們開始。所以布萊恩，你在納什維爾找到了它。我們非常幸運，在納什維爾的 3 個最重要的 BBD 中擁有 3 個重要的土地儲備位置，在這 3 個中，3 個中的 2 個中，我們正在努力解決一些細微差別，並與當地司法管轄區一起制定場地計劃批准，所以我們真的可以很快搬家。但是已經清除的那個在 Gulch 那裡，那裡是我們的 Gold Central 集會，基本上由百老彙和教堂之間的 Asurion 周圍的幾個城市街區組成。

We received all of our approvals around the city for maximum density, and we envision that as a mixed-use development, which would include an upwards of 1 million square feet of office. And so are kind of vetting the other uses as part of that, which would probably be high-end residential and hotel and retail uses. So that is advancing. And then -- so we look down to Brentwood, where we are leasing up Virginia Springs II, we have activity on the balance of that building. That building hopefully, will be not only stable by the end of the year, but moving towards 100% committed. We've got to have inventory, right?

我們收到了全市所有關於最大密度的批准，我們設想將其作為一個混合用途開發項目，其中將包括超過 100 萬平方英尺的辦公空間。審查其他用途也是其中的一部分，這可能是高端住宅、酒店和零售用途。所以這是進步的。然後 - 所以我們向下看布倫特伍德，我們正在那裡租用弗吉尼亞斯普林斯二世，我們在該建築物的平衡上進行了活動。希望這座大樓不僅能在年底前保持穩定，而且會朝著 100% 承諾的方向發展。我們必須有庫存，對嗎？

So Ted's point, he mentioned lands the raw materials for our pipeline. And so we're working with the city of Brentwood Bayer for a multi-building then obviously, Ovation. I mentioned that previously, now that we have full control and ownership of it, it's 145 acres and the full entitlements there, which is currently at $1.5 million of office, 950 residential units, multiple hotels. We see that as a tremendous opportunity. The stars are outlining for Nashville and for Franklin and Williamson County. So we are going through the process of vetting other third-party developers to be part of that, and we look forward to coming out of the gate at the end of this year for reimagination of those opportunities.

所以泰德的觀點，他提到土地為我們的管道提供原材料。因此，我們正在與布倫特伍德拜耳市合作建造一座多建築，顯然，Ovation。我之前提到過，現在我們擁有它的完全控制權和所有權，它佔地 145 英畝，擁有全部權利，目前價值 150 萬美元的辦公室、950 個住宅單元、多家酒店。我們認為這是一個巨大的機會。星星勾勒出納什維爾以及富蘭克林和威廉姆森縣的輪廓。因此，我們正在審查其他第三方開發商參與其中的過程，我們期待在今年年底走出大門，重新構想這些機會。

Our next question is from Rob Stevenson with Janney Montgomery Scott.

我們的下一個問題來自 Rob Stevenson 和 Janney Montgomery Scott。

Ted or Brian, can you talk about construction costs? I mean I know that you have the land bank. But in terms of just the materials and labor construction costs, if you're starting something later this year, how substantial has that been? Will that have been on a year-over-year basis if you start something in the back half of the year in terms of material and labor? And what is that doing to the rental rate that you need and/or the expected yield on new developments?

Ted 或 Brian，你能談談建築成本嗎？我的意思是我知道你有土地儲備。但就材料和人工建設成本而言，如果你今年晚些時候開始做某事，那有多大？如果你在今年下半年開始在材料和勞動力方面做些事情，那會是同比增長嗎？這對您需要的租金率和/或新開發項目的預期收益有何影響？

Rob. Great question. I sort of probably threw that out there a little bit in that last answer. First off, I don't think we are compromising development yields, we're not having to do that yet. They're holding steady based on a couple of things. Let me tell you what we're seeing. We're seeing about 0.5% to 1% of escalation kind of month-over-month. And we really see that continuing for the next year. This is primarily a delta between demand and supply and that's kind of throughout the markets.

搶。很好的問題。我有點可能在最後一個答案中把它扔掉了一點。首先，我不認為我們會犧牲開發收益，我們還沒有必要這樣做。基於幾件事，他們保持穩定。讓我告訴你我們看到了什麼。我們看到大約 0.5% 到 1% 的月度升級。我們真的看到這種情況會持續到明年。這主要是需求和供應之間的差異，並且在整個市場中都是如此。

Now a couple of things I just want to hit on. Again, we have the ability to mitigate this in a way that others may not and more -- a lot of the folks who are competing on the ground within the merchant build. Typically, the merchant developers will have to get to 100% GMP price with their general contractor to then secure construction financing to then go forward. And since we're developing on balance sheet without typically construction lending, so we can go ahead and get ahead of that 0.5% to 1% month-to-month escalation by buying out some major trades with the GC and the subs glass, site work, steel, asphalt, in some cases, getting on that early. That represents about 60% of project's cost.

現在我只想說幾件事。同樣，我們有能力以其他人可能無法做到的方式來緩解這種情況——很多在商家構建中實地競爭的人。通常，商業開發商必須與其總承包商達成 100% 的 GMP 價格，才能獲得建設融資才能繼續進行。而且由於我們在資產負債表上發展，通常沒有建築貸款，所以我們可以通過購買 GC 和 subs 玻璃的一些主要交易，繼續前進並領先於每月 0.5% 到 1% 的升級，網站工作，鋼鐵，瀝青，在某些情況下，很早就開始了。這約佔項目成本的 60%。

So if we can lock in that early, in many cases, 6 months to a year maybe of some others, it's helping us kind of control that yield erosion and not having to accept that because rates are growing. Rental rates are growing, particularly for the flight to quality. And we're seeing that in the buildings that we're developing, and we're seeing the ones that are in the market. And so that's basically how we're addressing it. But it's a real deal, and we monitor daily.

因此，如果我們能夠儘早鎖定，在許多情況下，可能是其他一些人的 6 個月到一年，它可以幫助我們控制產量下降，而不必接受它，因為利率正在增長。租金率正在增長，尤其是為了追求品質。我們在我們正在開發的建築中看到了這一點，我們在市場上看到了這一點。所以這基本上就是我們處理它的方式。但這是一筆不小的交易，我們每天都會進行監控。

Okay. And then how big of an issue is the cost and general lack of availability of apartments in your markets in terms of office utilization and incremental demand in your markets? We've been hearing that there's a number of employers that are having issues getting their 2022 college graduating classes in the office this summer because they can't find housing. Are you guys seeing that and your tenants experiencing that issue? Or is that not yet an issue for you in your markets?

好的。然後，就辦公室利用率和市場增量需求而言，成本和市場上公寓普遍缺乏的問題有多大？我們聽說有許多雇主在今年夏天無法在辦公室安排 2022 年大學畢業班，因為他們找不到住房。你們看到了嗎？您的租戶是否遇到了這個問題？還是在您的市場中這對您來說還不是問題？

Yes. I don't think that's an issue with us. Certainly, there's been a fair amount of multifamily construction going on in our markets. So that's the first I've heard of it. I know demand is extremely strong for multifamily product, rents are definitely increased. I think affordability versus availability might be more of the issue here. Rents have risen in some of our markets, 20%, 25% in the last year, 1.5 years. So I don't think it's an availability issue in our markets.

是的。我認為這不是我們的問題。當然，我們的市場上正在進行大量的多戶住宅建設。所以這是我第一次聽說它。我知道對多戶型產品的需求非常強勁，租金肯定會上漲。我認為負擔能力與可用性可能是這裡的更多問題。我們的一些市場的租金上漲了 20%，去年 1.5 年上漲了 25%。所以我認為這不是我們市場的可用性問題。

Rob, to clip on to Ted's answer. You've hit on something that we're trying to -- we've been trying to get ahead of for the last actual couple of years and it wasn't seeing the pandemic coming or seeing the housing shortage. I mean as a country, we're about 2 million housing units short from our typical delivery over the last, say, 50 years.

Rob，繼續聽Ted 的回答。你已經找到了我們正在努力做的事情——在過去的實際幾年裡，我們一直在努力領先，但沒有看到大流行病的到來，也沒有看到住房短缺。我的意思是，作為一個國家，我們在過去（比如說 50 年）的典型交付量中缺少大約 200 萬套住房。

And so you may have noticed that, as Ted mentioned, we recently sold a pad site next to our base center office building in Tampa for the construction of high-rise residential multifamily tower. We're doing that so we can have some of that mitigation available and nearby residential housing as part of the office story. So you can kind of live here and work there. And so we're looking at that across the entire portfolio. We've gone through a major rezoning in an assemblage of land in Richmond around our major Innsbrook collection of office buildings to have multifamily. Obviously, in Nashville, we're doing that. And so if we can create that live, work, play all within one step of the office, we're pretty bullish on that office's ability to stay full.

所以你可能已經註意到，正如泰德提到的，我們最近出售了坦帕基地中心辦公樓旁邊的一塊墊地，用於建造高層住宅多戶住宅樓。我們正在這樣做，以便我們可以將一些可用的緩解措施和附近的住宅作為辦公室故事的一部分。所以你可以在這裡住在那里工作。因此，我們正在研究整個投資組合中的這一點。我們已經對里士滿的一塊土地進行了一次重大的重新分區，圍繞我們主要的因斯布魯克辦公樓集合，以擁有多戶住宅。顯然，在納什維爾，我們正在這樣做。因此，如果我們能夠在辦公室一步之遙內實現生活、工作和娛樂，我們就非常看好該辦公室保持人滿為患的能力。

Okay. and then last one for me, Brendan. How -- what's your expected use of the 140, 190 disposition proceeds? Is that going to be to pay down the line and maybe part of the term loan? Is that something else? How are you anticipating using that proceeds when you get it in the next 60 days or so?

好的。最後一個給我，Brendan。如何 - 您對 140、190 處置收益的預期用途是什麼？這會是為了支付尾款嗎？也許是定期貸款的一部分？那是別的東西嗎？當您在接下來的 60 天左右獲得收益時，您預計如何使用這些收益？

Yes. So the basics are -- and there's going to be a little bit of a timing mismatch. So it may impact a quarter or 2 with respect to our FFO and earnings, but it's solely kind of timing mismatch related. But if you think about what we have coming due from an overall debt perspective, I mentioned we have the $200 million term loan and then we have the $250 million bond that matures in January of '23 that we can pay off in October. So that's $450 million of debt maturities that we really classify as 2022.

是的。所以基礎知識是 - 並且會有一點時間不匹配。因此，它可能會影響我們的 FFO 和收益的四分之一或兩個季度，但這只是一種時間不匹配相關。但如果你從整體債務的角度考慮我們即將到期的債務，我提到我們有 2 億美元的定期貸款，然後我們有 23 年 1 月到期的 2.5 億美元債券，我們可以在 10 月還清。所以這是我們真正歸類為 2022 年的 4.5 億美元債務到期日。

What we expect to do is probably refinance the term loan and upsize that maybe by $100 million, and then take, let's call it, $150 million of debt proceeds -- of the disposition proceeds and use -- and that would be $450 million of capital. So we'll take those and pay off the remainder that we don't take from the upsized term loan used those proceeds to pay off the January 2023 bond in October.

我們期望做的可能是為定期貸款再融資，並可能增加 1 億美元，然後，我們稱其為 1.5 億美元的債務收益——處置收益和使用——這將是 4.5 億美元的資本.因此，我們將拿走那些並償還我們沒有從擴大的定期貸款中拿走的剩餘部分，這些收益用於在 10 月份償還 2023 年 1 月的債券。

Okay. And all of that is included in the guidance at this point or not?

好的。所有這些是否都包含在指導中？

It is. It is, yes.

這是。是的，是的。

Our next question is from Dave Rogers with Baird.

我們的下一個問題來自 Baird 的 Dave Rogers。

It's Nick on for Dave. I first wanted to touch on rent economics. It seemed as though economics slipped in the quarter. Was that more of a function of more new leasing and/or geographical mix? Or is that more an indictment of the current economics?

尼克接替戴夫。我首先想談談租金經濟學。似乎經濟在本季度下滑。這更多是更多新租賃和/或地理組合的功能嗎？或者這更像是對當前經濟的控訴？

Yes, sure. Well, as you know, we did 391,000 square feet of new leases. That was really 59% of our total leasing was new. That's the highest percent of new leasing, and I think it's over 20 years, our finance team told us this morning. So it's strictly -- it's a mix, just given the new leasing volume relative to total leasing. I mean we're thrilled to be able to welcome 58 new customers to our portfolio this quarter alone. So it's a function of the activity and just the new leasing we're bringing in the portfolio.

是的，當然。嗯，如你所知，我們新租了 391,000 平方英尺。這實際上是我們總租賃的 59% 是新的。這是新租賃的最高百分比，我認為已經超過 20 年了，我們的財務團隊今天早上告訴我們。所以嚴格來說 - 這是一個混合，只是考慮到新的租賃量相對於總租賃量。我的意思是，我們很高興僅在本季度就能迎來 58 位新客戶加入我們的產品組合。所以這是活動的一個功能，只是我們在投資組合中引入的新租賃。

Great. And then touching on utilization a little bit. You mentioned 50% utilization. In prior calls, you mentioned that smaller tenants were more active than larger tenants and maybe some of the suburban assets you're seeing a little bit more activity. Is that still the case? Or has there been any changes there?

偉大的。然後稍微談談利用率。你提到了 50% 的利用率。在之前的電話中，您提到較小的租戶比較大的租戶更活躍，也許您看到的一些郊區資產更活躍。現在還是這樣嗎？或者那裡有什麼變化？

No, that's exactly what it is. The only change is that now the bigger guys are starting to come to the -- come back to the office. The big public companies have announced as you've seen the papers, they're bringing their workers back, many of them in shifts over time. But that's been -- again, the small companies remained back suburban, again, I think, more than urban, but it's a large companies that are helping that utilization.

不，事實就是如此。唯一的變化是現在大個子開始回到辦公室。正如你在報紙上看到的那樣，大型上市公司已經宣布，他們正在讓他們的員工回來，其中許多人會隨著時間的推移輪班。但這一直是——我認為，小公司再次回到郊區，而不是城市，但大公司正在幫助這種利用。

Nick, it's Brian. One thing I may add on to that. And I know in general, on these calls, everyone wants to kind of put together some major trends to project in the future, but I'd like to add some anecdotes. One is in Charlotte, our large Bank of America Tower. The bank there has brought their people back officially. And during the pandemic, we worked really hard and got in the best-in-class coffee and cafe operator in all of Charlotte and built that out as part of an amenity, we want to make sure when people came back, they were properly caffeinated, and we've seen sales there double monthly basically for the last 3 months. So we're seeing that utility in real time come back.

尼克，是布萊恩。我可以補充一件事。我知道，總的來說，在這些電話會議上，每個人都想總結一些未來的主要趨勢，但我想補充一些軼事。一個在夏洛特，我們的大型美國銀行大廈。那裡的銀行已經正式把他們的人帶回來了。在大流行期間，我們非常努力地工作，並聘請了全夏洛特一流的咖啡和咖啡館經營者，並將其打造為便利設施的一部分，我們希望確保人們回來時，他們適當地攝入了咖啡因，在過去的 3 個月裡，我們看到那裡的銷售額基本上每月翻一番。所以我們實時看到實用程序回來了。

Now if you ask us for our utilization Tuesday through Thursday, it's going to be the highest. We're still seeing kind of across the board Mondays and Fridays company is granting more flexibility to their teammates.

現在，如果您詢問我們星期二到星期四的利用率，那將是最高的。我們仍然看到公司在周一和周五全面給予他們的隊友更多的靈活性。

That's great. And then maybe lastly, maybe some additional commentary on your vacancies in Buckhead and/or the activity you're seeing there in particular?

那太棒了。然後也許最後，也許對您在 Buckhead 的職位空缺和/或您在那裡看到的活動有一些額外的評論？

Sure, Nick, Brian, again. So Buckhead it's busy. And we are seeing renewals. We're seeing folks grow. We're seeing some inbounds as well. The very little inventory has been added or kind of was in the pipeline, which is a good thing for Buckhead. We are doing a development they are right now 2827 Peachtree. So you're seeing that flight to quality win, that's leasing up very well, and it's barely even in the ground, forget coming out of the ground. So there's prospects of all sizes. We -- Buckhead, one of our assets, we were able to land a law firm coming out of downtown and came into Buckhead. And so we're bullish. The blend of quality of life, regional access, shops and restaurants is pretty well unmatched. Maybe Midtown would be the closest. So we're still pretty busy there. Ted, any thoughts?

當然，Nick，Brian，又來了。所以 Buckhead 很忙。我們正在看到更新。我們看到人們在成長。我們也看到了一些入站。很少的庫存已經添加或正在準備中，這對 Buckhead 來說是一件好事。我們正在進行開發，他們現在是 2827 Peachtree。所以你看到了以質量取勝的飛行，這是非常好的租賃，而且它幾乎不在地面上，忘記從地面出來。所以有各種規模的前景。我們——巴克海特，我們的資產之一，我們能夠讓一家律師事務所從市中心出來，進入巴克海特。所以我們看漲。生活質量、區域交通、商店和餐館的融合是無與倫比的。也許中城會是最近的。所以我們在那裡仍然很忙。泰德，有什麼想法嗎？

No, I think, that's right. I think the demand we're seeing from professional services firms and financial services companies are largely demand law firms as well. But to Brian's point, I mean, we signed during the quarter. We just kicked off 2827 Peachtree and signed another 15,000 square feet, and we continue to see good demand on that project as, again, the flight to quality. So we're still a big fan of Buckhead and that's doing well.

不，我認為，這是對的。我認為我們從專業服務公司和金融服務公司看到的需求在很大程度上也是對律師事務所的需求。但就 Brian 的觀點而言，我的意思是，我們在本季度簽約。我們剛剛啟動了 2827 Peachtree 並簽署了另外 15,000 平方英尺的土地，我們繼續看到對該項目的良好需求，再次是對質量的追求。所以我們仍然是 Buckhead 的忠實粉絲，而且做得很好。

Our next question is from Jamie Feldman with Bank of America.

我們的下一個問題來自美國銀行的傑米費爾德曼。

This is [Sue] filling in for Jamie. Could you talk about the investor appetite for assets in your markets? And how would you characterize it and have cap rates or buyer demand changed with the rising interest rate environment?

我是 [Sue] 代替 Jamie。你能談談投資者對你所在市場資產的興趣嗎？您如何描述它的特徵，以及上限利率或買家需求隨著利率上升環境而改變？

Sure. I think what you're seeing, obviously, rates have just started picking up the last couple of months. But pricing that we've seen for high-quality core assets with great credit, long weighted average lease term has generally held up. We've been a few in the market in the last couple of months. So it wouldn't surprise me to see the single-tenant market could be affected just given how low cap rates have gotten for some of the single tenant deals.

當然。我想你所看到的，顯然，過去幾個月利率才剛剛開始回升。但我們所看到的具有良好信用、長期加權平均租賃期的優質核心資產的定價普遍堅挺。在過去的幾個月裡，我們已經進入了市場。因此，考慮到一些單一租戶交易的資本化率有多低，看到單一租戶市場可能受到影響，我不會感到驚訝。

But generally, core assets have held up. We are hearing of some pressure on some value-add deals that attract leverage buyers for the exact reason you have said with interest rates going up. But we're still early in the rising interest rate environment. So we'll see how it plays out. The nice thing is the investor pool that wants to be in our markets is incredibly deep both unlevered that are chasing the core deals, but also the levered buyers are trying to get in our markets. So an abundance of capital is chasing and the fundamentals are good. So I do think buyers are able to underwrite some of the vacancy or the value-add aspects more easily than they were a year ago. So we'll see how that tenor balances. But net-net, a lot of investor appetite for assets still.

但總的來說，核心資產一直堅挺。我們聽說一些增值交易存在一些壓力，這些交易會因為您所說的利率上升的確切原因而吸引槓桿買家。但我們仍處於利率上升環境的早期。所以我們將看看結果如何。好消息是，希望進入我們市場的投資者群體非常龐大，既有追求核心交易的無槓桿投資者，也有試圖進入我們市場的槓桿買家。所以大量資金追逐，基本面良好。所以我確實認為買家能夠比一年前更容易地承擔一些空缺或增值方面的費用。因此，我們將看看男高音如何平衡。但淨淨，很多投資者對資產的胃口依然存在。

Okay. Great. And then kind of along those lines, have rising rates or recession concerns in general, slow tenant leasing decision-making? Or do any markets stand out on that front?

好的。偉大的。然後沿著這些思路，一般來說，利率上升或經濟衰退問題是否會導致租戶租賃決策緩慢？還是有任何市場在這方面脫穎而出？

No, not at all. I mean the activity is robust. I think you saw our numbers both on the second gen. We made good progress on some of our development projects as well. We signed leases, we mentioned the 2827, but Virginia Springs II went from 81% to 90% this quarter. Midtown one and Tampa went from 64%, 65%, I think, to 71%. We've got prospects really to fill those buildings up. So we're seeing robust demand really across our markets.

一點都不。我的意思是活動很活躍。我想你在第二代上看到了我們的數字。我們在一些開發項目上也取得了良好進展。我們簽署了租約，我們提到了 2827，但 Virginia Springs II 本季度從 81% 上升到 90%。 Midtown one 和 Tampa 從 64%、65% 上升到 71%。我們真的有前景來填補這些建築物。因此，我們在整個市場上都看到了強勁的需求。

I might argue that we're -- I think, it's independent from your very specific question on rates and decision-making or activity. But we are sensing from a number of customers that they've been sitting on the sideline or their hands for 2 years kicking the can on making decisions and now realize that their workplace has to be part of the competitive advantage for recruiting, retaining and returning their talent to the office, where they've told us that they're better. They're better together. And so to that end, they're also seeing escalations on fit-ups going up. They're seeing potential rates going up. And so I do believe we are seeing some urgency for some who want to be in office space to make decisions now because they see it rates going up and costs going up.

我可能會爭辯說我們 - 我認為，它獨立於您關於利率和決策或活動的非常具體的問題。但我們從許多客戶那裡感覺到，他們已經在旁觀者或手上踢了 2 年的決定，現在意識到他們的工作場所必須成為招聘、保留和返回的競爭優勢的一部分他們的才華帶到辦公室，他們告訴我們他們更好。他們在一起更好。因此，為此，他們也看到了健身的升級。他們看到潛在利率上升。因此，我確實相信我們看到一些想要進入辦公空間的人現在做出決定的緊迫性，因為他們看到它的利率上升和成本上升。

Our next question is from Manny Korchman with Citi.

我們的下一個問題來自花旗的 Manny Korchman。

I actually just wanted to follow up on the last topic. In terms of the tenant decision-making process, how are they thinking about the time line of getting into a space? Are they still thinking about we want to -- we're going to look at that building that Highwoods hasn't even built yet, and we'll wait a couple of years so it's come out of the ground now that you move in? Or are they looking at existing space because they can get to it quickly? Or just how are they thinking about sort of the today versus tomorrow and how long it takes to get into some of these spaces?

其實我只是想跟進最後一個話題。在租戶決策過程中，他們如何考慮入駐時間線？他們是否還在考慮我們想要 - 我們將看看 Highwoods 尚未建造的那棟建築，我們將等待幾年，以便它在您搬進來後從地下出來？或者他們正在尋找現有空間，因為他們可以快速到達那裡？或者他們是如何考慮今天與明天的比較，以及進入其中一些空間需要多長時間？

Sure. I think the answer is yes and yes. I know we've got some that are willing to wait and some that aren't willing to wait. We've also -- one thing we've done and we've talked about is really ramped up our spec suite program. We've got customers who just want to do plug and play. They want to look at it on Friday and show up for work a week later. So there's good demand for that space as well.

當然。我認為答案是肯定的。我知道我們有些人願意等待，有些人則不願意等待。我們也 - 我們已經做過並且我們已經討論過的一件事確實增加了我們的規範套件程序。我們有一些客戶只想即插即用。他們想在周五查看並在一周後上班。因此，對該空間也有很好的需求。

So I think it just sort of depends on each individual company's decision-making process and their own time line. But we're seeing it again, examples of both.

所以我認為這在某種程度上取決於每個公司的決策過程和他們自己的時間表。但我們再次看到它，兩者都是例子。

And then, Ted, are you seeing any differences in utilization between new releases and old releases? So somebody's had a space for a longer time, do they only have also a number, 20% of deals showing up and the new spaces are 80%? Or is that kind of a wrong conclusion?

然後，Ted，您是否發現新版本和舊版本之間的利用率有任何差異？所以有人有一個較長時間的空間，他們是否也只有一個數字，20% 的交易出現，而新空間是 80%？還是那種錯誤的結論？

Yes. I think it's too early to figure out what that conclusion is. The company -- the bigger companies just in the last couple of months are coming back. So I don't think we've got enough data points again, as we've mentioned on other calls, the smaller companies, they've been back and they're generally back pretty close to what they were pre-pandemic, maybe a little bit less, but we're still just trying to figure out and wait and see on what the larger companies as they return to work what it's going to look like.

是的。我認為現在下結論還為時過早。公司 - 過去幾個月的大公司正在回歸。所以我認為我們沒有再次獲得足夠的數據點，正如我們在其他電話會議上提到的那樣，較小的公司，他們已經回來了，而且他們通常恢復得非常接近大流行前的水平，也許少了一點，但我們仍然只是想弄清楚並等待，看看大公司在恢復工作時會是什麼樣子。

Our next question is from Ronald Kamdem with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ronald Kamdem。

Just a couple of quick ones. Just starting with the occupancy, the guidance raised here. Can you take a step back, just what level of occupancy do you think just historically in the portfolio, have you started to see -- you start to get a lot of pricing power where the sort of the balance shift towards the landlord and so forth?

只是幾個快速的。剛從入住率開始，這裡提出了指導意見。你能退後一步嗎，你認為投資組合中歷史上的入住率是多少，你是否開始看到 - 你開始獲得很多定價權，平衡轉向房東等等？

Sure. I think it's a good question. I think historically, I would tell you, when the market vacancy gets down to about 10%, the leverage a little bit to landlords. So we're elevated, we're above that today. We are below it back in '18 and '19. So it's still, without a doubt, I do think it's a tenant market in most of our markets today. Certainly, there's nuances by market and submarket and then also building as well. But we typically historically, I've thought about 10% is the tipping point from a leverage standpoint.

當然。我認為這是一個很好的問題。我想從歷史上看，我會告訴你，當市場空置率下降到 10% 左右時，對房東的槓桿作用就會小一些。所以我們被提升了，我們今天超越了那個。我們在 18 年和 19 年低於它。因此，毫無疑問，我認為它仍然是當今我們大多數市場的租戶市場。當然，市場和子市場以及建築也存在細微差別。但我們通常從歷史上看，從槓桿的角度來看，我認為 10% 是臨界點。

Maybe just to clip on. It doesn't -- and this might sound a little silly, it's less rate-driven as opposed to kind of quality driven in many ways, too. So I think that we're also seeing that.

也許只是為了剪輯。事實並非如此——這聽起來可能有點傻，它在很多方面都不太受速率驅動，而不是質量驅動。所以我認為我們也看到了這一點。

Great. And just to dig in on some of the specific lease expirations, obviously, no large ones in '22. Just on activity space, I think, you said in the past that I think there was some tenant subletting, are the tenants still there? And is there still opportunities for maybe some of those tenants to take space or will it have to be just a new user, this is on the (inaudible) space?

偉大的。並且只是為了深入了解一些特定的租約到期情況，顯然，在 22 年沒有大的租約到期。就活動空間，我想，你以前說我覺得有一些租戶轉租，現在租戶還在嗎？並且其中一些租戶是否仍有機會佔用空間，或者它是否必須只是一個新用戶，這是在（聽不清）空間上？

Sure. Good question and good visibility into that specific asset. So we do have some sub tenancy in there with other users, and we could have the option to deal with them directly and we've stayed in touch, obviously, but there is good activity. We have started the process for a reimagination of that collection of what is, in a sense, it's kind of 3 buildings around a real central park, and we've started the process to bring in retail to bring in performing music venue and even have pickleball.

當然。很好的問題和對該特定資產的良好可見性。所以我們確實與其他用戶有一些分租，我們可以選擇直接與他們打交道，我們一直保持聯繫，顯然，但有很好的活動。我們已經開始重新構想這個系列，從某種意義上說，它是圍繞一個真正的中央公園的 3 棟建築，我們已經開始引入零售業，引入表演音樂場所，甚至有匹克球。

And so we started that kind of repositioning, and we're getting really good traction with the food that wants to come in there. And so with that, we have some good interest in activity to relet that entire with a single user. So more to hopefully talk about that in the future, but we're feeling pretty good.

所以我們開始了這種重新定位，我們對想要進入的食物產生了很好的吸引力。因此，我們對將整個項目轉租給單個用戶的活動非常感興趣。所以希望在未來談論更多，但我們感覺很好。

Got it. And then my last question was just on the lease structure. Anything, Ted, I think, you talked about sort of you got more term, a great leasing quarter obviously. But is it still sort of 2.5% rent bumps? Is there any change on lease structure on the newer vintages versus maybe historically?

知道了。然後我的最後一個問題只是關於租賃結構。任何事情，泰德，我想，你談到了你有更多的期限，顯然是一個很好的租賃季度。但這仍然是 2.5% 的租金漲幅嗎？與歷史相比，較新年份的租賃結構是否有任何變化？

Ronald, it's Brendan. I would say, I mean, I think, our bumps in the quarter were a little bit higher than average. So they were a little bit above that 2.5% range. But 2.5% is I think going forward, I would say, that's probably about where we think it will continue to be. I suppose if we remain in an elevated inflationary environment, there's probably some upward pressure on those annual escalators. But -- and we did get better than that this quarter. But I think our expectation is we probably will continue to be average around 2.5% as we move forward over the next several quarters.

羅納德，是布倫丹。我會說，我的意思是，我認為，我們在本季度的增長略高於平均水平。所以他們略高於 2.5% 的範圍。但我認為未來 2.5%，我想說，這可能是我們認為它將繼續保持的水平。我想如果我們仍然處於高通脹環境中，這些年度自動扶梯可能會有一些上行壓力。但是 - 本季度我們確實比這更好。但我認為我們的預期是，在接下來的幾個季度中，我們可能會繼續平均保持在 2.5% 左右。

(Operator Instructions) Our next question is from Michael Lewis with Truist Securities.

（操作員說明）我們的下一個問題來自 Truist Securities 的 Michael Lewis。

Great. So I'm going to ask just one question, but it's potentially a long one, I'll try to be succinct. I've had more than one investor like in the current office situation to what malls faced in the recent past, where investors, I think, thought to B+ malls will be okay. And then they thought A- or better and then A and then pretty soon investors just wanted to own the trophy assets. Is there a potential you think that office is going to be like that? And do you feel any sense of urgency to sell those lower quality assets to focus on your best ones and your development opportunities and maybe some capital into some assets? Or do you think I'm overstating the situation?

偉大的。所以我只想問一個問題，但它可能會很長，我會盡量簡潔。我有不止一位投資者，比如在當前的辦公環境中，以及最近購物中心面臨的情況，我認為，投資者認為 B+ 購物中心是可以接受的。然後他們認為 A- 或更好，然後是 A，然後很快投資者就只想擁有獎杯資產。你認為辦公室有可能變成那樣嗎？您是否有緊迫感出售那些質量較低的資產以專注於您最好的資產和您的發展機會，也許還有一些資金投入某些資產？或者你認為我誇大了情況？

Because I think if there's a pivot here that needs to be made in office, and I don't know that there does, but if it does, it seems like you're positioned with what Brendan said about the balance sheet and the flexibility and your development capability, that you guys could do that if you think that's a necessary thing or maybe, like I said, maybe I'm overstating it.

因為我認為如果這裡有一個需要在辦公室做出的支點，我不知道是否有，但如果有，那麼你似乎已經定位於布倫丹所說的資產負債表和靈活性以及你的開發能力，如果你認為這是必要的事情，你們可以做到這一點，或者就像我說的，也許我誇大了它。

Yes, Mike, a lot to unpack there and I may tag team this between 3 of us. But look, I think, what we measure is we're talking to our customers, we're talking to CEOs, and CEOs and our customers want to come back to the office. They want to be together. It's a cultural thing. And so we think the office is going to thrive. We do think there's a flight to quality, but it's not just the newest, the brightest, the shiniest buildings. It's quality buildings in quality locations with quality landlords that have got the ability and the willingness to invest in their assets over the long term.

是的，邁克，有很多東西要打開，我可能會在我們 3 個人之間標記這個團隊。但是，我認為，我們衡量的是我們正在與客戶交談，我們正在與 CEO 交談，而 CEO 和我們的客戶希望回到辦公室。他們想在一起。這是一種文化。因此，我們認為辦公室將會蓬勃發展。我們確實認為有追求品質的趨勢，但不僅僅是最新、最明亮、最閃亮的建築。它是位於優質地段的優質建築，優質房東有能力並願意長期投資於他們的資產。

I mean if you break down the 102 leases we signed this quarter or specifically even the 58 new leases we signed or if you go back to 2021 when we signed roughly 400 leases and 194 new leases. A lot of those are done in older buildings that are just incredibly well located near the decision-maker's home and the best demographics near the high transportation corridors that are in our markets and submarkets. So we're big believers in having the best locations in high-quality assets.

我的意思是，如果你分解我們本季度簽署的 102 份租約，或者俱體地說，甚至是我們簽署的 58 份新租約，或者如果你回到 2021 年，當時我們簽署了大約 400 份租約和 194 份新租約。其中很多都是在決策者住所附近的舊建築中完成的，這些建築位於我們市場和子市場的高交通走廊附近的最佳人口統計數據中。因此，我們堅信在優質資產中擁有最佳位置。

And then you think about the -- obviously, (inaudible) is going to drive development as well from our portfolio. We're going to develop buildings in those same submarkets. So we're big believers in the office. We think it's going to continue. And at the same time, we are selling. We've been active recycles. We sold, I think, over $1 billion in the last 3 years or so.

然後你會想到 - 顯然，（聽不清）也將推動我們產品組合的發展。我們將在這些相同的子市場開發建築物。所以我們非常相信辦公室。我們認為它會繼續下去。與此同時，我們正在銷售。我們一直在積極回收。我認為，在過去 3 年左右的時間裡，我們賣出了超過 10 億美元。

So we are recognizing if as a result of whatever trends COVID, we think, those assets are going to be less resilient or less commute worthy. We're going to move them to the disposition side. A couple of examples, we sold a couple suburban assets in Tampa this last year that historically, they've been good performers for us, Michael, but we saw as a result of COVID that call center is largely call center type customers in there. A lot of that technology can be shifted to home, you can actually be done that some of that back office call center work can be done more efficiently out of the home. So we thought they were going to be less resilient going forward. So we called those from our portfolio.

因此，我們認識到，如果我們認為，由於 COVID 的任何趨勢，這些資產的彈性或通勤價值將降低。我們將把它們移到處置方面。舉幾個例子，去年我們在坦帕出售了一些郊區資產，從歷史上看，他們對我們來說表現很好，邁克爾，但由於 COVID，我們看到呼叫中心主要是那裡的呼叫中心類型的客戶。很多技術都可以轉移到家裡，你實際上可以完成一些後台呼叫中心的工作，這些工作可以在家裡更有效地完成。所以我們認為他們未來的彈性會降低。所以我們從我們的投資組合中調用了那些。

So we've been doing those types of things. If we don't think the location is going to stand up withstand the test of time, we're going to move those assets out. So that's -- I don't know if I hit on everything.

所以我們一直在做這些類型的事情。如果我們認為該地點經不起時間的考驗，我們將把這些資產搬走。那就是——我不知道我是否抓住了一切。

Michael, Brian here to kind of clip on. I love the question. I love the potential analog with malls and retail in general. And so if you kind of slice and dice the level of "experience", and I put experience in quotes across malls, to your point, the As and the fortress malls have kind of gotten potentially even stronger through all of this, right? And -- but what's also from a retail experience standpoint that's gotten even stronger, that's gotten even busier is that strip retail.

邁克爾，布萊恩在這裡有點剪輯。我喜歡這個問題。我喜歡與購物中心和零售業的潛在類比。因此，如果您對“體驗”的水平進行切片和切塊，並且我將體驗放在購物中心的報價中，就您而言，As 和要塞購物中心通過所有這些可能變得更加強大，對吧？而且 - 但從零售體驗的角度來看，零售體驗變得更加強大，變得更加繁忙的是零售。

So I'm going to come back to the term that Ted use, which is what we call commute-worthy assets that if the building, the workplace isn't providing a competitive and compelling advantage to our customers to win the war for talent and to return that talent together, then we got to do something about that. And so when you think about some of it's commune worthy, the first place just hard is that first word, commute. So the easier the commute, the easier it is to make something commute-worthy, right? And so that's just a general statement about our entire footprint.

所以我要回到泰德使用的術語，這就是我們所說的通勤資產，如果建築物，工作場所沒有為我們的客戶提供競爭和令人信服的優勢來贏得人才和把那個人才一起歸還，然後我們必須為此做點什麼。因此，當您考慮其中的一些值得公社時，第一個困難的地方就是第一個詞，通勤。所以通勤越方便，就越容易做出適合通勤的東西，對吧？所以這只是關於我們整個足蹟的一般性陳述。

And in particular, as some of the previous folks have asked about is those suburban located assets that happen to be closer to where most of America lives and shops. And so as we look at making these commute worthy, it's a number of uses. So it's interesting, you look at like Brentwood, one of the BBDs in Nashville and a large collection of office buildings there a place called Maryland Farms and where we have a number of buildings that we are repositioning right now.

特別是，正如之前的一些人所問的那樣，那些位於郊區的資產恰好更接近美國大多數人居住和購物的地方。因此，當我們著眼於讓這些通勤變得有價值時，它有很多用途。所以這很有趣，你看看布倫特伍德，納什維爾的 BBD 之一和那裡的大量辦公樓，一個叫做馬里蘭農場的地方，我們有許多建築物，我們現在正在重新定位。

We've reimagined them, and we're going to be repositioning them, and we're already gaining rent lift just off the renderings. Now we've got to build what we've shown because we feel like that's going to even surpass our original underwriting. But everyone doesn't need a Taj Mahal. People throw around words like trophy. Well, our trophy assets are our people, and we're focusing the work experience around the occupants that are going to be in the building. And we're finding out that just these small touches in the super convenient commute-worthy places are winning.

我們已經重新構想了它們，我們將重新定位它們，並且我們已經從效果圖上獲得了租金上漲。現在我們必須建立我們已經展示的東西，因為我們覺得這甚至會超過我們最初的承保。但並不是每個人都需要泰姬陵。人們到處亂扔獎杯之類的話。好吧，我們的獎杯資產是我們的員工，我們將工作經驗集中在將要入住大樓的住戶周圍。而且我們發現，正是在超級方便的通勤地點的這些小細節正在取勝。

So Michael, just -- because we might as well all 3 answer your question. It was an excellent question, something that we talk about regularly as a team. What I would say, just to point out from a financial perspective is, I think, we have used the playbook in the past of selling assets that we feel like over the long term, create some level of risk, whether it be NOI deterioration or value deterioration or some level of outsized risk. And so as Ted mentioned, we've sold $1 billion over the past 3 years, most of that done during COVID since the onset of COVID. And so I think we have the playbook in place to be able to monetize assets and redeploy that capital and still grow our company and strengthen our cash flows over time. So I think we still have those building blocks in place, and I think feel confident about that.

所以邁克爾，只是 - 因為我們不妨全部 3 回答你的問題。這是一個很好的問題，我們作為一個團隊經常討論這個問題。我想說的是，我想從財務角度指出，我們過去曾使用過出售資產的劇本，我們認為從長遠來看，這會產生一定程度的風險，無論是 NOI 惡化還是價值惡化或某種程度的超大風險。正如 Ted 提到的那樣，我們在過去 3 年中售出了 10 億美元，其中大部分是在 COVID 爆發以來完成的。因此，我認為我們已經制定了劇本，能夠將資產貨幣化並重新部署該資本，同時繼續發展我們的公司並隨著時間的推移加強我們的現金流。所以我認為我們仍然擁有這些構建基塊，我認為對此充滿信心。

And I will mention just as a -- maybe as a quick plug for our Investor Day that I know you're signed up for, we're going to show some of these assets in Nashville that have performed very well, as Brian mentioned, throughout the pandemic. So I think we feel good about how we have segregated the assets and the ones that we think will be winners long term versus those where we see the outsized risks and have push to increase the monetization of those assets.

我會提到——也許作為我們投資者日的一個快速插曲，我知道你已經報名參加了，我們將在納什維爾展示一些表現非常好的資產，正如布賴恩提到的，在整個大流行期間。因此，我認為我們對如何將資產和我們認為將成為長期贏家的資產與那些我們看到巨大風險並推動增加這些資產貨幣化的資產進行隔離感到滿意。

And we have no further questions at this time. You may continue with your presentation or closing remarks.

我們現在沒有其他問題了。您可以繼續您的演講或結束語。

Well, thanks, everybody, for being on the call today, and thank you for your interest in Highwoods. If anybody has any follow-up questions, feel free to reach out. Thank you.

好吧，謝謝大家今天的來電，感謝您對 Highwoods 的關注。如果有人有任何後續問題，請隨時與我們聯繫。謝謝。

And that does conclude the conference call for today. We thank you all for your participation and kindly ask that you please disconnect your lines. Have a great day, everyone.

這確實結束了今天的電話會議。我們感謝大家的參與，並懇請您斷開線路。祝大家有個美好的一天。