全球最大的钴生产国——刚果（金）正准备结束长达数月的出口禁令，取而代之的是一套严格的出口配 额体系。 9月21日周日，刚果（金）战略矿产市场监管控制局（ARECOMS）在一份声明中宣布，自今年2月起实 施的钴出口禁令将于10月15日结束。紧随其后，一项新的出口配额政策将立即生效，直至另行通知。 配额细节出炉，供应"阀门"拧紧 根据ARECOMS发布的新规，该国矿企在今年剩余时间内将被允许出口略超1.8万吨的钴。而在2026年 和2027年，每年的出口配额上限被设定为9.66万吨。 这一数字与刚果（金）的实际产能形成鲜明对比。根据专业贸易公司Darton Commodities的数据，仅在 2024年，该国的钴产量就接近22万吨，占全球总产量的约四分之三。这意味着，未来的年度出口配额不 足其2024年产量的一半，或预示着全球钴供应依然将受到显著限制。 ARECOMS表示，配额将根据各公司的历史出口量按比例计算，并"将通知到每家公司"。 值得注意的是，2026年和2027年授权出口量中有10%将分配给该机构，"用于国家战略重点项目"。 ARECOMS声明还说，该机构有权根据市场走势或"推进钴氢氧化物向高附加值产品 ...

Financial Data and Key Metrics Changes - The company reported a first quarter FFO of $0.74 per share, with same property net operating income increasing by 2% on a cash basis [5][29] - The midpoint of the full year guidance has been raised to $2.79 per share, reflecting a 3.7% growth rate over the previous year [6][37] - Same property GAAP NOI grew by 4% and cash NOI grew by 2% compared to the previous year [29][32] Business Line Data and Key Metrics Changes - The company completed 539,000 square feet of leases during the quarter, achieving a 3.2% cash rent roll-up, marking the 44th consecutive quarter of positive rent roll-up [5][18] - The average net rent for the quarter was $35.87, with average net effective rent at $25.06 [19] - The portfolio was 90% occupied at the end of the first quarter, up from 88.4% a year earlier [9] Market Data and Key Metrics Changes - The existing supply of office buildings is declining, with JLL reporting a removal of 10 million square feet from the US office inventory since 2024 [7] - Leasing volume over the past twelve months reflects 89% of typical pre-pandemic activity, indicating a steady increase in demand [8] - The broader Atlanta office market showed positive trends, with a strong leasing activity of 213,000 square feet [21] Company Strategy and Development Direction - The company is focused on both internal and external growth opportunities, prioritizing investments in lifestyle office properties in target Sunbelt markets [8][12] - The strategy includes a mix of debt, structured transactions, joint ventures, and property acquisitions, while maintaining a strong balance sheet [11][12] - The company aims to capitalize on compelling opportunities arising from market disruptions, with a focus on high-quality lifestyle office assets [10][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the office market is rebalancing, with a shortage of premium space expected soon [14] - The company remains optimistic about the future, citing strong demand across markets and a solid balance sheet to navigate uncertainties [10][15] - Management highlighted that many companies are still catching up on leasing space post-pandemic, creating pent-up demand [11] Other Important Information - The company has seen no impact on the leasing market from recent tariff discussions, with demand remaining robust [10] - The company’s liquidity position is strong, with only $39 million outstanding on its $1 billion credit facility [36] - The company anticipates potential capital deployment into compelling investment opportunities, although this is not included in current guidance [38] Q&A Session Summary Question: Will the company see rent spikes due to robust demand and declining supply? - Management believes that improving demand alongside declining supply will eventually lead to positive improvements in leasing market and rental rates [40][42] Question: Is there a pipeline of acquisition opportunities? - Management noted an increase in owners exploring sales, indicating a greater volume of opportunities, although there is a bid-ask spread due to market disruptions [44][46] Question: What industries are driving the leasing pipeline? - The leasing pipeline is diversified, with strong presence from legal, technology, and financial services sectors, particularly in Atlanta and Charlotte [52][53] Question: How does the company view new development opportunities? - Management is cautious about new developments due to high construction costs but sees potential in markets like Austin where demand is strong [56][57] Question: Are there any trends in leasing concessions? - Management indicated that concessions are starting to level off, which may lead to improved rental rates in the future [42][100]

Financial Data and Key Metrics Changes - The company reported a first quarter FFO of $0.74 per share, with same property net operating income increasing by 2% on a cash basis [4][29] - The midpoint of the full-year guidance has been raised to $2.79 per share, reflecting a 3.7% growth rate over the previous year [5][36] - Same property GAAP NOI grew by 4% and cash NOI grew by 2% compared to the previous year [29][32] Business Line Data and Key Metrics Changes - The portfolio was 90% occupied at the end of the first quarter, up from 88.4% a year earlier [8] - Leasing activity included 539,000 square feet of leases completed during the quarter, with a 3.2% cash rent roll-up [5][18] - Average net rent for the quarter was $35.87, with average net effective rent at $25.06 [20][21] Market Data and Key Metrics Changes - The existing supply of office buildings is declining, with JLL reporting a removal of 10 million square feet from the US office inventory since 2024 [6] - Leasing volume over the past twelve months reflects 89% of typical pre-pandemic activity, indicating a recovery in demand [7] - The broader Atlanta office market showed positive trends, with a strong leasing activity of 213,000 square feet [22] Company Strategy and Development Direction - The company is focused on both internal and external growth opportunities, prioritizing investments in lifestyle office properties in target Sunbelt markets [7][12] - The strategy includes maintaining a best-in-class balance sheet while capitalizing on market disruptions to find compelling investment opportunities [11][15] - The company aims to enhance geographic diversification over the long term, with potential investments in markets like Dallas, Charlotte, and Nashville [95] Management's Comments on Operating Environment and Future Outlook - Management noted that the office market is rebalancing, with a shortage of premium space expected soon [14] - There is optimism regarding the leasing market, with expectations of improved rental rates as demand increases and supply tightens [41][66] - The company remains well-positioned to navigate macro uncertainties due to its strong balance sheet and market presence [10][36] Other Important Information - The company completed three significant transactions during the first quarter, including the payoff of a $138 million mortgage loan [34] - The liquidity position is strong, with only $39 million outstanding on a $1 billion credit facility [35] - The company anticipates potential capital deployment into compelling investment opportunities despite macro uncertainties [37] Q&A Session Summary Question: Will the company see rent spikes due to robust demand and declining supply? - Management believes that improving demand alongside declining supply will eventually lead to positive improvements in leasing market and rental rates [39][41] Question: Is there a pipeline of acquisition opportunities? - Management noted an increase in owners exploring sales, indicating a greater volume of opportunities, although there is a bid-ask spread due to market disruptions [43][46] Question: What industries are driving leasing activity? - The leasing pipeline is diversified, with strong presence from legal, technology, and financial services sectors, particularly in Atlanta and Charlotte [52][53] Question: How is the company approaching new development? - Management evaluates new development opportunities against acquisition opportunities, considering the risk-adjusted return [55][56] Question: What is the impact of office removals on the market? - The company sees broad-based removals across markets driven by obsolete space, which is being repurposed or demolished [61][62] Question: Are there any notable trends in leasing concessions? - Management indicated that concessions are trending down, with lower tenant improvement allowances and free rent due to the quality of the portfolio [100][101]