Piedmont Realty Trust Inc (PDM) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Piedmont Office Realty Trust, Inc., fourth-quarter 2024 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Piedmont Office Realty Trust, Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Laura Moon. You may begin.

現在我將會議交給主持人勞拉·穆恩 (Laura Moon)。你可以開始了。

Thank you, operator, and good morning, everyone. We appreciate you joining us today for Piedmont's fourth-quarter 2024 earnings conference call. Last night, we filed an 8-K that includes our earnings release and our unaudited supplemental information for the fourth quarter of 2024, that is available for your review on our website at piedmontreit.com under the Investor Relations section. During this call, you will hear from senior officers at Piedmont. Their prepared remarks, followed by answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

謝謝接線員，大家早安。感謝您今天參加 Piedmont 2024 年第四季財報電話會議。昨晚，我們提交了一份 8-K 報告，其中包括我們的 2024 年第四季度收益報告和未經審計的補充信息，您可以在我們網站 piedmontreit.com 的“投資者關係”部分下查看。在此次通話中，您將聽到皮埃蒙特高級官員的演講。他們的準備好的評論以及隨後對您的問題的回答將包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements address matters which are subject to risks and uncertainties, and therefore, actual results may differ from those we anticipate and discuss today. The risk and uncertainties of these forward-looking statements are discussed in our press release, as well as our SEC filings. We encourage everyone to review the more detailed discussion related to risk associated with forward-looking statements in our SEC filings. Examples of forward-looking statements include those related to Piedmont's future revenues and operating income, dividends and financial guidance, future financing, leasing and investment activity and the impacts of this activity on the company's financial and operational results. You should not place any undue reliance on any of these forward-looking statements, and these statements are based upon the information and estimates we have reviewed as of the date these statements are made.

這些前瞻性陳述涉及受風險和不確定因素影響的問題，因此實際結果可能與我們今天預期和討論的結果不同。這些前瞻性陳述的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文件中進行了討論。我們鼓勵每個人都查看我們提交給美國證券交易委員會的文件中有關前瞻性陳述相關風險的更詳細討論。前瞻性陳述的例子包括與 Piedmont 未來收入和營業收入、股息和財務指導、未來融資、租賃和投資活動以及此類活動對公司財務和營運結果的影響相關的陳述。您不應過度依賴任何這些前瞻性陳述，這些陳述是基於我們在做出這些陳述之日審查的資訊和估計。

Also on today's call, representatives of the company may refer to certain non-GAAP financial measures such as FFO, core FFO, AFFO and same-store NOI. The definitions and reconciliations of these non-GAAP measures are contained in the earnings release and supplemental financial information, which were filed last night.

此外，在今天的電話會議上，公司代表可能會提到某些非 GAAP 財務指標，例如 FFO、核心 FFO、AFFO 和同店 NOI。這些非公認會計準則指標的定義和對帳表包含在昨晚提交的收益報告和補充財務資訊中。

At this time, our President and Chief Executive Officer, Brent Smith, will provide some opening comments regarding fourth quarter and annual 2024 operating results. Brent?

此時，我們的總裁兼執行長布倫特史密斯 (Brent Smith) 將就 2024 年第四季和年度營運業績發表一些開場評論。布倫特？

Thanks, Laura. Good morning, everyone, and thank you for joining us today as we review our fourth quarter and annual 2024 results. In addition to Laura, on the line with me this morning are George Wells, our Chief Operating Officer; Chris Kollme, our EVP of Investments; and Sherry Rexroad, our Chief Financial Officer. We also have the usual full complement of our management team available to answer your questions. Before I get into Piedmont specific results, I'd like to take a moment and discuss the continuing improvement in the office market fundamentals and the near-term growth opportunities for our business.

謝謝，勞拉。大家早安，感謝您今天加入我們，一起回顧我們的 2024 年第四季和年度業績。除了勞拉之外，今天早上與我通話的還有我們的首席營運官喬治威爾斯 (George Wells)； Chris Kollme，我們的投資執行副總裁；以及我們的首席財務官 Sherry Rexroad。我們還有一支經驗豐富的管理團隊隨時為您解答問題。在介紹皮埃蒙特的具體結果之前，我想花點時間討論一下辦公市場基本面的持續改善以及我們業務的近期成長機會。

No doubt, the perception around office space turned the corner in 2024 with many major employers and Piedmont tenants such as Salesforce, Amazon, UPS, AT&T and Starbucks, just to name a few, continuing to prescribe greater in-office attendance. We've witnessed this dynamic for companies, small and large, implementing a workforce strategy that utilizes office space to build corporate culture, foster collaboration, push the boundaries of creative thinking and to communicate most effectively. The need for well-located, amenitized and differentiated office space has never been more important for a company. And as a result, demand continues to grow for well-priced, high-quality, high-service operators and buildings, which is very much aligned with Piedmont's strategy and with virtually no new construction and supply growth at historic lows for the next 2 to 3 years, we believe the market for high-quality office space will tighten in 2025 and for the years following, providing the backdrop for strong increases in rental rates across the portfolio, but particularly our Sunbelt markets. The fourth quarter witnessed positive yet modest net absorption according to JLL's National Office Report, levels not seen since 2021, with 3 of Piedmont's markets, Dallas, Orlando and New York included in the list of those reflecting these positive trends.

毫無疑問，2024 年人們對辦公空間的看法將發生轉變，許多主要雇主和皮埃蒙特租戶（例如 Salesforce、亞馬遜、UPS、AT&T 和星巴克等）將繼續要求增加辦公室出勤率。我們見證了大大小小的公司都採取了這樣的動態，即利用辦公空間來建立​​企業文化、促進協作、突破創造性思維的界限並實現最有效的溝通。對公司來說，位置優越、設施齊全、差異化的辦公空間的需求從未如此重要。因此，對價格合理、高品質、高服務的營運商和建築的需求持續增長，這與 Piedmont 的策略非常一致，而且未來 2 到 3 年幾乎沒有新建築建設，供應增長也處於歷史低位，我們相信高品質辦公空間市場將在 2025 年及之後幾年收緊，為整個投資組合、尤其是我們的陽光地帶價格上漲的陽光地帶市場提供強勁的陽光。根據 JLL 的全國辦公室報告，第四季度的淨吸收量呈正增長但溫和的趨勢，達到 2021 年以來的最高水平，其中皮埃蒙特的 3 個市場——達拉斯、奧蘭多和紐約——均被列入反映這些積極趨勢的市場名單。

In addition, on a national basis, gross leasing volumes have improved each of the last 3 quarters, reaching post-pandemic highs with the fourth quarter coming in at 92% of pre-COVID averages. However, I'd note that this demand is more concentrated than ever at the top end of the market. As we've discussed before, 90% of the vacancy resides in the bottom 30% of the office stock. As a result, we're starting to see demand at the top of the market outpace supply. In addition, the uncertainty regarding tariffs and labor costs further validates Piedmont's strategy of acquiring existing assets in desirable locations and bringing them up to today's standards.

此外，從全國範圍來看，過去三個季度的總租賃量都有所提高，達到疫情後的最高水平，第四季度的租賃量達到疫情前平均水平的 92%。然而，我注意到，這種需求比以往更集中在高端市場。正如我們之前討論過的，90% 的空置空間位於辦公大樓存量的底層 30%。因此，我們開始看到市場頂端的需求超過供應。此外，關稅和勞動力成本的不確定性進一步驗證了 Piedmont 的策略，即收購理想地點的現有資產並將其提升到當今的標準。

And the recent announcements regarding the federal government's rationalization of its office space should have limited to no impact on Piedmont, given that the GSA represents approximately 0.5% of our annualized revenue. As we look back at what Piedmont accomplished in 2024, we achieved a number of our strategic goals, but our leasing success certainly tops the list. During 2024, we completed 2.4 million square feet of total leasing, the most leasing we've completed on a annual basis since 2015, and we grew cash basis same-store NOI by 2.6%, with both metrics well above our original projections and guidance for the year. Over a 1 million square feet of our 2024 leasing was related to new tenant leases, resulting in absorption for our in-service portfolio and a year-end lease percentage of 88.4%. Additionally, the leases we executed during 2024 reflected very strong rental rate growth, approximately 12% on a cash basis and almost 20% on an accrual basis, the strongest growth we've experienced in the past 5 years on an accrual basis and in over a decade on a cash basis.

而且，鑑於 GSA 約占我們年收入的 0.5%，最近有關聯邦政府合理化辦公空間的公告對 Piedmont 的影響應該很小甚至沒有影響。回顧皮埃蒙特在 2024 年的成就，我們實現了許多戰略目標，但租賃成功無疑是最重要的。2024 年，我們完成了 240 萬平方英尺的總租賃面積，這是自 2015 年以來我們每年完成的最大租賃面積，並且我們的現金基礎同店淨運營收入增長了 2.6%，這兩個指標都遠高於我們最初的預測和年度指導。我們 2024 年的租賃面積中有超過 100 萬平方英尺與新租戶租賃有關，導致我們在職投資組合被吸收，年底租賃百分比達到 88.4%。此外，我們在 2024 年簽訂的租約反映出非常強勁的租金率增長，按現金計算約為 12%，按應計計算增長近 20%，這是我們過去 5 年按應計計算和十多年來按現金計算經歷的最強勁增長。

During 2024, we also saw incremental liquidity coming into the office sector. National office transactional activity, albeit still at historic lows, started to improve, up 29% year-over-year. We were able to capitalize on this uptick to accomplish another 2024 strategic goal by disposing of 2 properties, which generated approximately $77 million of gross proceeds. As office fundamentals continue to improve, debt financing is becoming more readily available and spreads continue to tighten for high-quality assets. As Chris will touch on in his remarks, this bolsters our expectations to dispose of select noncore and mature assets in 2025.

2024 年，我們還將看到增量流動性湧入辦公室領域。全國辦公室交易活動雖然仍處於歷史低位，但開始改善，較去年同期成長29%。我們利用這一成長機會，透過處置 2 處房產實現了另一個 2024 年策略目標，產生了約 7,700 萬美元的總收益。隨著辦公室基本面持續改善，債務融資變得越來越容易，優質資產的利差持續收緊。正如克里斯在演講中提到的，這增強了我們在 2025 年處置部分非核心和成熟資產的預期。

As expected, our refinancing activity continued in full force and was a top strategic goal for 2024. The team did an outstanding job to complete a $400 million bond offering in June at a significantly improved credit spread compared to our 2023 offering. And just this week, we completed some additional transactions that Sherry will go into in more detail about in a moment. The headline being that we now have no debt with a final maturity until 2028. Finally, core FFO for the year was $1.49 per diluted share and reflected approximately $22 million or $0.17 per diluted share of increased net interest expense as compared to the previous year.

正如預期的那樣，我們的再融資活動繼續全面推進，這是 2024 年的首要策略目標。該團隊表現出色，於 6 月完成了 4 億美元債券發行，與我們 2023 年的發行相比，信用利差顯著改善。就在本週，我們完成了一些額外的交易，Sherry 稍後會詳細介紹。頭條新聞是，我們現在沒有任何在 2028 年之前到期的債務。最後，本年度核心 FFO 為每股攤薄 1.49 美元，與前一年相比，淨利息支出增加約 2,200 萬美元或每股攤薄 0.17 美元。

Additionally, our 2024 results reflected the sale of 2 properties and the downtime between the expiration of a few large leases during the year before newly executed leases commenced late in 2024 or will commence in 2025. No doubt, there is still work left to do, and George will provide market specifics and details on the leasing pipeline in a moment. But we continue to believe that the investments we've made in our portfolio, combined with our relentless focus on best-in-class service and a sustainability mindset are resonating with the market, clients and the brokerage community and the demand for highly amenitized, well-located work environments operated by a financially stable landlord will continue to grow throughout 2025. We believe our portfolio is well positioned to capture more than our market share of customer demand, and we will be able to continue to drive leasing percentage and rental rate growth this year. 2025 contractual expirations are very manageable with roughly half already filled or close to being backfilled.

此外，我們 2024 年的業績反映了 2 處房產的出售，以及當年幾份大型租約到期之間的停工期，新簽訂的租約將於 2024 年底開始或將於 2025 年開始。毫無疑問，仍有工作要做，喬治稍後將提供有關租賃管道的市場具體資訊和細節。但我們始終相信，我們在投資組合中所做的投資，加上我們對一流服務和可持續發展思維的不懈關注，正在與市場、客戶和經紀界產生共鳴，對於由財務穩定的房東經營的設施齊全、位置優越的工作環境的需求將在 2025 年繼續增長。我們相信，我們的投資組合完全有能力滿足更多的客戶需求，今年我們將能夠繼續推動租賃百分比和租金率的成長。 2025 年合約到期非常容易管理，大約有一半已經填補或接近填補。

We expect our backlog of approximately 1.4 million square feet, representing roughly $46 million of future annual cash flow to benefit our financial results during the latter half of 2025 as those leases commence or reach the end of their abatement period. With that, I'll now hand the call over to George, who will go into more details on fourth quarter operational results.

我們預計，我們的積壓訂單約為 140 萬平方英尺，代表未來每年約 4,600 萬美元的現金流，將在 2025 年下半年這些租約開始或減免期結束時，使我們的財務業績受益。說完這些，我現在將電話交給喬治，他將更詳細地介紹第四季的營運表現。

Thanks, Brent. Good morning, everyone. Once again, our well-located, highly amenitized portfolio performed well in the last quarter of the year and the impact of greater in-office attendance is being realized. During the fourth quarter, we completed 45 lease transactions for 433,000 square feet of total overall volume, well within our typical range of 350,000 to 500,000 square feet with renewal transactions dominating the activity. Our 2024 year-to-date haul of over 1 million square feet of new leasing is a record amount not seen since 2016 when our portfolio was approximately 20% larger.

謝謝，布倫特。大家早安。我們地理位置優越、設施齊全的物業組合在今年最後一個季度再次表現良好，並且辦公室出席率提高的影響正在顯現。在第四季度，我們完成了 45 筆租賃交易，總面積為 433,000 平方英尺，遠低於我們通常的 350,000 至 500,000 平方英尺的範圍，其中續約交易占主導地位。我們 2024 年迄今的新租賃面積已超過 100 萬平方英尺，創下了 2016 年以來的最高紀錄，當時我們的投資組合規模比 2016 年增長了約 20%。

Lower new leasing volumes in the fourth quarter were reflective of users taking longer to make decisions post election, and I'll touch on our robust pipeline in a moment, but we believe the slowdown was related to economic uncertainty post election, as well as a shortened period between Thanksgiving and the end of the year holiday slowdown. Importantly, we have witnessed a more normalized level of new leasing in the first quarter. New activity for the fourth quarter was predominantly focused on smaller users, and our retention rate came in at 66%, in line with our historical quarterly average trend of 70%. New leasing activity moved our lease percentage into the middle of our projected range, ending at 88.4%. Lease economics were strong with 11.5% and a 14.7% roll-up or increase in rents for the quarter on a cash and accrual basis, respectively.

第四季度新租賃量的下降反映了用戶在選舉後需要更長的時間來做出決定，稍後我將談到我們強勁的管道，但我們認為，成長放緩與選舉後的經濟不確定性以及感恩節和年底假期之間的縮短有關。重要的是，我們看到第一季的新租賃水準更加正常化。第四季的新活動主要集中在小用戶身上，我們的留存率為 66%，與我們 70% 的歷史季度平均趨勢一致。新的租賃活動使我們的租賃百分比進入預計範圍的中間，最終達到 88.4%。租賃經濟表現強勁，本季現金和應計租金分別上漲 11.5% 和 14.7%。

Leasing capital spend stayed relatively flat at approximately $6 per square foot per lease year, in line with our average over the past several quarters. Sublease availability continues to hover around 5% of the total portfolio with only 25,000 square feet expiring in 2025. Dallas was our most active segment this quarter, closing on 16 deals for 225,000 square feet or 52% of the company's overall volume. New transactions were completed in each of our 3 submarkets here, which consists of Las Colinas, Uptown and Lower Tollway. Galleria Towers continues to experience strong demand from large users due in part to its superior accessibility located at the nexus of 2 major highways, the Lower Tollway and North Tollway and is also considered a most centrally located submarket in Dallas.

租賃資本支出保持相對平穩，約為每平方英尺每租賃年 6 美元，與過去幾季的平均值一致。可轉租面積持續徘徊在整個投資組合的 5% 左右，其中僅 25,000 平方英尺將於 2025 年到期。達拉斯是我們本季最活躍的市場，達成 16 筆交易，交易面積為 225,000 平方英尺，占公司總交易量的 52%。我們這裡的 3 個子市場（拉斯科林納斯、Uptown 和 Lower Tollway）都完成了新交易。由於 Galleria Towers 位於兩條主要高速公路（下收費公路和北收費公路）交匯處的優越交通便利性，並且被認為是達拉斯最中心的子市場，因此其持續受到大量用戶的強烈需求。

Kimley-Horn, a national engineering firm extended on all of its 83,000 square feet at the complex for another 10 years. Also at Galleria, a large international e-commerce retailer re-leased 43,000 square feet to accommodate its new 5-day a week return to office mandate. We're also in the legal stage for a large user to backfill a substantial majority of Ryan's lease at 3 Galleria Towers, which is scheduled to expire during the first quarter of 2025. Galleria's exceptional location and many rich environment and hospitality infused redevelopment have allowed us to increase net rental rates by 10% over the past year and approximately 30% since acquisition in 2020. This unique 1.5 million square foot project has had an incredible success story for Piedmont.

全國性工程公司 Kimley-Horn 將建築群的全部 83,000 平方英尺的面積再延長 10 年。同樣在 Galleria，一家大型國際電子商務零售商重新租賃了 43,000 平方英尺的空間，以滿足其新的每週 5 天返回辦公室的規定。我們仍處於法律階段，以便大型用戶填補 Ryan 在 3 Galleria Towers 的絕大部分租約，該租約預計於 2025 年第一季到期。Galleria 地理位置優越，且進行了多項環境優美、充滿熱情好客精神的再開發，這使得我們在過去一年中將淨租金率提高了 10%，自 2020 年收購以來則提高了約 30%。這個獨特的 150 萬平方英尺項目為皮埃蒙特創造了令人難以置信的成功故事。

The project stands at over 90% leased with an opportunity to push rents even higher, now approaching $40 on a net rent basis, resulting in strong economics on Piedmont's book basis of approximately $280 a square foot. Moving to suburban Boston. Our third largest deal in the quarter was a renewal transaction at our Wayside complex in Burlington, where we extended a large technology company's lease for its entire 33,000 square foot footprint for a 7-year term. In Boxborough, 2 new deals were completed for 13,000 square feet at 80 Central Lab with one of those deals coming from an existing customer expanding its footprint by 30% for 10 years term. The Piedmont formula for attracting and retaining customers worked extremely well in 2024, and we're confident of continued success in 2025.

該項目的出租率已超過 90%，有機會進一步推高租金，目前淨租金已接近 40 美元，這將為 Piedmont 的帳面價格（約 280 美元/平方英尺）帶來強勁的經濟效益。搬到波士頓郊區。本季我們第三大交易是位於伯靈頓 Wayside 綜合大樓的續約交易，我們為一家大型科技公司整個 33,000 平方英尺建築面積的租約延長了 7 年。在 Boxborough，中央實驗室 80 號完成了兩筆 13,000 平方英尺的新交易，其中一筆交易來自現有客戶，要求在 10 年內將其占地面積擴大 30%。皮埃蒙特吸引和留住客戶的公式在 2024 年非常有效，我們相信它在 2025 年將繼續取得成功。

Today, our leasing pipeline is strong with over 300,000 square feet in late-stage activity. Outstanding proposals stand at 2.6 million square feet for both our in-service and redevelopment portfolios, which is higher than our trailing 12 months. Though demand is strong, the course of quarterly net space absorption is also dependent on the amount and timing of expirations and it remains to be seen whether the uncertainty from the federal administration change really brings will impact corporate decision-making as we move into 2025. Our supplemental report shows 7.4% of our ALR expiring in 2025 with the first quarter having the most exposure for the year. As such, we project lease expirations for the first half of 2025 to moderately exceed our new leasing quarterly average before we resume positive net absorption in the second half of the year.

如今，我們的租賃通路十分強大，後期租賃面積超過 30 萬平方英尺。我們在用和重建項目組合的未決提案面積為 260 萬平方英尺，高於過去 12 個月的水平。儘管需求強勁，但季度淨空間吸收的過程也取決於到期的數量和時間，聯邦政府變革帶來的不確定性是否真的會在我們進入 2025 年時影響企業決策還有待觀察。我們的補充報告顯示，7.4% 的 ALR 將於 2025 年到期，其中第一季是全年曝險最大的季度。因此，我們預計 2025 年上半年的租約到期量將略微超過我們的新租賃季度平均值，然後在下半年恢復正淨吸收量。

Assuming there's no downside surprise for the U.S. economy, we project our lease percentage for our in-service portfolio to end the year between 89% and 90%. I'll now turn the call over to Chris Kollme for any comments on investment activity. Chris?

假設美國經濟沒有意外的下坡趨勢，我們預期年底在役飛機組合的租賃比例將在 89% 至 90% 之間。現在，我將電話轉給 Chris Kollme，請他發表有關投資活動的評論。克里斯？

Thank you, George. I'm pleased to report that we are in advanced negotiations for the disposition of 2 small noncore assets, one in Dallas and one in Boston that if both are consummated, will generate approximately $35 million in gross proceeds. We have another 2 to 3 assets that are currently in price discovery, but given market conditions, the outcomes of these efforts are uncertain, although the strategy for selling these assets is entirely consistent with Piedmont's long-standing recycling initiatives. As we have done for years, we will continue to elevate and optimize the portfolio, and we will look to selectively shed noncore assets throughout the year. On the new investments front, we remain highly engaged in each of our key markets, and we expect to see some interesting opportunities in 2025.

謝謝你，喬治。我很高興地報告，我們正在就兩項小型非核心資產的處置進行深入談判，一項在達拉斯，一項在波士頓，如果兩項資產均得以完成，將產生約 3500 萬美元的總收益。我們還有另外 2 到 3 項資產目前正在進行價格發現，但考慮到市場狀況，這些努力的結果尚不確定，儘管出售這些資產的策略與 Piedmont 長期以來的回收計劃完全一致。正如我們多年來所做的那樣，我們將繼續提升和優化投資組合，並將在全年選擇性地剝離非核心資產。在新的投資方面，我們仍然高度參與每個主要市場，我們預計 2025 年將會出現一些有趣的機會。

These could materialize in a variety of forms, including joint ventures, note purchases and/or our more traditional fee simple acquisition. Our core investment strategy of owning high-quality, differentiated assets located in healthy, thriving markets certainly will not change. While we are in active dialogue, the bar to transact will be high, and there is nothing imminent to report at this time. We remain very focused on executing our disposition pipeline and on continuing to position the balance sheet in order to play offense in 2025. With that, I'll pass it over to Sherry to cover our financial results.

這些可以以多種形式實現，包括合資企業、票據購買和/或我們更傳統的完全所有權收購。我們的核心投資策略是擁有位於健康、繁榮的市場的高品質、差異化資產，而這項策略絕對不會改變。雖然我們正在積極對話，但交易的門檻會很高，目前還沒有什麼緊急的事情需要報告。我們仍然高度專注於執行我們的處置管道，並繼續調整資產負債表，以便在 2025 年發動攻擊。說完這些，我會把話題交給雪莉來介紹我們的財務結果。

Thank you, Chris. While we will be discussing some of this quarter's financial highlights today, please review the entire earnings release and the accompanying supplemental financial information, which were filed yesterday for more complete details. Core FFO per diluted share for the fourth quarter of 2024 was $0.37 versus $0.41 per diluted share for the fourth quarter of 2023 and in line with consensus. Approximately $0.02 of the decrease is due to increased net interest expense as a result of refinancing activity over the past year, with the remaining decrease attributable to lower reported rental income due to the sale of 2 properties during 2024, as well as the downtime between the expiration of a few large leases earlier in the year before newly executed leases commence. AFFO generated during the fourth quarter of 2024 was approximately $28 million, providing ample coverage of the current $15 million quarterly dividend and the funding for our foreseeable capital needs.

謝謝你，克里斯。雖然我們今天將討論本季度的一些財務亮點，但請查看昨天提交的完整收益報告和隨附的補充財務信息，以獲取更完整的詳細信息。2024 年第四季每股攤薄核心 FFO 為 0.37 美元，而 2023 年第四季每股攤薄核心 FFO 為 0.41 美元，與普遍預期一致。其中約 0.02 美元的減少是由於過去一年的再融資活動導致淨利息支出增加，其餘減少則是由於 2024 年出售 2 處房產導致報告的租金收入降低，以及今年早些時候幾份大型租約到期與新簽訂的租約開始之間的停工期。2024 年第四季產生的 AFFO 約為 2800 萬美元，足以支付當前 1500 萬美元的季度股息以及滿足我們可預見的資本需求。

As we've previously mentioned, CapEx for 2024 was elevated as we concluded several major building redevelopment projects, and we expect lower redevelopment requirements this year. As Brent mentioned, our core FFO per diluted share was $1.49, outperforming consensus by $0.01 and below the prior year's $1.74 due to the factors articulated by Brent earlier. Turning to the balance sheet. Our liquidity position as of year-end was comprised of the full capacity on our $600 million revolving line of credit and approximately $110 million of cash and cash equivalents. I'm pleased to report that yesterday, we amended our $200 million syndicated bank term facility to increase the capacity by $125 million and to add 2 6-month extensions, extending the final maturity to 2028.

正如我們之前提到的，由於我們完成了幾個主要建築重建項目，2024 年的資本支出增加，我們預計今年的重建需求將會降低。正如布倫特所提到的，由於布倫特先前所闡述的因素，我們的核心每股攤薄 FFO 為 1.49 美元，比普遍預期高出 0.01 美元，低於去年同期的 1.74 美元。轉向資產負債表。截至年底，我們的流動性狀況包括 6 億美元的循環信用額度的全部容量以及約 1.1 億美元的現金和現金等價物。我很高興地報告，昨天，我們修改了 2 億美元銀團定期貸款，將容量增加 1.25 億美元，並增加 2 個 6 個月的延期，將最終期限延長至 2028 年。

We used these new proceeds along with cash on hand and our revolving credit facility to repay the $250 million term loan that was scheduled to mature on March 31st. In conjunction with that transaction, we also recast our revolving credit facility to push the maturity out to 2028 with 2 1-year extension options for a final maturity of 2030. As a result of this activity, as Brent indicated, we currently have no final debt maturities until 2028. Obviously, the large amount of refinancing activity that took place over the last 2 years has resulted in markedly higher interest expense. Fortunately, all unsecured debt maturing for the rest of this decade is expected to be refinanced at lower interest rate, given the current forward yield curve and thus be a tailwind to FFO per share growth.

我們利用這些新收益以及庫存現金和循環信貸額度償還了原定於 3 月 31 日到期的 2.5 億美元定期貸款。配合此交易，我們也調整了循環信貸安排，將到期日延長至 2028 年，並提供 2 個 1 年延期選擇，最終到期日為 2030 年。正如布倫特所指出的，由於這項活動，我們目前直到 2028 年都沒有最終債務到期。顯然，過去兩年發生的大量再融資活動導致利息支出顯著增加。幸運的是，考慮到目前的遠期殖利率曲線，預計本世紀剩餘時間內到期的所有無擔保債務都將以較低的利率進行再融資，從而成為每股 FFO 成長的順風。

Further, our large backlog of executed but not commenced leases and leases in abatement begins to burn off later this year and should drive improved FFO results as well as improvement in our credit ratios. Please refer to Page 39 of the supplemental information filed last night for details of major leases that have not yet commenced or are currently in abatement. Turning to guidance for 2025. We are introducing 2025 annual core FFO guidance in the range of $1.38 to $1.44 per share with the following assumptions. We expect executed leasing for the year of approximately 1.4 million to 1.6 million square feet, resulting in an anticipated year-end leased percentage for the company's in-service portfolio of approximately 89% to 90%, exclusive of any speculative acquisition or disposition activity.

此外，我們大量已執行但尚未開始的租約和減免租約積壓將在今年稍後開始減少，並將推動 FFO 結果的改善以及我們的信用比率的提高。有關尚未開始或目前正在減免的主要租約的詳細信息，請參閱昨晚提交的補充信息第 39 頁。轉向2025年的指導。我們根據以下假設推出 2025 年年度核心 FFO 指導範圍，即每股 1.38 美元至 1.44 美元。我們預計今年的已執行租賃面積約為 140 萬至 160 萬平方英尺，因此預計該公司在用資產組合年底的租賃百分比約為 89% 至 90%（不包括任何投機性收購或處置活動）。

Same-store NOI of flat to 3% increase on both a cash and accrual basis for the year. Net interest expense of approximately $127 million to $129 million, versus $119 million in 2024, reflecting a full year of higher interest rates as a result of refinancing activity completed by the company during 2024 and early 2025. General and administrative expense of approximately $30 million to $32 million. As a reminder, this guidance does not include any speculative acquisition disposition or refinancing activity for the remainder of the year. If such transactions occur, we will update this guidance.

以現金和應計基礎計算，當年同店淨營業利潤持平至成長 3%。淨利息支出約為 1.27 億美元至 1.29 億美元，而 2024 年為 1.19 億美元，這反映了由於公司在 2024 年和 2025 年初完成的再融資活動導致全年利率上升。一般及行政開支約 3,000 萬至 3,200 萬美元。提醒一下，本指引不包括今年剩餘時間的任何投機性收購處置或再融資活動。如果發生此類交易，我們將更新本指南。

To help everyone understand the year-over-year change, the primary positive contribution to projected core FFO growth is a positive $0.04 to $0.08 from higher property operations, which is offset by $0.07 to $0.08 from a full year of interest costs given the refinancings completed in 2024 and early 2025. Core FFO is further impacted by dispositions and modestly higher G&A and weighted average share count. With regard to specific quarterly guidance, as noted in previous calls, we expect quarterly results to improve in the second half of 2025 as the backlog of newly executed leases commence. And with that, I will turn the call over to Brent for closing comments.

為了幫助每個人理解同比變化，預計核心 FFO 成長的主要積極貢獻是來自更高房地產運營的正 0.04 美元至 0.08 美元，但考慮到 2024 年和 2025 年初完成的再融資，全年利息成本將抵消 0.07 美元至 0.08 美元。核心 FFO 也受到處置、略高的 G&A 和加權平均股數的影響。關於具體的季度指引，正如先前的電話會議中所述，隨著新簽訂的租約積壓開始，我們預計季度業績將在 2025 年下半年有所改善。最後，我將把電話轉給布倫特，請他發表最後評論。

Thank you, George, Chris and Sherry. As we turn the page on 2024, we are sure that, as George said, the Piedmont formula is working. The investments that we've made in our portfolio, combined with our customer-centric place-making mindset continue to resonate with existing and prospective tenants. Now that all our refinancing needs have been addressed for the next few years, we will continue to be selective with capital deployment, and our focus in 2025 will be to drive our lease percentage and generate increased rental rate growth, which will ultimately result in FFO and cash flow growth. With that, I will now ask the operator to provide our listeners with instructions on how they can submit their questions.

謝謝你，喬治、克里斯和雪莉。當我們翻開2024年的新篇章時，我們確信，正如喬治所說，皮埃蒙特模式正在發揮作用。我們對投資組合的投資，加上我們以客戶為中心的場所營造理念，繼續引起現有和潛在租戶的共鳴。現在，我們未來幾年的所有再融資需求都已解決，我們將繼續選擇性地進行資本部署，而 2025 年的重點將是推動我們的租賃百分比並提高租金率，最終實現 FFO 和現金流成長。現在，我請接線員向聽眾提供有關如何提交問題的說明。

We will attempt to answer all your questions now or we will follow up with appropriate public disclosure if necessary. Operator?

我們將嘗試立即回答您的所有問題，或如有必要，我們將進行適當的公開揭露。操作員？

(Operator Instructions) nthony Paolone, JPMorgan.

(操作員指示) nthony Paolone，摩根大通。

First question relates to the leasing pipeline. I think last quarter, you talked about something in the maybe mid-2 million range. Can you maybe give an update there and kind of what it looks like tenant-wise and size, industry, that sort of thing?

第一個問題與租賃通路有關。我認為上個季度您談論的數字大概在 200 萬左右。您能否提供一下最新情況，例如租戶、規模、行業等情況？

Certainly, Tony, this is George. Look, I think what we -- clearly, we had a phenomenal year in 2024 accomplishing about 2.4 million square feet in totality. And as we look in terms of how we came up with our projections and our guidance for 2025, let me break that down in 2 different buckets. From a new deal perspective, we accomplished 1 million in 2024 and I think we really need to back out the [ T&L ] transaction for nearly 200,000 square feet out of that total to get to about 800,000 square feet, which is kind of the ballpark of where we believe we will hit in 2025. And the reason I'm backing out that T&L deal from last year and not able to duplicate that in 2025 is we just don't have another large block of this size in our current in-service portfolio.

當然，東尼，這是喬治。看，我認為我們——顯然，2024 年是我們非凡的一年，總共完成了約 240 萬平方英尺的施工。當我們回顧我們如何得出 2025 年的預測和指導時，讓我將其分為兩個不同的部分。從新交易的角度來看，我們在 2024 年實現了 100 萬平方英尺的面積，我認為我們確實需要從總數中退出近 20 萬平方英尺的 [T&L] 交易，以達到約 80 萬平方英尺的面積，這大致相當於我們認為在 2025 年將達到的面積。我之所以放棄去年的運輸與物流交易並且無法在 2025 年重複這項交易，是因為我們目前的在役投資組合中沒有另一個如此規模的大型區塊。

So I think from that perspective, we're on a reasonable path. From a renewal perspective, we accomplished -- again, we're 2.4 million in total, back out to [ 1 million ] in new or 1.4 million square feet. We had a couple of large transactions during the year, but we really have a much lighter role in 2025. And in 2025 itself, we already know about Ryan, who's leaving at the end of the first quarter, which we previously announced and is heading [ therein ] on development that's a little further north from our current location. So in totality, we feel it's an assumption that's down the middle of the fairway.

所以我認為從這個角度來看，我們走在一條合理的道路上。從更新的角度來看，我們完成了 - 再次，我們的總面積回到了 [ 100 萬 ] 新建面積或 140 萬平方英尺。我們今年有幾筆大交易，但到 2025 年，我們的角色確實會輕鬆很多。而在 2025 年，我們就已經知道了瑞安 (Ryan) 的消息，他將在第一季末離職，我們之前已經宣布過，他將前往距離我們目前所在地稍北一點的開發地點。因此總的來說，我們認為這是一個處於球道中間的假設。

And then getting back to your question in terms of where is -- how is our pipeline and which sectors are we seeing? Well, I would say today, our pipeline is really good. We're looking at late-stage activity, as I mentioned on my call, at about 300,000 square feet. So in the context of where we sit today, we are well on our way to meeting our overall goals for 2025 and comparing that to where we were in the first quarter of 2024, it's a similar trajectory. And then going even further back into proposals or our early-stage proposal list, we have 2.6 million square feet in totality, which is above our trailing 12 months of 2.4 million square feet.

然後回到你的問題：我們的管道在哪裡？我們看到了哪些領域？嗯，我今天要說的是，我們的管道非常好。正如我在電話中提到的，我們正在關注後期活動，面積約為 30 萬平方英尺。因此，就我們目前的情況而言，我們正在順利實現 2025 年的總體目標，與 2024 年第一季的情況相比，我們的軌跡是相似的。然後進一步回顧提案或我們的早期提案清單，我們總共擁有 260 萬平方英尺，高於過去 12 個月的 240 萬平方英尺。

And then when you dig further into that, which is really what is in a new bucket, we're looking at 2 million square feet of new activity and 3/4 of that is for our in-service portfolio. Sectors, coming back to that, we're seeing activity from the insurance sector, law, accounting, engineering firms, and we're even starting to see some activities in the technology sector.

然後，當您進一步深入研究時，這實際上是在新的儲存桶中，我們正在研究 200 萬平方英尺的新活動，其中的 3/4 是用於我們的在役投資組合。回到產業，我們看到保險業、法律、會計、工程公司等行業的活動，甚至開始看到科技業的一些活動。

And then just my follow-up is maybe for Brent, just how are you thinking about acquisitions versus dispositions? Because it sounds like on the disposition side, market is not great. You may not want to execute in this kind of market. But I'd imagine there's some similar dynamics on the acquisition side. So how do you weigh -- weighting on the dispositions when maybe the acquisition pricing may change on you, too?

然後我的後續問題是，對於布倫特來說，您是如何看待收購與處置的？因為聽起來從處置方面來看，市場並不好。您可能不想在這種市場中執行。但我想在收購方面也會有一些類似的動態。那麼，當收購價格也可能改變時，您如何權衡處置權重？

Great question, Tony. Appreciate the time this morning. I'd say, first, we've really taken a lot of effort to position the balance sheet to where we can focus on the portfolio and growth opportunities and disposition opportunities. But with no maturities or final maturities until 2028, we feel like that gives us a really great runway to continue to recycle capital. As we think about 2025, Chris alluded to, we've got a couple of dispositions that are in the hopper and a few more behind that doing price discovery.

很好的問題，托尼。感謝今天早上的時間。我想說，首先，我們確實付出了很多努力來定位資產負債表，以便我們可以專注於投資組合、成長機會和處置機會。但由於直到 2028 年才有到期日或最終到期日，我們覺得這為我們繼續回收資本提供了非常好的平台。克里斯提到，當我們思考 2025 年時，我們已經有幾個準備就緒的部署，還有一些正在進行價格發現。

I think we take a holistic view to the portfolio. We're always looking to upgrade the quality, update the growth profile. And so you're going to continue to see us focus on those smaller noncore, I'd say, not emblematic of the remainder of the portfolio, i.e., the lowest quality assets initially to dispose of. We will then continue throughout this year, testing what we would call mature well-leased assets and looking to monetize. We're realistic of where the pricing is in the market, but we're also very mindful to continue to move the strategic needle to continue to rotate little further into the Sunbelt.

我認為我們對投資組合有一個整體的觀點。我們始終致力於提升品質、更新成長概況。因此，您將繼續看到我們專注於那些較小的非核心資產，我想說，它們並不代表投資組合的剩餘部分，也就是最初要處置的品質最低的資產。我們將在今年全年繼續測試我們所謂的成熟且租賃良好的資產，並尋求將其貨幣化。我們對市場的定價很現實，但我們也非常注意繼續推動策略方向，繼續向陽光地帶進一步傾斜。

So we'll look to leverage the Piedmont platform to transform that 80s, 90s, 2000s vintage assets that we go after from an acquisition standpoint. And we are evaluating, call it, $200 million, $300 million on a gross asset value basis assets. But we recognize that the key to being able to grow is really raising equity to target those growth opportunities that is accretive and that will do so and utilize either public or private capital that will coincide with the risk of the asset. So as I talked about that kind of evaluation portfolio or deals that we're looking at, they're predominantly opportunistic in nature. And so as a result, it really wouldn't facilitate or be what we'd look to bring on balance sheet at least day 1, right?

因此，從收購的角度來說，我們將利用 Piedmont 平台來轉化我們所追求的 80 年代、90 年代和 21 世紀的古董資產。我們正在以總資產價值基礎評估 2 億美元或 3 億美元的資產。但我們認識到，實現成長的關鍵實際上是提高股本，以瞄準那些可增值的成長機會，並利用與資產風險相符的公共或私人資本。因此，當我談到我們正在考慮的那種評估組合或交易時，它們本質上主要是機會主義的。因此，結果就是，它實際上不會促進或成為我們至少在第一天希望在資產負債表上實現的目標，對嗎？

And so we think of those as probably more likely to be done with a joint venture partner. We own 100% of all our assets, and we feel like that doesn't add a lot of complexity to the balance sheet if we were to go after a few assets in that manner. We typically be maybe 10%, 20% of the equity in that venture. And again, we'd be looking for low basis, 20-plus percent IRRs. And those assets would generally take 2 to 3 years to reposition.

因此，我們認為這些工作更有可能透過合資夥伴來完成。我們擁有所有資產的 100%，我們認為，如果我們以這種方式追求一些資產，這不會為資產負債表增加太多複雜性。我們通常佔有該合資企業 10% 到 20% 的股權。再次，我們尋求的是低基礎，20%以上的 IRR。這些資產通常需要2到3年的時間來重新定位。

So we think about really then that creating a potential pipeline for acquisitions once the markets do start to stabilize in more normalized environment. But we're going to utilize our same recycling strategy to continue to pull the kind of bottom quality. There would be modest dilution potential in some of those dispositions, but I think moving the strategic needle and improving the quality of the overall portfolio and again, the growth profile will make up for that in the multiple. And again, we feel like there's -- we can take our time, what we've got in terms of dispositions planned for this year. We feel like we'll fill that equity bucket in that joint venture program if we find are able to consummate some of those opportunities.

因此，我們真正考慮的是，一旦市場在更正常的環境中開始穩定下來，就會創造一個潛在的收購管道。但我們將利用相同的回收策略來繼續提高底部品質。其中一些配置可能會有適度的稀釋潛力，但我認為，調整策略方針、提高整體投資組合的質量，以及再次提高成長狀況，將在倍數上彌補這一點。而且，我們覺得，我們可以慢慢來，處理今年的計畫。如果我們發現能夠抓住其中的一些機會，我們就會在該合資計劃中填補那筆股權。

Is that helpful?

這樣有幫助嗎？

Yes. That's great.

是的。那太棒了。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Maybe George or Brent, commenting on just the acceleration you guys kind of saw in new leasing to start the year. Just a little bit more commentary on the markets, the type of users that you're seeing on that pickup of activity. And then maybe I know in November, you're touching on in that proposal bucket, you had a decent amount of requirements over 50,000 square feet. Just a little bit more commentary on the larger users within that pipeline.

也許是喬治或布倫特，只是評論一下你們今年年初看到的新租賃加速成長。我想對市場以及您在活動回升中所看到的用戶類型再多發表一點評論。然後也許我知道在十一月，你在那個提案桶裡提到，你對超過 50,000 平方英尺的要求相當多。針對該管道內的較大用戶再多做一點評論。

Certainly, Nick. This is George. As I mentioned, we've got 2 million square feet in overall new activity. And when you break it down between the markets, we -- the bulk of that, 35% of that is in Atlanta and no surprise as we've got a large role there in 2026 that we're working on to backfill. But then you've got Dallas that's in around 10% from a new activity perspective.

當然，尼克。這是喬治。正如我所提到的，我們整體的新活動面積有 200 萬平方英尺。當您在各個市場之間進行細分時，我們 — — 其中大部分，35% 在亞特蘭大，這並不奇怪，因為我們在 2026 年在那裡扮演著重要角色，我們正在努力填補這個空缺。但從新的活動角度來看，達拉斯的比例約為 10%。

And Minneapolis does stick out as well as about 28% is related to new activity in Minneapolis. And that's our redevelopment portfolio, right? We've got Excelsior, we've got Meridian Crossings that, as you recall, we had some large vacancies there, but we feel good about it. We've got 500,000 square feet of transactions amongst those 2 assets and about 10 deals over 50,000 square feet a piece. So in totality, though, not just there, but we have 15 transactions that are over -- that are in our proposal stage for over 50,000 square feet.

明尼阿波利斯的表現確實很突出，約有 28% 與明尼阿波利斯的新活動有關。這就是我們的重建組合，對嗎？我們有 Excelsior，我們有 Meridian Crossings，正如你所記得的，我們在那裡有一些大型空缺，但我們對此感覺很好。這兩項資產的交易總額為 50 萬平方英尺，其中每項資產的交易總額超過 5 萬平方英尺的交易約有 10 筆。所以總的來說，不只是在那裡，我們還有 15 筆交易處於提案階段，面積超過 50,000 平方英尺。

That's up by 3 from last quarter. So -- and I think I've already hit on the sectors that we're looking at. So I don't think I need to touch that again.

這比上一季增加了 3 個。所以 — — 我認為我已經觸及了我們正在關注的領域。所以我認為我不需要再觸及它。

Yes, I would say just to add incrementally on top of that from a sector standpoint, we've seen tech a little bit increase. But for the most part, it's been more of our bread and butter fire, professional services, accounting, engineering, architecture, et cetera. Again, those higher collaboration, we call it maybe a [ print-to-ship ] model businesses.

是的，我想說，從行業角度來看，我們已經看到技術略有成長。但在大多數情況下，它更多的是我們賴以生存的業務，專業服務、會計、工程、建築等等。再次，對於這些更高層次的協作，我們稱之為「印刷到出貨」模式的業務。

And the 1.4 million to 1.6 million square feet of leasing, that doesn't include any sort of like chunkier renewal, say, like a New York City renewal or anything along those lines?

那麼 140 萬到 160 萬平方英尺的租賃面積，不包括任何類型的更大範圍的續約，例如紐約市的續約或類似的續約？

Well, it does include the expected New York City renewal within those numbers. I think as we've talked about, if we were just go ahead and touch on 2026 maturities, I think that's probably what you're alluding to. We are including the city renewals, still expect it to hopefully execute sometime towards the end of the year and the second half of the year. And then as we think about Evershed, there's also a first half of 2026 expiration. That's been reported, and we have noted that they are going to vacate, but we have actually very good velocity behind that, and we've got about half of their space now backfilled as well or in process that were in legal stage.

嗯，這些數字確實包括了預期的紐約市復興。我想，正如我們所討論的，如果我們繼續討論 2026 年到期的債券，我想這可能就是你所暗示的。我們正在進行城市更新，仍希望它能在今年年底或下半年某個時候完成。然後，當我們考慮 Evershed 時，它也會在 2026 年上半年到期。據悉，他們將會撤離，但實際上我們的進度非常快，目前大約有一半的空間已經填滿或正在合法階段進行中。

So we feel very comfortable about continuing to backfill that space before it actually -- Evershed vacates. And then the last larger lease that we have in 2026 would be the Epsilon lease. That's in the second half of the year. It's still a little early to tell. I think we still feel pretty good about the likely outcome of that and they occupy and utilize the space extensively.

因此，我們非常放心在 Evershed 真正騰出之前繼續填補這一空缺。那麼我們在 2026 年的最後一份更大的租約將是 Epsilon 租約。那是在今年下半年。現在說這些還為時過早。我認為我們對於可能的結果仍然感到非常樂觀，而且他們廣泛地佔據和利用了這個空間。

But we'll continue to keep the investors updated on that as well on the next call.

但我們會在下次電話會議上繼續向投資者通報這一情況。

That's helpful. Sherry, just last one. On the lease percentage for year-end, there's no large-scale move-outs or changes to the pool embedded in that number like in 2024 when you had the 2 assets going dark. That 100 basis point improvement at the midpoint is just kind of a clean apples-to-apples comparison.

這很有幫助。雪莉，只剩下最後一個了。就年底的租賃百分比而言，並沒有出現大規模的遷出或資產池變化的情況，就像 2024 年這兩項資產停駛時的情況一樣。中間點的 100 個基點的改善只是一種乾淨的同類比較。

Correct.

正確的。

Yes, that's right. We'll have nothing that will kind of go into the out-of-service portfolio this year. Again, we only would utilize that if the full building went dark given it was a single tenant like those 2 that we put in last year, and they're deep in renovation and having, as George alluded to, really good leasing success. We think we'll have some positive news to share on the next call around those transact -- sorry, those assets, Meridian and Excelsior.

是的，沒錯。我們今年不會有任何資產進入退役投資組合。再說一次，只有當整棟大樓都關閉時，我們才會利用這一點，因為它只有一個租戶，就像我們去年介紹的那兩個租戶一樣，而且他們正在進行深度裝修，而且正如喬治提到的那樣，租賃情況非常好。我們認為，在下次電話會議上，我們將會分享一些有關這些交易的正面消息——抱歉，是那些資產，Meridian 和 Excelsior。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基 (Dylan Burzinski)，綠街。

Obviously, it sounds like another decent year, a pretty good year in terms of 2025 being able to push net absorption and not to get too early into how things will shape out for 2026. But to us, that seems like the growth will finally be realized in terms of NOI coming online in 2026. It sounds like there's some larger move-outs. So just trying to get a sense for -- I mean, do you guys think there's enough new leasing in the pipeline to continue to be able to push on this upward trajectory of lease percentage?

顯然，這聽起來又是一個不錯的年份，從 2025 年能夠推動淨吸收量的角度來看，這是一個相當不錯的年份，而且不必過早預測 2026 年的情況將如何。但對我們來說，這似乎意味著成長最終將在 2026 年上線的淨營運收入 (NOI) 中實現。聽起來好像有一些更大規模的搬遷。所以只是想了解一下——我的意思是，你們是否認為有足夠的新租賃正在進行中，以繼續推動租賃百分比的上升軌跡？

Dylan, it's Brent. Yes, I think you capped it well. We had a great year in 2024, and we did have great net absorption. I think we also increased our guidance during the year by 100 basis points in terms of occupancy. And we also hit at the top end of our range in terms of same-store NOI guidance as well, actually exceeded that range from the initial point during the year.

迪倫，我是布倫特。是的，我認為你做得很好。2024 年是我們的豐收年，我們的淨吸收量確實很大。我認為，我們今年的入住率指導值也提高了 100 個基點。而且，我們的同店淨營業利潤指導值也達到了最高水平，實際上從年初開始就超過了這個範圍。

So it has been a great '24. As we look through to '25, we -- as George has alluded to, we have very low expiries and a great pipeline. So we feel like we still got plenty of runway to continue to drive absorption in '25. We feel very comfortable in that 89% to 90% occupancy level. And given where the blocks are coming, you noted, we have some large blocks coming back, that's the Ryan space, which we feel like we've got a backfill tenant very close in that regard, and we'll share more information on the next call.

所以，這是偉大的24年。展望25年，正如喬治所提到的，我們的到期日很短，而且渠道很豐富。因此，我們覺得我們仍然有足夠的空間來繼續推動25年的吸收。我們對 89% 至 90% 的入住率感到非常滿意。考慮到區塊的來源，您指出，我們有一些大型區塊回來了，那就是 Ryan 空間，我們覺得在這方面我們有一個非常接近的後備租戶，我們將在下次電話會議上分享更多資訊。

But then if you think about the remainder of '25, there's really just one other limited larger expiry in the fourth quarter in Minneapolis. So we feel that's very manageable. And so '25, still feel very comfortable with 89% to 90%. If we look at '26, we do have the Evershed lease that will vacate in the second quarter. It will, and I think be very positively received in the marketplace when we share some of the leasing activity that we've got in the building.

但是，如果你考慮 25 年剩下的時間，你會發現在明尼阿波利斯第四季度實際上只剩下一個有限的較大到期合約。因此我們認為這是非常容易實現的。因此，25 年，89% 到 90% 的比例仍然讓人感覺很舒服。如果我們看一下26年，我們確實有Evershed租約將在第二季撤銷。我認為，當我們分享我們在建築內進行的一些租賃活動時，市場將會非常積極地接受它。

It's still a little early, but I feel very comfortable in saying that we'll have that backfilled predominantly at higher rates and meaningful cash roll-ups. And then also within '26, we've talked about the city. We feel very good about maintaining them and keeping them in the space and occupancy for the substantial majority, if not all of the space. And then the remainder of '26 is still a little too early to tell once we get into the second half. But overall, yes, we feel very comfortable where the pipeline is.

現在還為時過早，但我可以非常放心地說，我們將主要透過更高的利率和有意義的現金累積來填補這一空缺。然後在 26 年，我們也討論了這座城市。我們非常樂意維護它們，並讓它們佔據絕大多數（如果不是全部的話）空間和佔用空間。一旦我們進入下半場，現在談論 26 年剩餘的時間還為時過早。但總體而言，我們對管道的現狀感到非常滿意。

It's going to feed the known vacates that we've discussed and continue to drive occupancy higher and cash roll-ups as well will be very positive during that time frame.

它將滿足我們已經討論過的已知空置率，並繼續推動入住率上升，並且在此期間現金累積也將非常積極。

Great. And then just sort of touching on prospects for net effective rent growth. I mean, obviously, as you guys get closer to that 90% leased, it seems likely that and obviously, it's going to depend on specific submarket and assets. But I mean, do you guys see 2026 sort of being an inflection point in being able to push net effective rent growth across the portfolio?

偉大的。然後就談談淨有效租金成長的前景。我的意思是，顯然，隨著你們接近 90% 的租賃率，這似乎是可能的，而且顯然，這將取決於特定的子市場和資產。但我的意思是，你們是否認為 2026 年將成為推動整個投資組合淨有效租金成長的轉捩點？

I think we're actually over to the point where we're pushing net effective rent growth, particularly in our Sunbelt markets where we're at 90%, 93%, 94% leased in some of those. And we continue to have top of market rents for our product, but still well below replacement cost of new construction rents. So we feel like we've got a great runway when it comes to the Sunbelt. I'd say suburban Boston, suburban Minneapolis, they've been sluggish. We probably would have said they're flat in ERs.

我認為我們實際上已經到了推動淨有效租金成長的階段，特別是在陽光地帶市場，其中一些市場的租賃率已達到 90%、93%、94%。我們的產品的租金仍處於市場最高水平，但仍遠低於新建築租金的重置成本。因此，我們感覺，在陽光地帶，我們已經擁有了一條很棒的跑道。我想說波士頓郊區和明尼阿波利斯郊區的發展一直比較緩慢。我們可能會說他們在急診室是平的。

I probably would still say it's flat to maybe slightly positive as we head into '26. We are seeing, again, in Minneapolis, we're one of the few well-heeled and equipped landlords to fund TIs and improve and create the modern workplace environment. So I think we'll continue to bode very well there. We don't have a lot of vacancy overall in Boston. It's really just in one asset, and that asset is really well positioned for growth.

當我們進入26年時，我可能仍會說它是持平的，甚至可能略微正成長。我們再次看到，在明尼阿波利斯，我們是少數有資金、有設備為 TI 提供資金並改善和創建現代化工作環境的房東之一。所以我認為我們在那裡將繼續保持良好的前景。整體來說，波士頓的空屋並不多。它實際上只是一項資產，而這項資產確實具有良好的成長定位。

So -- and Boston, we'll continue to have net effective rent growth, again, modestly low single digits. I'd say New York, we're pretty full. We're just focused on one lease, not much to talk about there. And unfortunately, Northern Virginia doing pretty good. I'd probably say, again, flat to slightly positive NERs.

因此，在波士頓，我們的淨有效租金將繼續成長，同樣，成長率仍將保持在較低個位數。我想說紐約，我們已經很滿啦。我們只關心一份租約，沒有什麼好談的。不幸的是，北維吉尼亞州的表現相當不錯。我可能會再次說，NER 持平或略微為正。

But the district is structurally very challenging. We would expect there will be probably flat to negative NERs in that market overall. We continue to be very patient. And I would remind investors and yourself that, again, it represents 2 projects and very small percentage of the portfolio that resides in the district. Again, it's about, call it, 5% of the overall ALR.

但從結構上來說，該地區非常具有挑戰性。我們預計該市場整體的 NER 可能將持平或為負。我們將繼續保持耐心。我想提醒投資者和您自己，它再次代表了 2 個項目和該地區投資組合中非常小的比例。再次強調，它約佔整體 ALR 的 5%。

And again, our GSA exposure is extremely limited. It's less than 0.5% of the portfolio. So with some of the decisions being made out of the new administration, we're expecting limited impact on the portfolio.

而且，我們的 GSA 曝光率極為有限。它佔投資組合的比重還不到0.5%。因此，儘管新政府做出了一些決定，但我們預計這些決定對投資組合的影響有限。

We have reached the end of the question-and-answer session, and I will now turn the call over to Brent Smith for closing remarks.

問答環節已經結束，現在我將把發言權交給布倫特史密斯，請他作結束語。

I want to thank everybody for joining us today. Happy Valentine's Day. We are really excited to share this track record of leasing and operational growth that we've been accomplishing. We've got the positioning and the platform for future growth. We're excited to share more of this at the Citi Conference, if you happen to be there, March 3rd through the 5th in Florida.

我感謝大家今天的出席。情人節快樂。我們非常高興能夠分享我們在租賃和營運成長方面所取得的成績。我們已經擁有了未來發展的定位和平台。如果您剛好在 3 月 3 日至 5 日於佛羅裡達舉行的花旗會議上，我們很高興與您分享更多這方面的資訊。

And again, I would encourage investors if you haven't had a chance to come to Atlanta, see the portfolio and our strategies in person, we'd love to give you a tour. Please contact Sherry or Jennifer, and thank you today, if that is, if you would like a tour and/or a chance to sit down with management, and thanks for joining today.

再次，我鼓勵投資者，如果你們還沒有機會來亞特蘭大親自參觀我們的投資組合和策略，我們很樂意帶你們參觀一下。如果您想參觀和/或有機會與管理層坐下來談談，請聯繫 Sherry 或 Jennifer，今天謝謝您，感謝您今天的加入。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。