Petitioner Responsive Declaration to Temporary Custody RFO
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Cousins Backdrop Inc  (NYSE: CUZ)

Petitioner Responsive Declaration to Temporary Custody RFO - supplemental declaration form california
Petitioner Responsive Declaration to Temporary Custody RFO – supplemental declaration form california | supplemental declaration form california

Q3 2018 Antithesis Appointment Call

Oct. 25, 2018, 11:00 a.m. ET

Operator

Good morning, and acceptable to the Cousins Backdrop Third Division Appointment Call. (Operator Instructions)

I would now like to about-face the appointment over to Pam Roper, Accepted Counsel. Please go ahead.

Pamela F. Roper — Controlling Vice President, Accepted Counsel and Accumulated Secretary

Good morning, and acceptable to Cousins Properties’ Third Division Antithesis Appointment Call.

With me today are Larry Gellerstedt, our Chairman and Chief Controlling Officer; Colin Connolly, our President and Chief Operating Officer; and Gregg Adzema, our Chief Banking Officer.

The columnist absolution and added amalgamation were fabricated attainable on the Investor Relations folio of our website bygone afternoon, as able-bodied as furnished on Form 8-K. In the added package, the Aggregation has accommodated all non-GAAP banking measures to the best anon commensurable GAAP measures in accordance with Reg G requirements.

Please be acquainted that assertive affairs discussed today may accumulated avant-garde statements aural the acceptation of federal antithesis laws, and absolute after-effects may alter materially from these statements due to a array of risks and uncertainties and added factors. The Aggregation does not undertake any assignment to amend any avant-garde statements, whether as a aftereffect of new information, approaching contest or otherwise. The abounding acknowledgment apropos avant-garde statements is attainable in the added amalgamation acquaint yesterday, and a abundant altercation of some abeyant accident is independent in our filings with the SEC.

With that, I’ll about-face the alarm over to Larry Gellerstedt.

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

Thanks, Pam, and acceptable morning, everyone.

Cousins continues to assassinate awfully able-bodied in 2018, commutual the third division with able banking after-effects and advantageous action on both the leasing and advance fronts. The aggregation accomplished 485,000 aboveboard anxiety of new and face-lifting leases at economics that represented an 18th beeline division of absolute hire rollouts, a decidedly absorbing adeptness for an operating portfolio added than 94% leased.

Equally important, Cousins fabricated cogent advance on the advance front. We delivered the added appearance of NCR on October 1st. NCR has already amorphous application the new belfry and is accepted to complete the alliance from their absolute Atlanta offices by the end of aing week. Of the 10000 Avalon, we accept congenital a able-bodied leasing action and are in accepted negotiations, which would accompany the acreage to 40% pre-leased. In Austin, we accept formally added two floors to 300 Colorado, bringing the absolute aboveboard footage to 358,000 aboveboard feet. Architecture is on agenda to activate in December.

In accession to these developments, we accept been steadily abacus to our acreage bank. Beforehand this month, we bankrupt on our acreage aggregation at 901 West Peachtree Artery in Midtown Atlanta, breadth we could potentially advance up to 470,000 aboveboard anxiety of office. This quarter, we plan to aing on our armpit in Tempe, 100 Mill, and accede our collective adventure acceding with Heinz to potentially body up to 280,000 aboveboard feet. With the accession of these sites, forth with our Victory armpit in Dallas and our fifth pad at Accumulated Center in Tampa, we now own or ascendancy sites that could lath up to 1.4 actor aboveboard anxiety of new Class A appointment space.

These advance milestones, in accession to addition division of affection antithesis and operating results, accommodate an accomplished snapshot of how Cousins has consistently accomplished quarter-after-quarter, all while accession the portfolio for connected growth. Equally important, this quarter’s after-effects reflect the affection of the assets, the bloom of the Cousins markets, the backbone of its antithesis sheet, and the abyss and the above of a absolute accomplished team.

Against that backdrop, I’d like to blow aloft addition contempo advertisement afore Colin and Gregg dive into the accommodation for the quarter. As abounding of you know, I will activate confined as Controlling Chairman of the Lath able January 1, 2019. This role will acquiesce me to focus on abiding strategies, cardinal investments, key applicant and borough relationships, and Lath governance, while acknowledging an controlling aggregation led by Colin Connolly as President and CEO. Colin, forth with Gregg Adzema and Pam Roper, has been alive — alibi me, has partnered with the Lath and me for the aftermost seven years. All three, collectively and individually, accept been alive in the Company’s success. And I couldn’t be added aflame in their advancing allegation to serve Cousins as a team.

Furthermore, as the anew appointed Controlling Chairman and a longtime shareholder, I’m assured that Colin, with his cycle-tested experience, aberrant administration abilities, and avant-garde mindset, will advance Cousins into the aing era of acceptable assisting growth.

Finally, afore I about-face it over to the team, I’d like to acknowledge shareholders and all who are alert to the alarm today. I became CEO in June of 2009. At that time, we were a development-oriented adapted REIT. Like best REITs, we were additionally over advantage with too abundant new development and non-income bearing land. As an alien baton to the REIT community, I had a lot to do in those aboriginal days, as able-bodied as a lot to learn. But in a advised manner, we proceeded to, first, antithesis the antithesis sheet; afresh body a team; afresh ascertain a acute new strategy; afresh accretion and assassinate opportunities, both ample and small, constant with that strategy; and finally, and best importantly, actualize a lot of actor value.

The adventure has been a lot of fun and I’m beholden for the befalling to be a allotment of it. However, we are in the aboriginal innings of this strategy, with amazing upside opportunity. I can candidly say, I’ve never been added aflame about the approaching affairs for this Company, nor added assured in the team, which will backpack us forward. I accessory avant-garde to speaking with abounding of you all contiguous at NAREIT aing ages in San Francisco.

With that, I’ll achieve my remarks, and about-face the alarm over to Colin.

Colin Connolly — President and Chief Operating Officer

Thank you, Larry, and acceptable morning.

I’m accustomed to advance Cousins Backdrop for the aing affiliate in its connected and appreciative story. I appetite to acknowledge our Lath of Directors for the opportunity, as able-bodied as their abiding allegation to our Aggregation and our shareholders.

I additionally appetite to booty a moment to acknowledge Larry. We’ve been alive calm for over seven years; and during that time, he’s been the ideal coach for me alone and a transformational baton for the Aggregation as a whole. I adore our assignment calm every day, and I accessory avant-garde to our connected accord in his role as Controlling Chairman.

Lastly, to my Cousin colleagues, it is a advantage to be on your team. You’re adamant focus on creating bulk for our shareholders inspires me every day. We accept an agitative future, and I’m appreciative to be allotment of that with you.

Looking forward, I could not be added aflame about the befalling for Cousins. We accept a bright and acute Sunbelt action that will abide to account from the advancing clearing of jobs into the Southern US and the accelerated urbanization arena out in our ambition submarkets. I’m assured that our bays portfolio, bedrock solid antithesis breadth and best-in-class aggregation positions us able-bodied to go attempt and capitalize on the present and approaching opportunities.

Turning to the quarter, our after-effects were able above the board, with solid contributions from anniversary of our bristles Sunbelt markets. Leasing action was absolute in all of our markets from 48,000 aboveboard anxiety in our aboriginal to 226,000 aboveboard anxiety in our bigger market. Net able rents came in beneath our one-year run rate, but this is absolutely a aftereffect of a college allotment of this quarter’s leasing occurring in some of our lower hire contour properties. Hire advance remained strong, with ante rolling up 25.8% on a GAAP abject and 7.6% on a banknote abject during the quarter. Our operating portfolio is now 94.6% leased, with aloof over 7.5% of the portfolio expiring through 2019.

Now for some of the bazaar specifics, starting in Atlanta. Our aggregation accomplished 225,000 aboveboard anxiety of appointment leases above the portfolio in the third quarter. Importantly, action best up decidedly at Northpark Boondocks Center, avant-garde of AIG’s 105,000 aboveboard bottom cessation in aboriginal 2019. In total, the aggregation alive a 175,000 aboveboard anxiety of leases at the project, including 91,000 aboveboard anxiety of new and amplification leases. The bigger transaction was a 73,000 aboveboard bottom charter with OneTrust, a growing technology aggregation that will be relocating from Midtown. A primary focus of OneTrust Search was award amplitude that’s calmly attainable to their aptitude abject absent to alive in boondocks and drive via MARTA, admission those alive in the arctic suburbs absent to drive by car. We are captivated that OneTrust activate their band-aid at Northpark. They are appointed to move into their abiding amplitude during the added division of 2019.

Just to the south, we are alpha to see added levels of action in Buckhead. Buckhead has historically been a banking casework hub, but technology and added companies are accretion their attendance here. According to CBRE, Atlanta is a Top 5 bazaar for both educational accomplishment and academician gain, as they alarm it; the net of absolute technology degrees becoming in a burghal and the cardinal of technology jobs created. We accept that this will abide to accept a absolute appulse on the appointment bazaar above the busline area, decidedly in submarkets with MARTA admission like Buckhead.

During the third quarter, our aggregation accomplished a 39,000 aboveboard bottom charter at 3350 Peachtree with Workday, a awful admired software company. And aloof aftermost week, tech giant, Salesforce, arise their allegation to add addition 600 jobs to their growing aggregation in Buckhead. While the Salesforce advance was not in the Cousins building, it bodes able-bodied for the Buckhea bazaar overall.

We abide focused on our 2019 expirations at Terminus, which we own in a 50-50 collective adventure with JPMorgan. While we will not accept any of the amplitude aback until the end of March and the end of June, we accept absolute action at the action and are currently in avant-garde discussions with a abeyant abounding attic customer. Over in Austin, action charcoal absolute able-bodied as the appointment bazaar captivated 1.1 actor aboveboard anxiety during the quarter, and the CBD Class A abstraction bulk is aloof 6.5% according to CoStar.

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To highlight the advance in the market, aback 2013, the seven bigger tech companies amid in Austin accept developed from 350,000 (ph) aboveboard anxiety to 3.4 actor aboveboard feet. After a lot of abandoned amplitude in our burghal Austin portfolio, which is now about 96% leased, our bounded aggregation continues to apply on alive renewals with key customers, including a 32,000 aboveboard bottom face-lifting with UBS at San Jacinto Center this quarter.

Just above the artery at One Eleven Congress, we are seeing acceptable new action as a aftereffect of the Fareground aliment anteroom action that we opened in January, which helps us assassinate 26,000 aboveboard anxiety of new leases during the quarter. We are currently in negotiations on addition abounding attic at this acreage as well.

Turning to Charlotte. The Class A bazaar captivated 520,000 aboveboard anxiety during the third quarter. The accomplished akin of action it has accomplished this year. Our Uptown portfolio is able-bodied positioned, with 99% control bulk and bashful near-term expirations. This quarter, our aggregation alive over 80,000 aboveboard anxiety of leases, the best cogent of these actuality a abiding addendum with Fifth Third Coffer at Fifth Third Center. Over in the South End, we are on clue to bear Dimensional Abode in the aboriginal division of 2019. Dimensional Armamentarium Advisors are spending cogent bulk of added money above the contributions by our collective adventure to body out their space, which delayed the commitment date by a brace of months. Therefore, Dimensional Armamentarium Advisors will abide in their two floors at Fifth Third Center through February of 2019.

Moving on to Phoenix. The appointment bazaar captivated addition 600,000 aboveboard anxiety this quarter, appearance the 33rd after division of absolute net absorption, according to CBRE. Importantly, Class A abstraction in Tempe is now beneath 5%. Our aggregation had an absorbing division of their own, signing what we accept to be the bigger charter over $40 per aboveboard bottom in the history in the Phoenix market. This new chump is accretion from Southern California and will be application 37,000 aboveboard anxiety at Hayden Ferry.

And finally, bottomward to Tampa, the all-embracing appointment bazaar and Westshore submarket, both acquaint their arch net assimilation numbers of the year. Our aggregation busy 61,000 aboveboard anxiety above our Tampa portfolio during the quarter, including backfilling bisected of the Laser Spine amplitude at Harborview. We are admiring with the advance at Harborview and feel abundant about our affairs for the absolute amplitude at the building. Our all-embracing Tampa portfolio is currently 94% leased, and there are absolute few ample blocks of attainable amplitude in the Westshore submarket.

With that, I’ll about-face the alarm over to Gregg for a analysis of our banking performance.

Gregg Adzema — Controlling Vice President and Chief Banking Officer

Thanks, Colin. Acceptable morning, everyone.

I’ll activate my animadversion by accouterment an overview of our banking results, including same-property performance; afresh I’ll move on to our antithesis breadth afore closing my animadversion with an amend to our 2018 antithesis guidance.

As you could acquaint from Colin’s remarks, we had a solid, absolute apple-pie third quarter. Net assets was $0.05 per allotment and FFO was $0.16 per share. Overall, the achievement metrics that amount the best charcoal able as same-property NOI was durably positive, added bearing leasing spreads connected to aeon up, and leasing accumulated exceeded above-mentioned quarters. As has been the case over the accomplished brace of years, our abiding allurement advantage accrual, which runs through our assets account in the accepted and authoritative costs band item, was chapped during the third division and beneath contempo trend.

As a quick reminder, in adjustment to ensure management’s interests are accumbent with shareholders’ interests, the all-inclusive majority of our performance-based abiding allurement advantage actuality at Cousins is bent by our absolute acknowledgment achievement about to the SNL Appointment Index.

During the third quarter, our absolute acknowledgment beneath by 7.3% compared to a abatement of 1.7% for the index, and the accretion was adapted bottomward accordingly. Aural our aforementioned acreage portfolio, year-over-year banknote NOI was up 4.4% during the third quarter, apprenticed by 5.1% acquirement growth. These are agitating numbers, and they apparent the 27th after division of absolute year-over-year banknote NOI growth, with increases averaging 6.9% over the seven-year period. I’m assured this ranks us at or a the top of all appointment REITs. It’s a attestation to the basal banknote breeze adeptness of our Sunbelt markets and our burghal assets.

Turning to our antithesis sheet. As of division end, we had annihilation fatigued on our $1 billion apart acclaim facility, and we captivated over $80 actor in cash. Our net debt-to-EBITDA arrangement was 3.65 times, and our anchored allegation advantage arrangement was 5.67 times. The abounding boilerplate assimilation bulk on our debt was 3.84%, and our abounding boilerplate adeptness was 5.7 years. We accept no debt maturities of any acceptation until 2021. We did pay off a non-recourse mortgage accommodation on a acreage in Tampa alleged The Pointe during the third quarter. The accommodation (ph) did not complete until 2019, but was attainable to prepay after amends six months early, and we acclimated some of our banknote to booty advantage of this accommodation option. After advantageous of this mortgage, aloof beneath 75% of our acreage NOI is now unencumbered. Overall, our antithesis breadth charcoal bedrock solid and amid the absolute best compared to both our appointment aeon and the absolute REIT industry.

I’ll blanket up my comments today by afterlight our 2018 FFO guidance. As we categorical in our third division antithesis release, we accept aloft and anchored our advice to a ambit of $0.60 to $0.63 per share. All of our assumptions are banausic with the barring of our G&A amount assumption, which we accept bargain to amid $23.5 actor and $25.5 actor from a antecedent ambit of $25.5 actor to $27.5 million, due to the abatement in the abiding allurement advantage accretion I mentioned earlier.

We’re not accouterment 2019 FFO advice yet. We’ll do that on our fourth division appointment call, constant with above-mentioned practice. But acquainted that abounding analysts and investors are aggravating to anticipation this cardinal now, I did appetite to accommodate a brace of avant-garde items that may prove useful.

First, the new FASB leasing accepted that becomes able January 1, 2019 will crave us to amount about $3.3 actor in centralized leasing costs that we advanced capitalized. This incremental amount will run through our accumulated G&A amount band account on the assets statement. Second, we advanced alpha the sales action for our Meridian Mark asset over the aing few weeks, with the closing advancing during the aboriginal few months of 2019. This is a 160,000 aboveboard bottom medical appointment architecture amid in the Pill Hill submarket in North Atlanta, adjoining to Northside Hospital. We developed this architecture in 1997, and although it is not — although it is non-core for us, it’s a absolute adorable asset for abounding altered types of buyers, and we advanced able-bodied demand. Please agenda that there is a mortgage accommodation on Meridian Mark that matures in August 2020 that will charge to be affected or prepaid.

Before axis the alarm over to the operator, I’d like to point out some added detail we accept provided in our banking supplement this quarter. First, we’ve added in-place gross rents to our key achievement metrics agenda on Folio 9, accouterment both accepted and absolute data. We will abide accouterment net able rents on all new leasing action aural the settlement, so this gross rents abstracts is additive. Second, we’re now accouterment absolute banknote costs, excluding any capitalized items, in our development action agenda on Folio 25. Hopefully, you’ll accretion both of these additions accessible as you assay our performance.

With that, I’ll about-face the alarm aback over to the operator.

Operator

(Operator Instructions) The aboriginal catechism comes from Jamie Feldman with Coffer of America ML. Please go ahead.

James Feldman — BofA Merrill Lynch — Analyst

Great. Acknowledge you. Acceptable morning, and congratulations to anybody for the aing stages of your careers. So, can you allocution added about the development abandon and aloof affectionate of some of the conversations you’re accepting for — I anticipate you mentioned the potentially 1.4 actor aboveboard anxiety you guys could build? Aloof how should we anticipate about abeyant timing of annihilation absolutely accepting started?

Colin Connolly — President and Chief Operating Officer

Hey, Jamie. It’s Collin, and acknowledgment for your question. We do, as Larry outline, accept some agitating development sites, and importantly, as you accessory across, absolute adumbrative of our Sunbelt action with agitating armpit actuality in Atlanta; one out in Tempe that we achievement to aing anon in Uptown Dallas and at Accumulated Center IV bottomward in Tampa. So our aggregation is actively alive through the predevelopment for those assorted projects. I anticipate the ancient we could absolutely breach arena on any of those would be acceptable March of aing year, but our focus actuality absolutely is to accept those sites be affectionate of demand-driven sites. And we are admiring and optimistic with some of the conversations that we’ve got demography abode with abeyant ballast customers. We’ll accumulate alive that action adamantine as we assignment through the predevelopment appearance of the projects.

James Feldman — BofA Merrill Lynch — Analyst

So would you say there’s any that are affectionate of approaching like your appealing far forth in discussions or not necessarily?

Colin Connolly — President and Chief Operating Officer

Look, I anticipate we’re — as we accessory against 2019, we’re hopeful that — and optimistic that we’ll be able to get addition action out of the arena with some pre-leasing and acceptable ballast customers. I don’t accept annihilation to address today that’s imminent, but I would say we are in discussions with tenants and abeyant affairs above all of those buildings. They’re all in absurd locations; in abounding cases, adjoining to some of our absolute properties, and so we’re advantageous to be able to accept discussions with some admission association to the bazaar but we’re additionally in alive discussions with some of our absolute barter who’ve got some advance need. So we’ll accumulate alive at it and hopefully we’ll accept some acceptable account to allotment for you as we aeon into 2019.

James Feldman — BofA Merrill Lynch — Analyst

Okay, thanks. And afresh I assumption aloof afraid with development, there’s been a lot of columnist about The Gulch project. Can you allocution about what you anticipate that could beggarly for Atlanta, and if you guys would accept any befalling to get circuitous in that or alike in any befalling breadth action in Atlanta?

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

Yes. Acceptable morning, Jamie, and acknowledge you for the comments. The Gulch is an breadth in burghal Atlanta that has basically been apparent parking lots for decades. It’s about a 40-acre armpit anon adjoining to State Farm Arena, Mercedes-Benz Stadium and the Georgia Apple Congress Center. CIM is the developer and they accept a development acceding that has been — actuality vetted by Burghal Council to be approved, and that action has been action on in the aftermost as brace of months, and I would apprehend it to be bound one way or addition in the aing ages or so. So, it’s array of up in the air as to whether or not Burghal Council brings it avant-garde with a approval or not, it’s been a adequately advancing agitation that’s been action on on it. We absolutely anticipate aloof for the city, it would be a agitating thing, the development would absolutely animate this allotment of burghal Atlanta with the developers talking about a mixed-use circuitous that apparently retail and residential would be the antecedent basic of. So, we absolutely are affairs for it to happen.

One baby agenda aloof for accuracy is, go aback to the 1970s, Cousins has air rights and the brand of that development that go aback to aback Tom Cousins developed CNN Center aback in the 70s. So we would accept that if the action is accustomed by Council that those air rights would be commodity that the developer CIM would acceptable appetite to acquirement as array of allotment of their acreage assemblage. Nothing’s has been accomplished or adjourned on that. It won’t be a cogent cardinal about to Cousins, but I aloof basic to point that out.

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James Feldman — BofA Merrill Lynch — Analyst

Okay, that’s helpful. And how do you anticipate about it from a aggressive accumulation — office-supply standpoint?

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

Well, I don’t anticipate there would — the conversations we’ve had with CIM and we’ve had several aloof apropos our air rights, and I’ve had several aloof in my borough accommodation as a — arch a brace of business organizations in town. It doesn’t arise to me that their antecedent forays in agreement of what the development will leave with would be office. And also, I would aloof add that this accurate site, one of the affidavit it’s been underutilized for so connected is that sits 40 anxiety beneath the artery grid, and so they will accept three or four years’ account of assignment to do aloof to actualize the belvedere 40 anxiety in the air to activate to accept a developable site, which is the acumen the amount of that belvedere is absolutely the charge — the acumen that they’re alive to get some tax allocation, commune costs and sales tax accession costs to accounts that. So I don’t anticipate in the accountable approaching that it would be an office-supply adversary aloof because it will booty a connected time for to — for the belvedere to get in place.

Operator

Our aing catechism comes from Blaine Heck with Wells Fargo. Please go ahead.

Blaine Heck — Wells Fargo Securities, LLC — Analyst

Thanks. Acceptable morning. Aloof a chase up on Jamie’s question, and accurately on (inaudible) West Peachtree site. Aloof basic to get your thoughts on Midtown Atlanta in general. I think, it’s been a absolute able market, but seems as admitting there are a cardinal of projects that are either beneath architecture there, or accepting accessible to launch. So, how do you feel about admission on that project, accustomed the abeyant for accumulation issues? And then, do you accept any added blush on address that you can allocution about, abnormally accustomed the contempo letters about BlackRock’s advised move bottomward there?

Colin Connolly — President and Chief Operating Officer

Sure, Blaine. It’s Colin. As we sit today, there is about 1.7 actor aboveboard anxiety beneath architecture in Midtown, and that’s about 65% pre-leased. And certainly, we’ve got a agitating site. There are some added developers that are actively aggravating to put calm their own projects. We feel absolutely acceptable about the area of (inaudible) West Peachtree, because it’s appealing altered in the bazaar to accept the adjacency that we do to both MARTA and Georgia Tech. So we anticipate that bodes well. I think, ultimately the bazaar is action to be focused on in the basic markets for absolute address affectionate of apprenticed leasing — demand-driven development, as I said earlier.

You affected on one accounted abeyant anticipation out there. There are several others. I’d say, the Busline Chamber is absolute alive appropriate now, with some abeyant — alien affectionate of new in clearing customers, which again, I think, speaks absolute able-bodied to Cousins’ all-embracing action is a Sunbelt burghal appointment company. And so, the clearing that we see from North to South, I think, continues to comedy out. And Midtown Atlanta is, I think, absolute able-bodied positioned to be a key almsman of that. So, there are a lot of affairs out there. We’ll see how those conversations go. But at the end of the day, we feel like our armpit is absolute able-bodied positioned to go attempt in the marketplace.

Blaine Heck — Wells Fargo Securities, LLC — Analyst

Very helpful. Should be interesting. And then, we noticed a brace of absorbing accouterment addition would accept blow on in the added from the added division to third quarter. So in attractive at your anniversary expirations on Folio 20, it seems like the 2020 cessation for the aboveboard footage didn’t change much, but the percent of anniversary hire added absolutely a bit and the hire per aboveboard bottom added from $32 to $41. So, that’s first.

And afresh secondly, on the top of the — top tenants page, it looks like Coffer of America’s annualized hire additionally jumped appealing considerably. I’m academic that has commodity to do with the amplification in face-lifting backward aftermost year, but aloof apprehensive if those were linked, those two. And I assumption what was action on abaft this?

Gregg Adzema — Controlling Vice President and Chief Banking Officer

Hey, Blaine. It’s Greg. Acceptable morning.

Blaine Heck — Wells Fargo Securities, LLC — Analyst

Good morning.

Gregg Adzema — Controlling Vice President and Chief Banking Officer

As I’ve mentioned in my able remarks, we accept now added to the supplement in-place gross rents and we’ve formed that through the supplements of this folio that you’re apropos to, is now application gross rents against advanced application net rents, that’s why you’re seeing the jump in the numbers.

Blaine Heck — Wells Fargo Securities, LLC — Analyst

Got you. Makes sense. Thanks.

Operator

The aing catechism comes from Michael Lewis with SunTrust. Please go ahead.

Michael Lewis — SunTrust Robinson Humphrey, Inc. — Analyst

Thank you. Could you guys allocution about some of the changes in the alive development pipeline? Not aloof 300 Colorado, but it looks like the costs are bottomward hardly for 858 Spring, 10000 Avalon, Dimensional Place. Is there annihilation notable to allocution about there?

Gregg Adzema — Controlling Vice President and Chief Banking Officer

Hey, acceptable morning. It’s Gregg again. Michael, on that page, I’ve mentioned in my able remarks, we’re now including numbers that are excluding capitalized costs. So that’s why you’ve apparent a baby abridgement in the numbers on affectionate of all the projects on that as we’re excluding those capitalized costs; the bigger of which is capitalized interest. So these are banknote numbers now in the schedule.

Michael Lewis — SunTrust Robinson Humphrey, Inc. — Analyst

Okay, understood. Acknowledge you. You talked about the connected band of the absorbing banknote hire spreads and NOI growth, and I apprehend you’re giving affectionate of bound acumen into 2019 at this point. But aback I accessory at the bazaar hire advance in your amount markets over the aftermost five, six, seven, added years, whatever the boilerplate charter appellation adeptness accept been, it looks like you would accept appealing acceptable aplomb of connected able hire spreads for the aing several abode to go. Is that affectionate of fair? Could you animadversion on that?

Gregg Adzema — Controlling Vice President and Chief Banking Officer

Sure. So, the cardinal that we’ve provided over the accomplished year or so, breadth we’ve got in-place rents that are 8% to 10% beneath market, charcoal the case today and action into ’19. So you’ll see that abide to run through our same-property portfolio in ’19. We’re not seeing any abrasion of fundamentals. Fundamentals abide able in our supermarkets. So from that perspective, again, we’re not accouterment ’19 guidance, we will as we consistently accept in February, but the basal assumptions abaft that advice charcoal strong.

Michael Lewis — SunTrust Robinson Humphrey, Inc. — Analyst

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Okay. And afresh after for me, again, not to advance for any guidance, but aback I accessory at the low allotment payout arrangement and you should accept some advance with development deliveries on the way in your income. Do — could we alpha to anticipate about over the aing few quarters? I apprehend the Lath will accessory at the allotment frequently. But are you bumping up to breadth you anticipate there may be an access there and may be a absolute one advancing up on the horizon?

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

Well, our allotment is ultimately absitively by our Board. So I would never appetite to get in avant-garde of their decision. But we accept added the allotment in the aboriginal division of every agenda year for the accomplished several years. And as I’ve aloof mentioned, the fundamentals of the business charcoal solid. So, I would see no acumen why that would continue. But again, I — the affliction affair I could do would be to get in avant-garde of a allotment increase, which is ultimately absitively by our Board.

Michael Lewis — SunTrust Robinson Humphrey, Inc. — Analyst

Of course. Okay, acknowledge you.

Operator

The aing catechism comes from John Guinee of Stifel. Please go ahead.

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

John Guinee here. Acknowledge you. First, Larry, we are absolutely action to absence you. I do appetite to accomplish one alteration admitting to your comments. Cousins was, I think, the affliction appointment readout there aback it came to balance leverage, balance acreage and balance disparate development. You were in a alliance of your own in 2009.

Second, and this is for Larry, do you anticipate you accept abundant land? I mean, you’re up to one acceptable armpit in anniversary of your markets, but that’s array of putting all your eggs in one basket. Is that enough?

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

John, aboriginal of all, acknowledge you for your comment, and I accessory avant-garde to not accepting to apprehend your name mispronounced consistently on these antithesis calls. But assurance me, with my name, I’m acclimated to accepting the aforementioned problem.

I think, we declared that 2% to 3% is the ambit of what we need. And I — we’re attractive at a armpit that I’m optimistic about to add in Charlotte that I would achievement may become actionable ancient aing year. And we abide to accessory at some sites in our added key markets. So, I would achievement that we accretion opportunities to abide to selectively add to the absolute we accept now against because what we accept now to be you apperceive the number.

The affair that I can — attractive aback on it, we were aloof weren’t in a position, as a company, to absolutely armamentarium (inaudible) sites in these key submarkets. But we are now and we appetite to accept them so that we can abide to action advance for absolute barter and entering customers. And so, we — I would apprehend that the aggregation would accept added action on sites in the advancing years.

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

Okay. And then, Colin, congratulations first.

Colin Connolly — President and Chief Operating Officer

Thank you.

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

And then, as you know, Larry’s son is circuitous in WeWork. So Larry is not accustomed to admonish on this. Colin, do — you accept a lot of leases out with Regus; I think, you’ve got some out with WeWork, which archetypal do you like bigger and why?

Colin Connolly — President and Chief Operating Officer

John, it — we do accept leases with both groups. I think, in aggregate, we apparently accept 115,000 (ph) or so with Regus, and that comes in absolutely two altered forms. They’re acceptable Regus archetypal as able-bodied as the Spaces model. We aloof opened our aboriginal WeWork abundance over a aals in the aboriginal allotment of this year, which is about two floors, 50,000 anxiety in aggregate. So I anticipate it’s a little bit aboriginal for us to affectionate of aces who the champ in that ante will be. I think, they both, in our portfolio, abide to accomplish well. The food in our portfolio accept accretion nicely. But I do think, as a accepted statement, you’re seeing the — this archetypal added against the — what Spaces and WeWork is doing, which is a aloof a little bit college affection finish, affectionate of a added casework and amenities that go forth with that. So, I would apprehend Regus to abide to catechumen a ample allocation of their account to the Spaces model. But I — look, I anticipate there’s allowance for both of those. They address to altered segments of that blazon of demand, attractive for adjustable appointment space. And we’ll acceptable abide to do business with both.

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

Right. And afresh aftermost catechism for you. On one hand, 7% cash, 25% GAAP absolution advance sounds appealing good. But aback you amalgamate that with $6.70 per aboveboard bottom per charter year, it takes a lot of wind out of that sale. Are those affectionate of metrics acceptable abundant to absolutely actualize bulk at the asset level?

Colin Connolly — President and Chief Operating Officer

Well, John, I anticipate that 7% was affectionate of beneath our trend over the aftermost brace of years, which I anticipate has been afterpiece to affectionate of 9%, 10%. And so, this accurate division was impacted by aloof some of the mix of leases that we have. And so as we do accessory at our charter economics and net able rents, they abide to be positive, they abide to trend in the appropriate direction. And we consistently agency in as able-bodied — as we accessory at those leases and the basal net able rents, aback we booty a charter that’s expiring in the aing 12 months and extend that by seven to ten years, that does accept an appulse as able-bodied on the balance bulk and the cap bulk of that accurate asset. So, we abide to accept by our algebraic and we accessory absolute carefully at that algebraic that the leasing that we’re accomplishing and the economics in which we are accomplishing is continuing to actualize bulk in the portfolio.

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

Great. Acknowledge you absolute much.

Operator

The aing catechism comes from Dave Rodgers with Baird. Please go ahead.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

Yeah. Acceptable morning, guys. Aloof a brace of quick chase ups for me. Gregg, maybe aloof on the accounting ancillary it, DFA blockage in Fifth Third aloof a little bit longer. Obviously, I assume, they’ll abide to pay banknote hire to Firth Third. But you accept a duplication of GAAP hire aloof for accounting affidavit amid DFA build-to-suit and the Firth Third?

Gregg Adzema — Controlling Vice President and Chief Banking Officer

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No, I don’t accept so. No.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

(inaudible) affective it at build-to-suit, if that makes sense.

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

They ran it. It’s a new building. We’ll arise aback they occupy.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

Right. Okay. As against to body up. That’s helpful. And afresh Colin, maybe chase up on the backfilled afresh of DFA, and I can bethink what you said aftermost division about the action there and the adjournment at all impacting any abeyant move ins or discussions you’re accept in there?

Colin Connolly — President and Chief Operating Officer

Yes. It’s been a little bit of a affective target, accustomed the added assignment that we’ve been accomplishing at the new architecture Dimensional Place. So that’s fabricated it a little bit arduous for our team. But now that as we accept authoritativeness with the specific and adamantine date, our aggregation has been absolute alive and we’ve got acceptable discussions action on with several abeyant customers. As I mentioned in my able remarks, Charlotte continues to be very, absolute strong. It’s been a agitating net assimilation year. And now that we’ve got specific date of that amplitude actuality attainable in March, we’re admiring with the action we’ve got going.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

And any antecedent thoughts on the mark-to-market to Firth Third?

Colin Connolly — President and Chief Operating Officer

Again we accept consistently accustomed the advice of 8% to 10% above the portfolio. And so, we’ve been accurate not to accord specific advice on a accurate apartment or tenant. But I’m optimistic that we’ll see some hire aeon up. Accumulate in apperception that was a almost abbreviate appellation charter that we did with Dimensional Armamentarium Advisors. So, haven’t had abundant agitate to absolutely be an outsized mark-to-market. But I anticipate that there’s — we’re optimistic that there’ll be a absolute aftereffect there.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

Great. And then, I heard your comments beforehand on Midtown — sorry, Buckhead and the leasing action that you were seeing there. Aloof basic to maybe tie out at aals the move out that you talked about in the 2Q and the 3Q, with the backfill that you said you were alive on. And so you put WeWork in a brace of floors and afresh you got two move outs awaiting aing year. Can you affectionate of airing through the math? What’s affectionate of left? And afresh with the attic that you did, are you planning to do there affectionate of what’s abaft that in the action that you’re seeing?

Colin Connolly — President and Chief Operating Officer

Yeah. So I agree, we do accept two barter that will abandon aing year in accumulated amid CBRE and Bain, that’s about 140,000 aboveboard feet. And so, accumulate in mind, as afresh I mentioned in my able remarks, that is a 50-50 JV with JPMorgan. So as that finer works through our financials, it’s about 70,000 feet. And we’re encouraged. Aals is a best-in-class asset actuality in not aloof Buckhead and Atlanta, so for us to accept that blazon of block and our aggregation is adamantine at work. The action in the bazaar all-embracing is good. As I mentioned earlier, we aloof did a 40,000 aboveboard bottom charter with Workday, which is a agitating technology company. It’s agitative to see them appear to Buckhead, and I feel assured that if the amplitude at aals were attainable aback Workday was in the market, that would accept been commodity we would accept been aggressive at with two altered assets. So, as we aeon into 2019 and that amplitude becomes closer, I anticipate we’re absolute encouraged by the affairs of the bazaar and our adeptness to assassinate there.

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

Okay, great. Acknowledge you both for the color.

Operator

The aing catechism comes from Daniel Ismail with Green Street. Please go ahead.

Daniel Ismail — Green Artery Advisors — Analyst

Hey, guys. Beforehand today, one of your aeon commented that the ethics adeptness be abatement a bit in some markets. Curious to apprehend your thoughts on cap ante and behest trends above your markets.

Colin Connolly — President and Chief Operating Officer

Well, it — Daniel, acceptable morning, and acknowledgment for the question. We abide to participate in the accretion bazaar and accessory at accumulated that’s been available. We haven’t activate annihilation in accurate that’s been acute for our action at this point. But as we’ve been an alive actor in that above and throughout the Sunbelt, we absolutely accept not apparent a pullback in appraisement or cap rates. There’s still a lot of basic that is absolute focused on the Sunbelt and sees the affectionate of the aforementioned basal fundamentals that we do. I think, as we accessory above the bazaar nationally, we accept apparent some abatement in added markets. If you absolutely pay absorption to basic flows and absolutely the bio (ph) agreement over the aftermost 12 months, we’ve apparent a pullback from some adopted investors. And I anticipate that’s been apparently disproportionately impacted some of the beyond littoral markets. But actuality in the Sunbelt, we abide to see absolute affectionate of able-bodied address for best-in-class product.

Daniel Ismail — Green Artery Advisors — Analyst

Thanks. That’s helpful. Maybe action aback to the development, can you admonish us what akin of pre-leasing you guys would charge to breach arena in any of those sites you discussed earlier?

Colin Connolly — President and Chief Operating Officer

Daniel, we don’t accept a specific beginning for — as a accepted affectionate of declared aggregation policy. What we absolutely do is, we accessory at anniversary alone action on a stand-alone abject and accessory at the bazaar fundamentals, we accessory at the aggressive supply, accessory at the approaching action of prospects, and afresh ultimately accomplish what we anticipate is the appropriate risk-adjusted accommodation based on all of those facts, which can alter market-to-market. So you’ve apparent us in the accomplished do some projects a 100% pre-leased, we started Colorado Belfry and Austin at the aboriginal allotment of the aeon at about 17% pre-leased in our best contempo projects actuality in Atlanta. For Avalon, we started at 30% pre-leased, and we did that because we acquainted absolute bullish about the address up there for that blazon of product. And I think, as we’re affective through the construction, we abide to be absolute encouraged by the action and the action for that. So, again, it’s action to be very, absolute action specific and bazaar specific at that time.

Daniel Ismail — Green Artery Advisors — Analyst

Got it. Acknowledgment a lot.

Operator

(Operator Instructions) Next, we accept a aftereffect catechism from Jamie Feldman with Coffer of America. Please go ahead.

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James Feldman — BofA Merrill Lynch — Analyst

Great, acknowledge you. I aloof appetite to go aback to the chat about, like Bain and CBRE, and afresh some of the added big moves you accept over the aing 12 months. Can you aloof airing us through the timing of absolutely aback some of these bigger move-outs are action to hit? And as anon as you could get that amplitude active again?

Gregg Adzema — Controlling Vice President and Chief Banking Officer

Sure, Jamie. It’s — blessed to airing through it. We’ll — affectionate of affective on from Bain and CBRE (ph), which I aloof affected on. Absolutely the added move-outs of size, and there absolutely are absolute few of them about to the all-embracing admeasurement of the portfolio, would be the Fifth Third Center expiration, which will be at the end of February of aing year. And afresh I saw on your agenda one added that would be out there, would be the T. Rowe Price date that expires in January of 2020. In aggregate, that’s about 71,000 anxiety in T. Rowe fabricated a accommodation to consolidate their civic offices into two. So the Tampa appointment will be shut down. And so we’ve got, again, over a year or so to — afore we get that amplitude back.

In general, in a absolute world, if we accept the aing chump accessible to go aloft those expirations, we about see three to four months of blow to put in the addressee advance assignment and body out the states for the new customers’ needs. And so that would be the breadth to expect, if we accept the aing chump accessible to go. As is relates to all of that amplitude T. Rowe included, we’ve got acceptable action on those expirations, and the aggregation is adamantine at assignment at it. And we’re hopeful we’ll accept acceptable account to allotment in the advancing abode as we get afterpiece to those absolute expirations.

James Feldman — BofA Merrill Lynch — Analyst

Okay. Acknowledge you. And is there annihilation abroad that’s appear up? Any — I mean, if you anticipate about aing year’s cessation schedule, any added ample ones that you’re now expecting?

Colin Connolly — President and Chief Operating Officer

We aloof discussed accumulated that’s over 50,000 anxiety in the portfolio. There’s absolutely annihilation abroad of ample size.

James Feldman — BofA Merrill Lynch — Analyst

Okay. All right, great. Acknowledge you.

Operator

This concludes our question-and-answer session. I would now like to about-face the appointment aback over to Larry Gellerstedt, Chairman and CEO, for any closing remarks. Please go ahead.

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

We acknowledge everybody actuality on the alarm today and achievement we’ll be able to see best of you all in being at NAREIT aing month. Acknowledge you absolute much.

Operator

The appointment has now concluded. Acknowledge you for accessory today’s presentation. You may now disconnect.

Duration: 52 minutes

Pamela F. Roper — Controlling Vice President, Accepted Counsel and Accumulated Secretary

Lawrence L. Gellerstedt — Chairman and Chief Controlling Officer

Colin Connolly — President and Chief Operating Officer

Gregg Adzema — Controlling Vice President and Chief Banking Officer

James Feldman — BofA Merrill Lynch — Analyst

Blaine Heck — Wells Fargo Securities, LLC — Analyst

Michael Lewis — SunTrust Robinson Humphrey, Inc. — Analyst

John Guinee — Stifel, Nicolaus & Company, Incorporated — Analyst

David Rodgers — Robert W. Baird & Co. Incorporated — Analyst

Daniel Ismail — Green Artery Advisors — Analyst

More CUZ analysis

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