Piedmont Realty Trust, Inc. (PDM) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Piedmont Realty Trust, Inc. first quarter 2026 earnings conference call. (Operator Instructions) And please note, this conference is being recorded. I will now turn the conference over to your host, Laura Moon, Chief Accounting Officer with Piedmont Realty Trust. Ma'am, the floor is yours.

各位女士、先生，大家好，歡迎參加 Piedmont Realty Trust, Inc. 2026 年第一季財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。現在我將把會議交給本次會議主持人——Piedmont Realty Trust 首席會計官 Laura Moon。女士，請開始。

Thank you, operator, and good morning, everyone. We appreciate you joining us today for Piedmont's First Quarter 2026 Earnings Conference Call. Last night, we filed our 10-Q and an 8-K that includes our earnings release and unaudited supplemental information for the first quarter of 2026.

謝謝接線員，大家早安。感謝各位今天參加 Piedmont 2026 年第一季財報電話會議。昨晚，我們已提交 10-Q 以及一份 8-K，其中包含我們的財報新聞稿與 2026 年第一季未經審計的補充資訊。

Both of these documents are available for your review on our website at piedmontreit.com under the Investor Relations section.

這兩份文件皆可於我們網站 piedmontreit.com 的「投資人關係」專區供各位查閱。

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.

在本次電話會議中，您將聽到 Piedmont 的資深主管發言。其事先準備的發言內容，以及隨後對各位提問的回覆，將包含《1995 年私人證券訴訟改革法》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.

這些前瞻性陳述所涉及之事項具有風險與不確定性，因此實際結果可能與我們今日所預期及討論者有所不同。

The risks and uncertainties of these forward-looking statements are discussed in our supplemental information as well as our SEC filings. We encourage everyone to review the more detailed discussion related to risks associated with forward-looking statements in our SEC filings.

上述前瞻性陳述之風險與不確定性已於我們的補充資訊以及向 SEC 提交的文件中加以說明。我們鼓勵各位查閱我們向 SEC 提交文件中，關於前瞻性陳述相關風險的更詳細討論。

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.

前瞻性陳述的例子包括與 Piedmont 未來營收與營業利益、股利與財務指引、未來融資、租賃與投資活動，以及該等活動對公司財務與營運結果之影響相關的陳述。

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 the statements are made.

您不應過度依賴任何此類前瞻性陳述；且這些陳述係基於我們截至陳述作成日所審閱之資訊與估計。

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 supplemental financial information, which was filed last night.

此外，在今天的電話會議中，公司代表可能會提及某些非 GAAP 財務衡量指標，例如 FFO、核心 FFO、AFFO 以及同店 NOI。這些非 GAAP 指標的定義與調節表載於昨晚提交的補充財務資訊中。

At this time, our President and Chief Executive Officer, Brent Smith, will provide some opening comments regarding first quarter 2026 operating results. Brent?

接下來，我們的總裁兼執行長 Brent Smith 將就 2026 年第一季營運結果提供一些開場評論。Brent？

Thanks, Laura. Good morning, and thank you for joining us today as we review our first quarter 2026 results.

謝謝你，Laura。各位早安，感謝各位今天與我們一同回顧 2026 年第一季的業績。

In addition to Laura, on the line with me this morning are George Wells and Alex Valente, our Chief Operating Officers; 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.

除了 Laura 之外，今天早上與我同線的還有我們的營運長 George Wells 與 Alex Valente；投資執行副總裁 Chris Kollme；以及財務長 Sherry Rexroad。我們也如往常一樣，安排了完整的管理團隊陣容以回答各位的問題。

From a macro perspective, the US office market continued to recover in the first quarter of 2026 as supply-demand fundamentals began to stabilize across markets. JLL reports that leasing activity was up 7.6% year-over-year and net absorption positive for a third consecutive quarter, primarily driven by large occupiers.

從總體角度來看，美國辦公室市場在 2026 年第一季持續復甦，因各市場的供需基本面開始趨於穩定。JLL 報告指出，租賃活動年增 7.6%，且淨吸納量連續第三季為正，主要由大型承租戶所帶動。

The demand for office space continues to be very resilient despite office using employment being down 2% from 2022 levels according to the Bureau of Labor Statistics. The phenomenon of strong leasing amid a stagnant workforce demonstrates what our customers are telling us.

儘管根據勞工統計局資料，辦公室使用型就業人數較 2022 年水準下降 2%，但對辦公空間的需求仍持續展現高度韌性。在勞動力停滯的情況下仍出現強勁租賃的現象，正反映了我們客戶告訴我們的情況。

Large businesses are bringing their employees back to a compelling office environment that builds culture, collaboration and creativity, and we continue to believe that demand for the top quartile of the office market will remain resilient despite the prospect of limited growth in office using jobs.

大型企業正讓員工回到具吸引力的辦公環境，以建立文化、促進協作與激發創意；我們仍相信，即使辦公室使用型工作成長有限，辦公市場中最優質的前四分位產品需求仍將保持韌性。

On the flip side, supply growth remains extremely low compared to historical levels, with total inventory declining by 9 million square feet during the first quarter and the national development pipeline at its lowest level on record. These trends reinforce landlord leverage, particularly in high quality assets, where rents continue to escalate.

另一方面，供給成長相較歷史水準仍極低，第一季總存量減少 900 萬平方英尺，全國開發管線也降至有紀錄以來最低水準。這些趨勢強化了房東的議價能力，尤其是在高品質資產上，租金仍持續上升。

Vacancy is increasingly concentrated in aging, financially constrained buildings with 10% of office buildings now comprising more than 60% of national vacancy.

空置率愈來愈集中於老舊且財務受限的建物，目前僅 10% 的辦公大樓就占了全國超過 60% 的空置量。

Looking ahead, muted job growth and a higher for longer interest rate outlook remain headwinds for longer-term demand growth. However, structural supply contraction combined with limited new development are expected to underpin rate resilience and intensify competition for high quality office space.

展望未來，溫和的就業成長以及「利率在較高水準維持更久」的前景，仍將對長期需求成長構成逆風。然而，結構性的供給收縮加上新增開發有限，預期將支撐租金韌性，並加劇對高品質辦公空間的競爭。

Against that backdrop, Piedmont is well positioned for the next phase of the office cycle for several reasons.

在此背景下，Piedmont 因數項原因而具備良好條件迎接辦公室循環的下一階段。

First, portfolio quality. We've renovated 90% of the portfolio since 2020 and our amenity-rich hospitality-driven Piedmont PLACEs are leasing at record high rental rates.

第一，投資組合品質。自 2020 年以來，我們已翻新投資組合的 90%，而我們以豐富設施、以款待體驗為導向的 Piedmont PLACE，正以創新高的租金水準出租。

Second, Piedmont has leased over 80% of the portfolio since the pandemic, meaning our customers have already rightsized their office space for the modern workforce.

第二，自疫情以來，Piedmont 已完成投資組合超過 80% 的租賃，意味著我們的客戶已針對現代化勞動力調整至合適的辦公空間規模。

Third, our service model, recognized in the top 5 by Kingsley, is keeping our customers happy, generating 60% to 70% renewal rates from existing tenancy.

第三，我們的服務模式在 Kingsley 評比中名列前五，讓客戶維持高度滿意，並帶來既有租戶 60% 至 70% 的續租率。

More recently, the portfolio is approaching 90% leased and inclusive of our out-of-service assets has generated more than 480 basis points of absorption in the last 12 months, equating to almost 750,000 square feet of absorption during that time period.

近期而言，投資組合出租率正接近 90%；若包含我們的停用資產在內，過去 12 個月的吸納量累計超過 480 個基點，約等同於該期間近 75 萬平方英尺的吸納。

Finally, the average tenant size across the approximately 16 million square foot portfolio is 17,000 square feet, which speaks to our customer and industry diversification and provides a mitigant to large corporate downsizing.

最後，約 1,600 萬平方英尺投資組合的平均租戶面積為 17,000 平方英尺，顯示我們在客戶與產業上的多元化，並可降低大型企業縮編所帶來的影響。

As a result of the leasing success in 2025, Piedmont has a signed, but not occupied pipeline of leases equating to over $42 million of annualized rent.

由於 2025 年租賃表現成功，Piedmont 目前有一批已簽約但尚未進駐的租約管線，折合年化租金超過 4,200 萬美元。

The strategic repositioning of the Piedmont portfolio, along with the substantial leasing that we've accomplished over the past 12 months are translating into higher economic occupancy and mid-single-digit same-store cash NOI growth and meaningful earnings growth.

Piedmont 投資組合的策略性再定位，加上我們在過去 12 個月完成的大量租賃，正轉化為更高的經濟入住率、同店現金 NOI 中個位數中段的成長，以及顯著的獲利成長。

The operational performance of the portfolio has led to an increase in our 2026 outlook. Core FFO by $0.01 and same-store NOI, cash and GAAP by 100 basis points, which Sherry will touch on more in a moment.

投資組合的營運表現促使我們上調 2026 年展望。核心 FFO 上調 0.01 美元，同店 NOI（現金與 GAAP）上調 100 個基點，Sherry 稍後會再進一步說明。

Also fueling our growth are the leasing spreads we're achieving on second generation space, regularly double digits on a cash basis and high teens on a GAAP basis, inherently driving cash flow and earnings higher as leases expire.

同時推動我們成長的，還包括我們在二代空間（second generation space）所達成的租賃價差：以現金基礎計經常為雙位數，以 GAAP 基礎計則達十幾個百分點；隨著租約到期，這將自然推升現金流與獲利。

And finally, our balance sheet continues to strengthen, driven by the aforementioned leasing uplift in cash flow and EBITDA, along with a unique opportunity to refinance our near-term debt maturities at accretive financing spreads relative to the expiring rates.

最後，我們的資產負債表持續強化，主要受惠於前述租賃帶動的現金流與 EBITDA 提升，以及一項獨特機會：以相對於到期利率更具增益（accretive）的融資利差，為我們近期到期的債務進行再融資。

We believe these factors position Piedmont for consistent annual core FFO per share growth over the next few years.

我們相信，這些因素將使 Piedmont 在未來幾年實現每股核心 FFO 的穩定年度成長。

Turning to our quarterly results. We witnessed a continuation of the elevated demand that we've experienced in the latter half of 2025 with tour and proposal activity at levels above historical averages.

接著談我們的季度表現。我們看到 2025 年下半年所經歷的高需求延續，帶看與提案活動水準高於歷史平均。

During the quarter, we executed over 430,000 square feet of leasing and most importantly, 2/3 was related to new tenancy.

本季我們完成超過 430,000 平方英尺的租賃；更重要的是，其中 2/3 來自新租戶。

Our customer pipeline remains robust with over 700,000 square feet of leases, either already executed or in the legal stage, thus far in the second quarter.

截至第二季目前為止，我們的客戶洽租管線仍然強勁，已有超過700,000平方英尺的租約已簽署或正處於法務審閱階段。

As I noted earlier, strong customer demand driven by the flight to quality is giving Piedmont the opportunity to push rents to record levels across our portfolio.

如我先前所提到的，由「追求品質」所帶動的強勁客戶需求，正讓Piedmont有機會在我們的整體投資組合中把租金推升至創新高水準。

In fact, more than half our portfolio experienced an asking rate increase of 15% or more in 2025.

事實上，2025年我們投資組合中有一半以上的資產，其要價租金上調了15%或以上。

And even more exciting is that our rents still remain 35% to 40% below new construction pricing. So there's little impediment to pushing rental rates further.

更令人振奮的是，我們的租金水準仍比新建案定價低35%至40%。因此，進一步推升租金的阻力不大。

Despite strong fundamentals for the office sector, the headlines have been filled with the topic of AI and prognostications of what it will mean to the national workforce.

儘管辦公市場基本面強勁，媒體標題卻充斥著AI議題，以及其對全國勞動力將帶來何種影響的各種預測。

We appreciate the concern that AI could impact office using employment growth over time. But what we're seeing today is that robust demand is concentrating in high-quality, well-located, amenitized space, and that's exactly where our portfolio is positioned.

我們理解外界對AI可能隨時間影響辦公室使用相關就業成長的擔憂。但我們目前看到的是，強勁需求正集中在高品質、地段佳且具備完善配套設施的空間，而這正是我們投資組合的定位所在。

Even if some roles are redirected as AI adoption evolves over the coming years, companies will still need collaborative environments to build culture, serve clients and innovate.

即使未來幾年隨著AI採用演進，部分職務被重新配置，企業仍需要協作環境來建立文化、服務客戶並推動創新。

So we're simply not seeing any cracks in our customers' demand and our leasing pipeline remains incredibly robust.

因此，我們完全沒有看到客戶需求出現任何裂痕，我們的租賃管線依然極為強勁。

Lastly, before I turn it over to George, I wanted to mention that we're also particularly excited about several operational recognitions during the first quarter.

最後，在交棒給George之前，我也想提到我們在第一季獲得的幾項營運方面的肯定，讓我們特別振奮。

Galleria Towers in Dallas won the CoStar Impact Award for Redevelopment of the Year in Dallas Fort Worth market.

達拉斯的Galleria Towers在達拉斯—沃斯堡市場獲得CoStar Impact Award「年度最佳改造（Redevelopment of the Year）」獎項。

And as I alluded to earlier, Piedmont was recognized as an Elite 5 participant in the annual Kingsley survey for the office sector, which rates landlords on their performance based on tenant feedback.

此外，如我先前所提及，Piedmont在年度Kingsley辦公市場調查中被評為Elite 5參與者；該調查依據租戶回饋評估房東的服務表現。

These accolades serve as further evidence that our modern, redeveloped amenity-rich Piedmont PLACEs, combined with our hospitality-infused service model are recognized by our customers and peers as the premier office experience.

這些獎項進一步證明：我們現代化、經改造且配套設施豐富的Piedmont PLACEs，加上融入款待精神的服務模式，已被客戶與同業認可為頂級的辦公體驗。

With that, I'll hand it over to George for further details on first quarter operational performance. George?

接下來，我把時間交給George，請他進一步說明第一季的營運表現細節。George？

Thanks, Brent. We've been experiencing persistent demand for several quarters now. And once again, the Piedmont platform delivered exceptional operating results for the first quarter.

謝謝，Brent。我們已連續好幾季感受到持續性的需求。而且再一次，Piedmont平台在第一季交出了卓越的營運成果。

Leasing velocity continued at a strong pace with 50 transactions completed for over 430,000 square feet. Like last year, new deal activity was a dominant theme accounting for roughly 70% of total volume and a meaningful portion of that volume is expected to translate into 2026 GAAP rent recognition as commencements occur over the balance of the year.

租賃動能持續維持強勁步調，共完成50筆交易、面積超過430,000平方英尺。如同去年，新租交易仍是主軸，約占總量的70%；其中相當一部分預期將隨著今年其餘期間陸續起租，轉化為2026年的GAAP租金認列。

Average new lease size was approximately 11,000 square feet, reflecting a good mix of small, medium and large clients and the weighted average lease term for new transactions was approximately 9 years. Expansions exceeded contractions for the seventh straight quarter and largely to accommodate clients' organic growth.

新租平均面積約11,000平方英尺，反映小型、中型與大型客戶的良好組合；新交易的加權平均租期約為9年。擴租連續第七季超過縮租，主要是為了因應客戶的自然成長。

Our retention rate remained high at approximately 70%. The portfolio continues to post robust leasing economics, delivering 11% and 18% roll-ups this quarter on a cash and accrual basis, respectively.

我們的續租率仍維持在約70%的高水準。本季投資組合持續展現強勁的租賃經濟效益，在現金基礎與權責發生（accrual）基礎下，租金分別實現11%與18%的調升（roll-up）。

Our average accrual based roll-up over the last 8 quarters is an impressive 17%. Additionally, the portfolio generated an impressive 11% same-store NOI growth, driven primarily by the burn-off of free rent. As Sherry will discuss in a moment, the strong cash flow growth, along with recent leasing success has helped push earnings and same-store cash NOI outlook for the year higher.

過去8個季度，我們以權責發生基礎計算的平均租金調升幅度高達17%，表現亮眼。此外，在免租期逐步到期（free rent burn-off）的帶動下，投資組合也創造了令人印象深刻的11%同店NOI成長。如Sherry稍後將說明，強勁的現金流成長加上近期租賃成果，已協助我們上調今年的獲利與同店現金NOI展望。

Leasing capital spend was $5.18 per square foot per year, materially lower than our trailing 12 month average of $6.20, driven from modest concessions associated with several renewal and sublet to direct deals.

租賃資本支出為每平方英尺每年5.18美元，明顯低於過去12個月平均的6.20美元，主要因數筆續租以及由轉租（sublet）轉為直接承租（direct）的交易所伴隨的讓利較為溫和。

Additionally, leasing commissions were also lower than historical trend this quarter as a result of greater number of leases that were direct deals without a broker.

此外，由於本季有更多租約為無仲介的直接交易，租賃佣金也低於歷史趨勢。

Net effective rents increased to $22.03 per square foot, up almost 5% from the previous quarter, and we anticipate further rental rate growth supported by strong demand for high-quality space and little to no new development in our submarkets.

淨有效租金（net effective rents）上升至每平方英尺22.03美元，較前一季提高近5%；在高品質空間需求強勁、且我們各子市場幾乎沒有新開發案的支撐下，我們預期租金仍將進一步成長。

These encouraging first quarter metrics signal that Piedmont is off to a strong start for 2026.

這些令人鼓舞的第一季指標顯示，Piedmont在2026年有一個強勁的開局。

Next, I'd like to highlight notable market activity and progress on our key expirations. Dallas led all markets during the first quarter, closing on 14 deals for 123,000 square feet with new transactions accounting for a majority of that amount.

接下來，我想重點說明各市場的重要動態，以及我們在關鍵到期租約上的進展。第一季達拉斯領先所有市場，完成14筆交易、共123,000平方英尺，其中新交易占了大多數。

Also in Dallas, we've agreed to extension terms with Epsilon at our Las Colinas Connection project for roughly half of its current footprint and our pipeline for backfilling the balance of that space is deep and at improving rents.

同樣在達拉斯，我們已就Epsilon於Las Colinas Connection專案的續租條件達成一致，續租面積約為其現有使用面積的一半；而對於其餘空間的補租（backfill）管線深厚，且租金水準正在改善。

Atlanta was our second most active market with 12 deals for 88,000 square feet. Our local team signed an 11-year new deal with a global accounting firm to backfill another Eversheds floor at 999 Peachtree in Midtown.

亞特蘭大是我們第二活躍的市場，共完成12筆交易、面積88,000平方英尺。我們當地團隊與一家全球會計師事務所簽下11年期新租約，用以補上Midtown區999 Peachtree大樓中Eversheds釋出的另一個樓層。

While our supplemental report shows Eversheds having 180,000 square feet expiring this quarter, we have already backfilled roughly half of that space at 40% cash roll-ups and have strong activity for the balance.

雖然我們的補充報告顯示Eversheds本季有180,000平方英尺到期，但我們已以40%的現金調升（cash roll-up）補租約一半的面積，且其餘部分也有強勁的洽談活動。

At 60 Broad, we announced last quarter that we agreed to terms with the new administration of the City of New York at our 60 Broad Street project for substantially all of that space and that a lease of this size will require other internal city reviews and a public hearing process before the transaction can be fully executed.

關於60 Broad，我們在上季已宣布，已與紐約市新一屆市府就我們60 Broad Street專案中幾乎全部空間達成條件；而如此規模的租約在正式簽署前，仍需經過市府內部其他審查以及公開聽證程序。

The city is steadily progressing to conclude our lease. However, it's likely that the process will not conclude until later this year.

市府正穩步推進以完成我們的租約。不過，該流程可能要到今年稍晚才會結束。

Our redevelopment projects posted another strong quarter of deal flow with over 100,000 square feet of new transactions signed, increasing the lease percentage from 62% to 76% at quarter end. Including leases executed in the second quarter or in the legal stage, the out-of-service portfolio is greater than 80% leased.

我們的改造（redevelopment）專案本季再度繳出強勁的成交量，新簽交易超過100,000平方英尺，使租賃率在季末由62%提升至76%。若納入第二季已簽署或正處於法務階段的租約，停用（out-of-service）投資組合的出租率已超過80%。

We anticipate placing 222 Orange Ave back into service in the second quarter, and we continue to be confident that the remainder of the out-of-service portfolio will reach stabilization around the end of the year.

我們預期將於第二季把222 Orange Ave重新投入營運（back into service），並持續有信心其餘停用投資組合可在年底左右達到穩定（stabilization）。

Looking ahead, our leasing pipeline remains robust and now has over 700,000 square feet in the legal stage for the second quarter. Outstanding proposals have jumped from 1.8 million square feet last quarter to 2.4 million.

展望未來，我們的租賃管線仍然強勁，第二季目前已有超過700,000平方英尺進入法務階段。未決提案（outstanding proposals）已由上季的180萬平方英尺跳升至240萬平方英尺。

Our supplemental report shows 9% of leases expiring in 2026 with the vast majority of that occurring in the second quarter and relates to the Eversheds, Epsilon and New York City leases, each of which I just reviewed.

我們的補充報告顯示，2026年到期租約占比為9%，其中絕大多數發生在第二季，並與我剛剛回顧的Eversheds、Epsilon以及紐約市租約相關。

Aside from those 3 leases, there are negligible expirations remaining for 2026.

除上述3筆租約外，2026年其餘到期量可忽略不計。

As a result, we remain comfortable projecting that we will end the year within our previously released year-end lease percentage guidance of 89.5% to 90.5% for our total portfolio, including both our operating and our out-of-service redevelopment portfolios.

因此，我們仍有信心預估年底將落在先前發布的年末出租率指引區間：整體投資組合（包含營運中資產與停用改造投資組合）為89.5%至90.5%。

I'll now turn the call over to Chris Kollme for his comments on investment activity. Chris?

我現在把電話交給 Chris Kollme，請他就投資活動發表評論。Chris？

Thank you, George. Capital markets have shown improving liquidity so far this year as evidenced by the strongest first quarter office sales volume since 2020, and we continue to seek ways to optimize and elevate our portfolio.

謝謝你，George。今年迄今資本市場的流動性有所改善，從自 2020 年以來最強勁的第一季辦公室成交量即可見一斑；我們也持續尋求方法來優化並提升我們的投資組合。

As I have previously stated, we have 2 land parcels under contract, one of which is in the Las Colinas submarket of Dallas, and that deal went hard this quarter.

如我先前所述，我們有 2 塊土地已簽約，其中一塊位於達拉斯 Las Colinas 次市場，而該交易在本季已轉為不可撤銷（went hard）。

The buyer still has several extension options. However, we anticipate this transaction will ultimately close later in 2026 and will generate approximately $12 million in net sale proceeds.

買方仍有數個延長選項。不過，我們預期該交易最終將於 2026 年稍晚完成交割，並將產生約 1,200 萬美元的淨出售所得。

The other land parcel is still in the midst of a lengthy rezoning process. So the timing there is much less predictable, and we expect it to close in the first half of 2027.

另一塊土地仍處於漫長的重新分區（rezoning）流程中。因此時點可預測性低得多，我們預期將於 2027 年上半年完成交割。

In addition to the obvious financial benefits of these 2 land sales, we are also excited about the additional retail amenities that these transactions will ultimately provide for our adjacent office projects.

除了這 2 筆土地出售帶來顯而易見的財務效益外，我們也對這些交易最終將為鄰近的辦公專案帶來額外的零售配套感到振奮。

We continue to actively evaluate and underwrite potential acquisition opportunities. But over the last couple of years, we have redirected and prioritized our capital towards other accretive uses such as funding our tremendous leasing volume, reinvesting in our core assets and reducing our debt.

我們仍持續積極評估並承作（underwrite）潛在的收購機會。但在過去幾年，我們已重新調整並優先將資本投入其他具增益（accretive）的用途，例如支應我們可觀的租賃量、再投資於核心資產以及降低負債。

We are in the market with some of our other noncore assets. Although it is too early to comment on any specifics, we are optimistic that we will return to a more active capital recycling program later this year.

我們正將部分其他非核心資產推向市場。雖然現在評論任何細節仍為時過早，但我們樂觀預期今年稍晚將回到更積極的資本循環（capital recycling）計畫。

With that, I'll pass it over to Sherry to cover our financial results.

接下來，我把電話交給 Sherry，請她說明我們的財務結果。

Thank you, Chris. We will be discussing some of this quarter's financial highlights today, but please review the earnings release and accompanying supplemental financial information, which were filed yesterday for more complete details.

謝謝你，Chris。今天我們會討論本季部分財務重點，但也請各位查閱昨日提交的財報新聞稿及隨附的補充財務資訊，以取得更完整的細節。

Core FFO per diluted share for the first quarter of 2026 was $0.36, in line with consensus and consistent with the first quarter of 2025 as higher economic occupancy and rental rate growth were offset by the sale of 2 projects during the year ended December 31, 2025.

2026 年第一季稀釋後每股核心 FFO 為 0.36 美元，符合市場共識，且與 2025 年第一季一致；較高的經濟入住率與租金成長，被截至 2025 年 12 月 31 日止年度出售 2 個專案的影響所抵銷。

AFFO generated during the first quarter of 2026 was approximately $23.8 million.

2026 年第一季產生的 AFFO 約為 2,380 萬美元。

From a balance sheet perspective, we had approximately $526 million of capacity on the revolver as of quarter end. And as we've highlighted previously, we currently have no final debt maturities until 2028.

從資產負債表角度來看，截至季末，我們在循環信貸額度（revolver）上約有 5.26 億美元的可用額度。且如我們先前強調的，目前直到 2028 年之前都沒有最終到期的債務。

We continue to think creatively as we evaluate balance sheet management options to extend and smooth our maturity ladder and continue reducing our interest costs. Our overall weighted average cost of debt continues to decrease.

在評估資產負債表管理選項時，我們持續以更具創意的方式思考，以延長並平滑我們的到期梯（maturity ladder），並持續降低利息成本。我們整體加權平均債務成本持續下降。

And based on the current forward yield curve, we expect that all of our unsecured debt maturing for the remainder of this decade could be refinanced at lower interest rates and thus be a tailwind to FFO per share growth.

並且根據目前的遠期殖利率曲線，我們預期本十年剩餘期間到期的所有無擔保債務，都可能以較低利率再融資，從而成為每股 FFO 成長的順風。

As Brent noted, we are narrowing and increasing our 2026 annual core FFO guidance by $0.01 to a range of $1.49 to $1.54 per diluted share, an increase of over $0.10 per share at the midpoint over 2025 results.

如 Brent 所提到的，我們將 2026 年全年核心 FFO 指引收斂並上調 0.01 美元至稀釋後每股 1.49 至 1.54 美元區間；以中位數計，較 2025 年結果每股增加超過 0.10 美元。

We are also increasing our same-store NOI, cash and GAAP guidance range by a full percent from 3% to 6% to 4% to 7%.

我們也將同店 NOI（same-store NOI）的現金與 GAAP 指引區間整體上調 1 個百分點，從 3% 至 6% 上調至 4% 至 7%。

Please note that this guidance does not include any speculative acquisitions, dispositions or refinancing activity. We will adjust guidance if and when those types of transactions occur.

請注意，此指引不包含任何投機性收購、處分或再融資活動。若且當此類交易發生時，我們將調整指引。

With that, I will turn the call back over to Brent for closing comments.

接下來，我把電話交回給 Brent 作結語。

Thank you, George, Chris and Sherry.

謝謝你，George、Chris 和 Sherry。

Despite the ongoing noise in the office sector, Piedmont remains focused on leasing our portfolio of recently renovated, well-located hospitality-inspired Piedmont places.

儘管辦公市場仍有持續的雜音，Piedmont 仍專注於出租我們近期翻新、地點優越、以款待體驗為靈感的 Piedmont 物件組合。

With the quality space becoming harder to find and the cost of new development at all-time highs, we believe our portfolio offers a cost-efficient alternative to new construction, and we will be able to continue to drive meaningful leasing volume, rental rate increases and same-store NOI growth as 2026 unfolds.

在優質空間愈來愈難尋、且新開發成本創歷史新高的情況下，我們相信我們的投資組合提供了相較新建更具成本效益的替代方案；隨著 2026 年推進，我們將能持續帶動具意義的租賃量、租金上調以及同店 NOI 成長。

With that, I will now ask the operator to provide our listeners with instructions on how they can submit their questions. Operator?

接下來，我將請接線員向各位聽眾說明如何提交問題。接線員？

Thank you. Ladies and gentlemen, at this time we'll be conducting our question-and-answer session.

謝謝。各位女士、先生，現在我們將進行問答環節。

(Operator Instructions)

（接線員指示）

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通（JPMorgan）。

Great. Thanks. Good morning. My first question relates to your comment about half the portfolio seeing a -- I think it was a 15% increase or more in rents, and I think it was 2025. I'm just wondering how specific is that to assets versus markets? Like maybe if you can give us a little bit more depth on like where that all occurred or where it didn't perhaps.

很好。謝謝。早安。我的第一個問題與你提到約有一半的投資組合出現——我想是 15% 或以上的租金上漲有關，我認為那是在 2025 年。我想了解這在多大程度上是特定資產的因素，還是市場因素？例如，你是否能更深入說明大致發生在哪些地方，或哪些地方可能沒有發生？

Sure, Tony, and thanks for joining us this morning. So as we talked about, we did move rate materially, particularly from an asset perspective over the course of 2025, driven by a lot of absorption that we talked about earlier in the call as well, about 750,000 square feet.

當然可以，Tony，也謝謝你今天早上加入我們。如我們所談到的，在 2025 年期間，我們確實在租金要價（rate）上有顯著提升，尤其是從資產層面來看；這主要受我們在電話會議前段提到的大量去化（absorption）所帶動，約 75 萬平方英尺。

So markets and assets, certainly from a market perspective, the assets around our projects are not necessarily achieving what we are. I'll take the Northwest submarket in Atlanta, for example, our Galleria project there crossed over $40 a foot.

就市場與資產而言，從市場角度來看，我們專案周邊的資產未必能達到我們的水準。以亞特蘭大西北次市場為例，我們在那裡的 Galleria 專案租金已突破每平方英尺 40 美元。

Today, we're asking over $50 a foot, and that all occurred over the course of '25, while the rest of the submarket relatively stayed flat. And I would say Midtown Atlanta, also an example of where we continue to push rates at those meaningful levels.

目前我們的要價已超過每平方英尺 50 美元，而這些都發生在 2025 年期間；同時該次市場其他物件的租金相對維持持平。我也會說，亞特蘭大 Midtown 也是一個例子，我們持續在那些具意義的水準上推升租金。

Frankly, all of Dallas would also incorporate that. Some of our suburban assets in Minneapolis, where we've renovated would also incorporate a really meaningful uptick in rental rates over the course of the year.

坦白說，達拉斯全市也可納入其中。我們在明尼阿波利斯部分已翻新的郊區資產，在一年期間租金也出現非常顯著的上升。

And then finally, our downtown Orlando projects as well, would all encompass that. And we're seeing continued activity now in our Northern Virginia submarket, not nearly to that degree, but we're starting to see the same effects in those markets I just mentioned occur there as well.

最後，我們在奧蘭多市中心的專案也都涵蓋在內。而目前我們也在北維吉尼亞次市場看到持續的活動，雖然幅度沒有那麼大，但我們開始看到我剛提到的那些市場所出現的相同效應，也正在那裡發生。

And it's really related to, again, that high-quality space, that top quartile market, particularly in which we play in, has continued to have meaningful absorption and seeing large blocks of space continue to be pulled off the market, and that has allowed us to continue to meaningfully move rates across those assets, if you look at the supplemental that are 90% plus or more leased.

這主要仍與高品質空間有關；我們所處的市場上四分位（top quartile）區段，持續出現顯著去化，且大面積的空間持續被市場吸收，這使我們得以在這些資產上持續大幅推升租金；若你查看補充資料，這些資產的出租率多在 90% 以上或更高。

Okay, got it. Thank you. And then maybe second question, Chris, I think you mentioned being in the market with a few assets for sale. And I know you don't want to give too many specifics, but maybe any sense of order of magnitude dollar-wise that we could see on the disposition side this year?

好的，了解。謝謝。那第二個問題，Chris，我想你提到有幾項資產正在市場上出售。我知道你不想透露太多細節，但就今年處分面而言，是否能就金額規模提供一些概念（以美元計）？

I'll take that. This is Brent again, Tony. So as you noted, we do -- as Chris noted earlier, we have about $30 million under contract, $12 million is hard and in the held-for-sale bucket, and we do expect those to close in third quarter and the rest will happen in early '27.

我來回答。Tony，我是Brent。如你所提到的——也如Chris先前提到的——我們目前約有3,000萬美元已簽約，其中1,200萬美元是確定（hard）的，並列在待售（held-for-sale）項下；我們預期這些會在第三季完成交割，其餘則會在2027年初發生。

As Chris noted, we're marketing one building and evaluating a few others at the moment. And we're looking really to harvest value from stabilized assets and improve the overall quality of our portfolio. So looking again to always cull that bottom 10% in an efficient manner.

如Chris所說，我們目前正在推售一棟大樓，並評估另外幾項資產。我們主要是希望從已穩定的資產中收割價值，並提升整體投資組合的品質。因此，我們會持續以有效率的方式汰換表現最差的10%。

So we'd like to monetize and/or dispose of assets, particularly in the district of Houston are ones we've noted, but also looking a little bit to the future, as we've noted, we'd like to monetize our New York asset upon the conclusion of the New York City lease, although that's likely now in early 2027 event.

因此我們希望將資產變現及／或處分，特別是我們先前提到的休士頓地區資產；同時也稍微著眼未來，如我們所提，我們希望在紐約市租約結束後將紐約資產變現，不過那現在看來可能會是2027年初的事件。

And given the profile of the assets we do have in the market and what we would recycle, we think we could take those proceeds and put them in likely to initially pay down debt. But on a longerterm basis, we are seeing opportunities in our Sunbelt market that would stabilize would be redeployed on an earnings neutral to accretive basis.

考量我們目前在市場上的資產特性以及我們將回收再配置的標的，我們認為可將這些處分所得先用於償還債務。但從較長期來看，我們在陽光地帶（Sunbelt）市場看到一些機會；在資產穩定後，這些資金可在盈餘中性到增益（accretive）的基礎上重新部署。

But obviously, anything at this point, transaction-wise is likely to occur late in the year, if at all. And there's going to be a limited impact to 2026 earnings if we were to dispose of an asset at this point given where we are in the year.

但很明顯，就交易時點而言，若有的話也很可能會在年底較晚時才發生。而且若我們在此時點處分資產，考量目前年度進度，對2026年盈餘的影響將會有限。

Okay.

好的。

Thank you.

謝謝。

Nick Thillman, Baird.

Nick Thillman，Baird。

Hey, good morning. Maybe, George, just appreciate the commentary on 2026 and the bulk of them discussing those. But as we look at '27, you alluded to 50% to 60% retention. You guys have highlighted the two move outs in Atlanta, but just curious if there's any other notable ones that we should be highlighting. It looks like a decent amount of concentration in Orlando and Minneapolis. So any large tenants to monitor there as well and just expectations on that front?

嗨，早安。George，謝謝你對2026年的評論，也談了很多相關內容。但我們看向2027年時，你提到續租留存率約50%到60%。你們提到亞特蘭大有兩個搬出案，但我想了解是否還有其他值得特別關注的項目。看起來奧蘭多和明尼阿波利斯的集中度也不低。那邊是否也有需要留意的大型租戶，以及你們對此的預期？

Sure. Thanks for joining us. I think before I address that, it's really important to understand the momentum that we saw in 2025 continues to roll into 2026, right? I mean the record leasing that we completed was on the backs of early proposals around 2.4 million to almost 3 million square feet.

當然。謝謝你加入。我想在回答之前，先理解我們在2025年看到的動能正延續到2026年，這點非常重要，對吧？我們完成的創紀錄租賃，是建立在早期提案約240萬到接近300萬平方英尺的基礎上。

And though it dropped in the fourth quarter to 1.8 million, we're excited of the fact that it came back to 2.4 million square feet, and that's just providing the tailwinds with these large expirations that are coming up in our submarkets.

雖然第四季降到180萬平方英尺，但我們很高興它又回升到240萬平方英尺；而這也為我們各子市場即將到來的大型到期租約提供了順風。

You mentioned 2027. Yes, it's true, Broadcom and Fiserv in Atlanta will be vacating in the third quarter of 2027. But what we've seen here is that we're going ahead and put into place the Piedmont strategy has worked so well over the past couple of years, right? I mean these properties are modern, they're well amenitized. And when those large users leave, we're going to have the opportunity to put up a building signage for the next prospect that comes along, right?

你提到2027年。是的，確實，亞特蘭大的Broadcom和Fiserv將在2027年第三季搬離。但我們看到的是，我們正持續推進過去幾年成效很好的Piedmont策略，對吧？這些物業很現代化，配套設施也很完善。當這些大型使用者離開時，我們將有機會為下一位潛在客戶設置大樓招牌（building signage），對吧？

These assets are located in Atlanta. We've had a tremendous amount of success here. Central Perimeter is one of those markets that's the most accessible in all of Atlanta. It's got a long track record of expanding large corporate relocations into the submarket. In fact, we had three ast year with StubHub, TriNet and AIG, and we expect that to continue. Our pipeline right now is about 300,000 square feet to backfill, those 2 large prospects in Central Perimeter.

這些資產位於亞特蘭大。我們在這裡取得了非常大的成功。Central Perimeter是亞特蘭大最便利可達的市場之一。它長期以來都有大型企業搬遷並擴張進入該子市場的紀錄。事實上，去年我們就有三個：StubHub、TriNet和AIG，我們預期這樣的趨勢會持續。我們目前的管線約有30萬平方英尺可用來回補Central Perimeter那兩個大型空置。

I think one of the advantages here is that when you look at the supply of large block space for 150,000 square feet or larger, there's only four that really we would call the Tier 1, and we own two out of four those -- two of those four supply. So we feel pretty good about that. And if you look at our overall track record in terms of what we've accomplished in Atlanta, we're 94% leased today. And I think it gives us the confidence we can backfill that space in a pretty short order.

我認為這裡的一個優勢是，當你看150,000平方英尺或更大的大型整塊空間供給時，真正可稱為一級（Tier 1）的只有四個，而我們擁有其中兩個——也就是那四個供給中的兩個。所以我們對此感覺相當不錯。而如果你看我們在亞特蘭大的整體實績，目前出租率為94%。我認為這也讓我們有信心能在相當短的時間內回補那個空間。

Yes. I understood the Atlanta. I just wanted a little bit of clarity on maybe Orlando and Minneapolis, in particular, those are some of the more concentrated ones at 27. I was just curious if there's any other notable like 50,000 square foot tenants that we need to monitor on that side and if you've had discussions on that front?

是的。我理解亞特蘭大的部分。我只是想更清楚了解奧蘭多和明尼阿波利斯，尤其是它們在2027年的集中度較高。我想知道那邊是否還有其他值得注意、例如5萬平方英尺等級的租戶需要關注，以及你們是否已就此進行討論？

Sure. We've got one in Minneapolis, a little over 100,000 square feet. It's in a suburb location. We've got some early looks right now. We have two or three prospects looking for full [four] more. We've got a great brand in Minneapolis. We've -- I mean what you've seen what we've done in Meridian Crossing right, [we took back] 400,000 square feet, and we've got to all of that over the next 15 months or so.

當然。我們在明尼阿波利斯有一個租戶，面積略高於10萬平方英尺。它位於郊區位置。我們目前已經有一些初步接觸。有兩到三個潛在客戶正在看整層[四]層或更多。我們在明尼阿波利斯的品牌很強。我們——我的意思是，你看到我們在Meridian Crossing做的事，對吧，[我們收回]40萬平方英尺，而我們會在接下來約15個月內把那些都租出去。

So we're not overly concerned about it. And then going to Orlando, we've got one project that has about 100,000 square feet expiring. We actually have two prospects that can backfill all of that space right now. Proposals are outstanding. I think we're getting close to -- getting a handshake on the deal.

所以我們並不太擔心。至於奧蘭多，我們有一個專案約有10萬平方英尺到期。我們目前其實有兩個潛在客戶可以把那個空間全部回補。提案已經送出。我想我們快要——快要就這筆交易握手成交了。

So we're looking good there. think we're getting close to getting a big handshake on the deal. So we're looking good there.

所以那邊看起來不錯。我想我們快要就這筆交易大致握手成交了。所以那邊看起來不錯。

That's helpful. And then just on the 700,000 square foot pipeline, 300,000 of that is the renewal with New York, but are there any other chunkier ones within that, that's late stage or signed to date?

這很有幫助。另外關於70萬平方英尺的管線，其中30萬是紐約的續租，但在那之中是否還有其他較大宗的案子，已進入後期階段或截至目前已簽署的？

I'd say -- Nick, this is Brent, and thanks for joining today. I'd say it runs the gamut. It's consistently what we've seen in the past that small users have been there and large users continue to bring their people back and want great space.

我會說——Nick，我是Brent，也謝謝你今天加入。我會說它涵蓋各種規模。這與我們過去一貫看到的情況一致：小型使用者一直都在，而大型使用者也持續把員工帶回來並想要優質空間。

Obviously, we have less and less larger blocks. So we're going to continue to see less, probably 100,000 square footers, except for some of the noted backfills that George mentioned really aren't until '27 in the first place.

很明顯，我們手上可用的大型整塊空間越來越少。因此我們可能會持續看到較少的、例如10萬平方英尺等級的案子；除了George提到的一些回補案之外，而那些本來就要到2027年才會發生。

And so I'd say it's kind of consistently in 50s and 60s and also the 5s to 15s as well across industries. And I think that is what investors should take away from the robust demand we see is not being impeded from an AI perspective at all.

所以我會說，整體而言在各產業之間大致穩定落在 50 多到 60 多，另外也有 5 到 15 的區間。我認為投資人應該從我們看到的強勁需求中帶走的重點是：從 AI 的角度來看，需求完全沒有受到阻礙。

That's helpful. And then, Brent, just maybe conversations with the Board and status on the dividend. I know there's some talk of potentially starting again to declare dividends next year in '27, but is there any update on that front or sentiment there?

這很有幫助。接著，Brent，想請教一下你們與董事會的討論，以及股利的狀態。我知道外界有些說法，可能會在明年、也就是 27 年重新開始宣告配息，但這方面有沒有任何更新或董事會的態度如何？

Of course, the Board reviews the opportunity to pay dividend really every quarter. But as you noted, we said at this point with the dividend suspended, the Board would not really evaluate that again until 2027.

當然，董事會幾乎每一季都會檢視是否有機會配發股利。但如你所提到的，我們先前也說過，在股利暫停的情況下，董事會在此時點不會真正重新評估，直到 2027 年。

I would say until we have the need, i.e., positive taxable net income and see our ability to continue to have excess cash flow. Right now, we're putting a lot in the leasing space, which is obviously generating great returns. But until we see both of those, which depends somewhat on leasing velocity and momentum, the Board is not likely to turn on the dividend.

我會說，除非我們出現需求，也就是有正的應稅淨利，並且看到我們能持續產生超額現金流。目前我們在租賃領域投入很多資本，而這顯然帶來非常好的報酬。但在同時看到這兩點之前（這也在某種程度上取決於租賃速度與動能），董事會不太可能恢復配息。

So we will continue to update. Again, probably the first quarter of 2027 will be that opportunity when capital does significantly right now start to wane off and we see excess cash flow. But again, that's up to the Board to evaluate at that point in time.

所以我們會持續更新。再說一次，可能到 2027 年第一季，當資本支出在目前的高峰後開始明顯趨緩、且我們看到超額現金流時，才會是那個機會點。但同樣地，屆時仍要由董事會來評估。

That's it for me. Thank you.

我這邊就這些。謝謝。

(Operator Instructions)

(接線員指示)

Dylan Burzinski,Green Street.

Dylan Burzinski，Green Street。

Hi, guys. Thanks for taking the question. Most of mine have been asked, but maybe just sort of looking at portfolio lease percentage and where you guys think that can head over time. Just sort of looking at where you guys -- where you guys were at pre-COVID, call it, in the 91%, low 91% range. Obviously, this year, you guys are guiding to sort of 90% at the midpoint.

嗨，各位。謝謝讓我提問。我大部分的問題都已經被問過了，但我想從投資組合的出租率來看，以及你們認為長期可能走到哪裡。回頭看你們在 COVID 之前，大概在 91% 左右、低 91% 的區間。很明顯今年你們的指引在中位數大概是 90%。

I mean, do you think the portfolio is just structurally different today in that not only in terms of the location and the quality but also benefiting from the flight to quality such that lease percentage can get beyond where it has been historically?

我的意思是，你們是否認為如今的投資組合在結構上已經不同了——不僅在地點與品質方面，也受惠於「向優質資產集中」的趨勢，因此出租率可以高於過去的歷史水準？

Thanks, Dylan. This is Brent, and great question. As you point out, we were about 91% leased prepandemic. And of course, that had a shift in the marketplace that was pretty substantial. We've recovered almost all of that back, and we're guiding to 90% leased at the end of this year.

謝謝你，Dylan。我是 Brent，這是個很好的問題。如你指出的，我們在疫情前的出租率約 91%。當然，市場出現了相當重大的變化。我們幾乎已經把那段下滑都收復回來了，而我們的指引是今年年底出租率達到 90%。

As we look at our own portfolio, we have a substantial number of assets where we push lease percentages that are well into the 90s, sometimes approaching 100%. So I think to your point, we have seen those assets that perform are generating well in excess of historical 91%, 92% stabilization. And I do believe we can continue to generate roughly 50 to 100 basis points of absorption a year across the portfolio.

就我們自己的投資組合來看，我們有相當多的資產，其出租率可推升到 90% 以上，有時甚至接近 100%。所以我認為如你所說，我們確實看到表現良好的資產，其出租率遠高於過去 91%、92% 的穩定水準。我也相信，我們可以在整體投資組合層面，持續每年帶來約 50 到 100 個基點的吸納（absorption）。

And so that's reasonable to assume that we could be in the 91% to 92% leased range in a few years, and potentially drive that higher, particularly at the unique amenitized large-scale projects like both our Galleria project, but even those midsized projects like the Meridian and Minneapolis, which we leased up over about the course of 18 months from 0% leased.

因此，合理的假設是，幾年後我們可能回到 91% 到 92% 的出租率區間，甚至有機會再往上推，特別是像我們的 Galleria 這類具備獨特配套設施的大型專案；甚至是像 Meridian 與 Minneapolis 這些中型專案——我們在約 18 個月內從 0% 出租一路租滿。

Those environments are proving out that we can take assets to, again, 95% plus, and that will have a meaningful impact on growth in the portfolio longer term. So I do see, particularly with no construction really coming online to the end of the decade, a good runway push further, but that's just a little too far out to prognosticate. But certainly feel comfortable saying 50 to 100 basis points of absorption over the next few years is achievable

這些案例證明，我們可以把資產再度推升到 95% 以上，而這將對投資組合的長期成長帶來顯著影響。所以我確實看到一條不錯的推進跑道，尤其是在幾乎沒有新建案要到本十年末才會大量入市的情況下；但那仍有點太久遠，難以做出預測。不過，我們確實有信心表示，未來幾年每年 50 到 100 個基點的吸納是可達成的。

Okay. Great. That's extremely helpful, Brent. And then I think you mentioned D.C. and Houston being geographies or assets that you guys were looking to monetize. Can we say the same for Minneapolis as some of those assets through stabilization?

好的。很好。這非常有幫助，Brent。另外，我想你提到華盛頓特區和休士頓是你們正在考慮變現的地區或資產。那 Minneapolis 的一些資產在達到穩定後，也可以這樣看待嗎？

I'd say, Dylan, we continue to want to harvest assets that we've created value and are stabilized to redeploy that into accretive opportunities. So regardless of market, I think we take that lens through the portfolio. You know Minneapolis, we do have a couple of assets that have leased up really well there and have long WALTs, 12-year plus weighted lease through those buildings.

我會說，Dylan，我們仍然希望收割那些我們已創造價值且已穩定的資產，並把資金再部署到具增益（accretive）的機會上。所以不論市場在哪裡，我們都會用這個角度檢視整個投資組合。你知道的，在 Minneapolis，我們確實有幾個資產出租表現非常好，而且這些大樓的加權平均剩餘租期（WALT）很長，超過 12 年。

We'll let those come online and evaluate the market at that time.

我們會讓這些資產進入穩定狀態，並在那個時間點再評估市場狀況。

Hopefully, it continues to improve. But we have, as you know, created a lot of value with those buildings, and we'll look for ways to either recapitalize or monetize and redeploy those proceeds accretively into another market where we see growth in a similar fashion. So a little too early to tell on Minneapolis, but it's likely that we would reduce our exposure there over time.

希望市場能持續改善。但如你所知，我們在這些大樓上已創造了很多價值，我們會尋找方式，無論是進行再資本化（recapitalize）或變現（monetize），並將所得以具增益的方式再部署到另一個我們看到類似成長的市場。所以就 Minneapolis 而言現在還有點太早下定論，但我們很可能會隨時間推移降低在那裡的曝險。

Great. Thanks all.

很好。謝謝大家。

As we have no further questions in queue at this time, I'd like to turn the call back over to Mr. Smith for any closing remarks

由於目前沒有其他排隊提問，我想把電話交回給 Smith 先生，請他做結語。

I appreciate everyone joining today. I want to take the opportunity to thank my colleagues and fellow Piedmont placemakers for their hard work and efforts over the past really few years that have resulted in the sector-leading growth that we're witnessing this year.

感謝各位今天的參與。我也想藉此機會，感謝我的同事以及 Piedmont 的夥伴們在過去幾年投入的辛勞與努力，這些努力帶來了我們今年所見、領先同業的成長表現。

I also want to invite investors to join us at the Wells Fargo Conference next week. If you happen to be attending that and/or in the June NAREIT meeting in New York City, if you want to sit down with management and hear more about the growth story and what's unfolding in the office sector.

我也想邀請投資人下週參加我們在富國銀行（Wells Fargo）會議上的活動。如果你剛好會出席該會議，或是 6 月在紐約市舉行的 NAREIT 會議，歡迎與管理團隊坐下來交流，進一步了解我們的成長故事，以及辦公室產業正在發生的變化。

Thank you, everybody. Have a great day.

謝謝大家。祝各位有美好的一天。

Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝各位女士、先生。今天的電話會議到此結束，您現在可以掛線，並感謝您的參與。