Brandywine Realty Trust (BDN) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brandywine Realty Trust First Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Brandywine Realty Trust 2023 年第一季度收益電話會議。 （接線員說明）請注意，今天的通話正在錄音中。

I would now like to hand the call over to your speaker today, Jerry Sweeney, President and CEO. Please go ahead.

我現在想把電話轉給今天的發言人，總裁兼首席執行官傑里·斯威尼 (Jerry Sweeney)。請繼續。

Michelle, thanks. Actually Jerry Sweeney, but that's quite all right. Good morning, everyone, and thank you for participating in our first quarter 2023 earnings call. On today's call with me, as usual, are George Johnstone, our Executive Vice President of Operations; Dan Palazzo, our Senior Vice President and Chief Accounting Officer; and Tom Wirth, our Executive Vice President and Chief Financial Officer.

米歇爾，謝謝。實際上是 Jerry Sweeney，不過沒關係。大家早上好，感謝您參加我們的 2023 年第一季度財報電話會議。像往常一樣，今天與我通話的是我們的運營執行副總裁喬治·約翰斯通；我們的高級副總裁兼首席會計官 Dan Palazzo；和我們的執行副總裁兼首席財務官 Tom Wirth。

Prior to beginning, certain information discussed during our call today may constitute forward-looking statements within the meaning of the federal securities law. Although we believe estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that could impact our anticipated results, please reference our press release as well as our most recent annual and quarterly reports that we file with the SEC.

在開始之前，我們今天電話會議期間討論的某些信息可能構成聯邦證券法意義上的前瞻性陳述。儘管我們認為這些陳述中反映的估計是基於合理的假設，但我們不能保證預期的結果將會實現。有關可能影響我們預期結果的因素的更多信息，請參考我們的新聞稿以及我們向美國證券交易委員會提交的最新年度和季度報告。

So to start off with our prepared comments, we'll review first quarter results and progress on our 2023 business plan. Tom will then review first quarter financial results and frame out some of the key assumptions driving our 2023 guidance for the balance of the year. And then after that, Dan, George, Tom and I are certainly available to answer any questions.

因此，從我們準備好的評論開始，我們將回顧第一季度的業績和我們 2023 年業務計劃的進展。然後，Tom 將審查第一季度的財務業績，並製定一些關鍵假設來推動我們對今年餘下時間的 2023 年指引。然後，丹、喬治、湯姆和我當然可以回答任何問題。

The first quarter has gotten year off to a very solid start. Results are in line with our 2023 business plan. During the quarter, we executed 357,000 square feet of leases, including 179,000 square feet of new leasing activity. For the first quarter, we posted rental rate mark-to-market of 14.9% on a GAAP basis and 4.2% on a cash basis. Our full year mark-to-market range remains at 11% to 13% GAAP and 4% to 6% cash. As outlined in our '23 operating plan, we did have 109,000 square feet of negative absorption for the quarter due to known move-out and early termination activity. While quarterly gap in same-store -- while quarterly GAAP same-store outperformed and cash same-store slightly underperformed our business plan ranges, we're keeping our ranges in place based on leases executed, but not yet commenced as well as some forecasted activity.

第一季度已經有了一個非常穩固的開端。結果符合我們的 2023 年業務計劃。本季度，我們執行了 357,000 平方英尺的租賃，包括 179,000 平方英尺的新租賃活動。第一季度，我們公佈的按 GAAP 基準和按現金基準計算的按市值計價的租金率為 14.9% 和 4.2%。我們全年按市值計價的範圍仍為 11% 至 13% GAAP 和 4% 至 6% 現金。正如我們的 23 年運營計劃所述，由於已知的搬遷和提前終止活動，我們本季度確實有 109,000 平方英尺的負吸收。雖然同店的季度差距——雖然季度 GAAP 同店表現優於我們的商業計劃範圍，但現金同店略低於我們的業務計劃範圍，我們根據已執行但尚未開始的租賃以及一些預測保持我們的範圍活動。

First quarter capital costs were in line with our business plan, about 8% this first quarter, which is excellent for us. Tenant retention of 45% was slightly below the bottom end of our full year forecast, fully anticipated so we're maintaining our existing range at our forecasted levels.

第一季度資本成本符合我們的業務計劃，第一季度約為 8%，這對我們來說非常好。 45% 的租戶保留率略低於我們全年預測的下限，完全符合預期，因此我們將現有範圍維持在我們的預測水平。

Core occupancy and lease targets were in line with our business plan. Spec revenue remains $17 million to $19 million, with $12.8 million or 71% at the midpoint achieved. The speculative revenue range represents approximately 1.1 million square feet, of which 628,000 square feet is done. So we're 57% complete on that metric.

核心入住率和租賃目標符合我們的業務計劃。規格收入保持在 1700 萬美元至 1900 萬美元之間，中點達到 1280 萬美元或 71%。投機收入範圍約為 110 萬平方英尺，其中 628,000 平方英尺已完成。所以我們在該指標上完成了 57%。

From an occupancy and leasing standpoint, our Washington D.C. portfolio continues to underperform. Conversely, our Philadelphia CBD, University City, Pennsylvania suburbs and Austin portfolios, which cover 94% of our NOI are 91% occupied and 92% leased. So fundamentally operating platform is solid with a stable outlook. We've reduced our forward roller of exposure through '24 to an average of 6.6% and through '26 to an average of 7.4%. We continue to see the quality curve thesis play out as our physical tour volume has been very, very encouraging.

從入住率和租賃的角度來看，我們的華盛頓特區投資組合繼續表現不佳。相反，我們的費城 CBD、大學城、賓夕法尼亞郊區和奧斯汀投資組合覆蓋了我們 94% 的 NOI，其中 91% 已佔用，92% 已出租。因此，從根本上講，運營平台穩固，前景穩定。我們已經將我們的前向滾動曝光率從 24 年減少到平均 6.6%，到 26 年平均減少到 7.4%。我們繼續看到質量曲線論點發揮作用，因為我們的實體巡演量非常非常令人鼓舞。

First quarter physical tours exceeded our 2022 quarterly average by 40% and also exceeded our pre-pandemic levels by 27%. So more tenants are in the market looking for quality space. We think that portends great things for our portfolio going forward.

第一季度的實體旅遊比我們 2022 年的季度平均水平高出 40%，也比我們大流行前的水平高出 27%。因此，更多租戶在市場上尋找優質空間。我們認為這預示著我們未來的投資組合會大有作為。

Additionally, during the first quarter, 126,000 square feet were a direct result of this flight to quality. Tenant expansions continue to outweigh tenant contractions in the quarter, and we are projecting, as we had in 2022, a positive expansion to contraction ratio. Our total leasing for the quarter is up 23% from last quarter, and our pipeline stands at 3.3 million square feet. That pipeline has broken down between 1.3 million square feet on our existing portfolio, so up about 100,000 feet and 2 million square feet on our development projects, which is up 200,000 square feet from last quarter. The 1.3 million square foot existing portfolio pipeline includes approximately 138,000 square feet in advanced stages of lease negotiations.

此外，在第一季度，126,000 平方英尺的面積是這次追求質量的直接結果。本季度租戶擴張繼續超過租戶收縮，我們預計，與 2022 年一樣，擴張收縮比率為正。我們本季度的總租賃量比上一季度增長了 23%，我們的管道面積為 330 萬平方英尺。在我們現有的投資組合中，該管道已經中斷了 130 萬平方英尺，因此我們的開發項目增加了約 100,000 英尺和 200 萬平方英尺，比上一季度增加了 200,000 平方英尺。 130 萬平方英尺的現有投資組合管道包括約 138,000 平方英尺處於租賃談判後期階段的區域。

Also for the quarter -- or the pipeline, about 30% of that new deal pipeline are prospects looking to move up the quality curve.

同樣在本季度或管道中，大約 30% 的新交易管道是希望提升質量曲線的前景。

In looking at our EBITDA, our first quarter net debt to EBITDA increased from the fourth quarter, but again, in line with our business plan and as occupancy increases during 2023, we anticipate this ratio will decrease to our business plan range. And as we always note in specifying in our SIP, this ratio is transitionally higher due to development spend and debt attribution from our joint ventures. And to further amplify that point, our core EBITDA metric, which is our operating portfolio, excluding joint venture debt attribution and development and redevelopment spend ended the quarter at 6.4x within our targeted range.

在查看我們的 EBITDA 時，我們第一季度的淨債務與 EBITDA 的比值比第四季度有所增加，但同樣，根據我們的業務計劃，並且隨著 2023 年入住率的增加，我們預計這一比率將下降到我們的業務計劃範圍內。正如我們在 SIP 中指定的那樣，由於我們合資企業的開發支出和債務歸屬，該比率過渡性較高。為了進一步強調這一點，我們的核心 EBITDA 指標，即我們的運營組合，不包括合資企業債務歸因以及開發和再開發支出，在我們的目標範圍內以 6.4 倍結束本季度。

With economic uncertainty and rate volatility at top of mind, leasing and liquidity remain our key focal points. And as Tom will touch on the liquidity front, since year-end, we made significant progress raising over $315 million of proceeds. In January, as previously disclosed, we closed a 5-year $245 million secured financing collateralized by 7 wholly owned properties. This to note, while secured has flexible release provisions and prepayment provisions after March 2025.

考慮到經濟不確定性和利率波動，租賃和流動性仍然是我們的重點。由於湯姆將談到流動性方面，自年底以來，我們在籌集超過 3.15 億美元的收益方面取得了重大進展。 1 月，如前所述，我們完成了一項為期 5 年、價值 2.45 億美元的擔保融資，該融資由 7 個全資擁有的物業作抵押。需要注意的是，雖然擔保有靈活的釋放條款和 2025 年 3 月之後的預付款條款。

And as we noted in our previous call, we took the secured route solely due to pricing differences between the secured and unsecured market as we do plan to remain an unsecured investment-grade borrower. And then during February, we executed a $70 million unsecured term loan to further bolster our liquidity. As a result of these and other financings done late last year, our consolidated debt is 93% fixed at a 5.1% rate, and we have no consolidated debt maturities until our October 2024 $350 million bond.

正如我們在之前的電話會議中指出的那樣，我們之所以選擇有擔保的路線，完全是因為有擔保和無擔保市場之間的定價差異，因為我們確實計劃繼續作為無擔保的投資級借款人。然後在 2 月份，我們執行了 7000 萬美元的無擔保定期貸款，以進一步增強我們的流動性。由於去年年底進行的這些融資和其他融資，我們的綜合債務有 93% 固定在 5.1% 的利率，而且我們在 2024 年 10 月 3.5 億美元債券之前沒有到期的綜合債務。

We continue to have full availability on our $600 million unsecured line of credit and approximately $97 million of unrestricted cash on hand. And as noted on Page 13 in our SIP based on development spend projections, business plan execution after fully funding remaining development spend in dividends, all TI and leasing costs, we still -- we project that full availability on our line of credit at year-end '23. In terms of the dividend for the quarter, at the guidance midpoint, our $0.76 annual dividend were $0.19 per quarter, represented a 66% FFO payout ratio and an 81% CAD payout ratio. We have had great -- we had a great quarter controlling capital spend.

我們的 6 億美元無擔保信貸額度和手頭約 9700 萬美元的無限制現金繼續完全可用。正如我們的 SIP 第 13 頁所指出的，基於開發支出預測、在完全資助剩餘開發支出後的業務計劃執行股息、所有 TI 和租賃成本，我們仍然 - 我們預計我們的信貸額度在 year-結束'23。就本季度的股息而言，在指導中點，我們 0.76 美元的年度股息為每季度 0.19 美元，代表 66% 的 FFO 派息率和 81% 的加元派息率。我們有很好的 - 我們有一個很好的季度控制資本支出。

To be conservative for now, we are keeping our CAD range in place. Additionally, our business plan projects $100 million to $125 million of sales activity that may generate additional gains. With liquidity needs substantially addressed our sale activity on target, conservative underpinnings to our coverage ratios. We kept the dividend to $0.19 for the first quarter. Certainly, as our business plan progresses, the Board will closely monitor capital market conditions, overall liquidity, sale activity progress and our payout levels as they evaluate the dividend going forward. We also from additional liquidity enhancement plan to enter into 2 construction loans this year, one in our 100% fully leased 155 King of Prussia Road and our life science project in Schuylkill Yards later this year.

為保守起見，我們保持我們的 CAD 範圍不變。此外，我們的業務計劃預計 1 億至 1.25 億美元的銷售活動可能會產生額外收益。由於流動性需求大大解決了我們按目標進行的銷售活動，因此我們的覆蓋率得到了保守的支持。我們將第一季度的股息保持在 0.19 美元。當然，隨著我們業務計劃的進展，董事會在評估未來的股息時將密切關注資本市場狀況、整體流動性、銷售活動進展和我們的支付水平。我們還根據額外的流動性增強計劃，在今年簽訂了 2 筆建築貸款，其中一筆來自我們 100% 完全租賃的普魯士國王路 155 號和我們今年晚些時候在 Schuylkill Yards 的生命科學項目。

On the joint venture front, as disclosed in the SIP, we have 2 nonrecourse loans maturing during '23. We are well underway with our refinancing efforts for those loans. The first is a $200 million loan in our Commerce Square joint venture. This is a lower levered financing with over 12% current debt yield. We have received a short-term extension from the existing lender and anticipate closing the new financing during the second quarter. The second maturity occurs in August of '23. Again, it's nonrecourse in a joint venture that we are a 50% partner in and refinancing efforts are underway there as well.

在合資企業方面，正如 SIP 中所披露的，我們有 2 筆無追索權貸款在 23 年到期。我們正在為這些貸款進行再融資。第一個是我們商業廣場合資企業的 2 億美元貸款。這是一種低杠桿融資，當前債務收益率超過 12%。我們已收到現有貸方的短期延期，預計將在第二季度完成新融資。第二次到期發生在 23 年 8 月。同樣，我們在合資企業中擁有 50% 的股份，這是無追索權的，那裡也正在進行再融資工作。

In looking at our development pipeline, we currently have $1.2 billion under active development. Of that, our wholly owned development pipeline of $302 million is 30% life science and 70% office. This wholly owned development portfolio is 83% leased with a remaining funding requirement of $77 million, which is built into our '23 capital plan. Our joint venture development is 31% residential, 41% life science and 28% office. Brandywine has now fully funded our equity position with $52 million of equity remaining to be funded by our partners.

在查看我們的開發管道時，我們目前有 12 億美元正在積極開發中。其中，我們全資擁有的 3.02 億美元開發管道是 30% 的生命科學和 70% 的辦公室。這一全資開發組合的 83% 已出租，剩餘資金需求為 7700 萬美元，已納入我們的 '23 資本計劃。我們的合資開發項目包括 31% 的住宅、41% 的生命科學和 28% 的辦公樓。 Brandywine 現在已經為我們的股權頭寸提供了全部資金，還有 5200 萬美元的股權將由我們的合作夥伴提供資金。

Furthermore, other than fully leased build-to-suit opportunities, as I mentioned on the last call, future development starts are on hold, pending both more leasing to our existing joint venture pipeline and also to the point more clarity on the cost of debt capital and cap rates. Looking ahead, though, given the mixed-use nature of our master planned communities, primarily at Schuylkill Yards and Uptown ATX and as identified on Page 14 of our SIP. Our expected forward pipeline product mix is 21% life science, 36% residential, 27% office and 16% support retail and other uses. And over time and certainly subject to capital market conditions and tenant demand drivers, we do plan to develop about 3 million square feet of life science space.

此外，正如我在上次電話會議中提到的那樣，除了完全租賃的定制機會外，未來的開發項目被擱置，等待對我們現有合資企業管道的更多租賃，以及債務成本的更明確資本和資本化率。不過，展望未來，考慮到我們總體規劃社區的混合用途性質，主要在 Schuylkill Yards 和 Uptown ATX，正如我們 SIP 第 14 頁所確定的那樣。我們預期的未來管道產品組合是 21% 的生命科學、36% 的住宅、27% 的辦公室和 16% 的支持零售和其他用途。隨著時間的推移，當然受資本市場條件和租戶需求驅動因素的影響，我們確實計劃開發約 300 萬平方英尺的生命科學空間。

Upon that completion, we'll have about 7.5% of our portfolio square footage in life science when the existing projects are completed and our objective is to grow our Life Science platform to about 21% of our square footage. Just a quick review of our specific development projects. 2340 Dulles is 92% pre-leased, $33 million of remaining funding is in our capital plan. 250 King of Prussia Road in our Radnor Life Science Center remains 53% leased. We have $28 million of remaining funding. We have a strong pipeline of over 220,000 square feet for the remaining space, and that pipeline is 100% life science, and we are still projecting a stabilization date in Q1 '24.

完成後，當現有項目完成時，我們將擁有約 7.5% 的生命科學投資組合面積，我們的目標是將我們的生命科學平台增長到約 21% 的面積。快速回顧一下我們的具體開發項目。 2340 Dulles 92% 已預租，剩餘資金 3300 萬美元在我們的資本計劃中。我們拉德諾生命科學中心普魯士國王路 250 號的出租率保持在 53%。我們還有 2800 萬美元的剩餘資金。我們為剩餘空間提供了超過 220,000 平方英尺的強大管道，該管道是 100% 的生命科學，我們仍然預計 24 年第一季度的穩定日期。

3025 JFK or Life Science office residential tower is on time and on budget for delivery in the second half of this year. We have a current active pipeline totaling 625,000 square feet on that project, which is up 153,000 square feet from last quarter. That's for the -- obviously, for the life science and office components.

3025 JFK 或生命科學辦公住宅大樓將於今年下半年按時按預算交付。該項目目前有一條總面積為 625,000 平方英尺的活躍管道，比上一季度增加了 153,000 平方英尺。那是為了 - 顯然，是為了生命科學和辦公組件。

The project continues to see great activity as the construction progresses. Superstructure now complete lobby finishes are going in. We've done over 134 hard hat tours. We also expect to start delivery of the first block of residential units in the second half of this year. So all remains on schedule there as well.

隨著施工的進行，該項目繼續活躍。上層建築現已完成大堂裝修。我們已經完成了超過 134 次安全帽之旅。我們還預計在今年下半年開始交付第一批住宅單位。所以那裡的一切也都按計劃進行。

Our dedicated life science building at Schuylkill Yards 3151 market. We have a pre-leasing pipeline of 423,000 square feet, again, up from last quarter. That project will be delivered in the second quarter of 2024, and we have plans underway to obtain a construction loan in the 50% loan-to-cost range later this year.

我們位於 Schuylkill Yards 3151 市場的專用生命科學大樓。我們有 423,000 平方英尺的預租渠道，再次高於上一季度。該項目將於 2024 年第二季度交付，我們計劃在今年晚些時候獲得 50% 貸款成本範圍內的建設貸款。

Our Block A construction at Uptown ATX is also on time and on budget. On the office component, our leasing pipeline is 538,000 square feet. This pipeline is up from last quarter. And as noted on our last call, with some larger tenants putting their requirements on hold, we're also very much focused on smaller multi-tenant floor prospects. That approach is beginning to bear fruit as our pipeline now has 5 prospects in the 30,000 to 60,000 square foot range.

我們在 Uptown ATX 的 Block A 建設也按時按預算進行。在辦公室部分，我們的租賃管道為 538,000 平方英尺。該管道高於上一季度。正如我們在上次電話會議中指出的那樣，由於一些較大的租戶擱置了他們的要求，我們也非常關注較小的多租戶樓層前景。這種方法開始見效，因為我們的管道現在有 5 個前景，面積在 30,000 到 60,000 平方英尺之間。

During the quarter, we also started the next phase of our B.Labs expansion at Cira Centre by beginning the conversion of our ninth floor to graduate lab space. That project will be completed in the first quarter of '24. Total cost is $20 million. The expected yield is about 11%, and we're already at 28% pre-leased.

在本季度，我們還開始了 B.Labs 在 Cira 中心的下一階段擴張，開始將我們的九樓改建為研究生實驗室空間。該項目將在 24 年第一季度完成。總成本為2000萬美元。預期收益率約為 11%，我們已經預租了 28%。

Our 2023 business plan also includes $100 million to $125 million of property dispositions. We are making good progress in the challenging market earlier than expected, but we still expect the bulk of the sales activity to occur in the second half of the year. We have $200 million to $300 million of assets in the market for price discovery, as I mentioned. Right now, we have $50 million moving through contract negotiations and about $75 million nearing the end of the bid solicitation process with several active bidders. We do continue to sell noncore land parcels during the year. And on our joint venture operating projects, as I noted in the discussion on EBITDA, we have about $470 million of debt or 18% of our total debt levels coming from our JVs with about $420 million of that coming from our operating JVs.

我們的 2023 年商業計劃還包括 1 億至 1.25 億美元的財產處置。我們比預期更早地在充滿挑戰的市場中取得了良好進展，但我們仍然預計大部分銷售活動將在今年下半年發生。正如我提到的，我們在價格發現市場上擁有 2 億至 3 億美元的資產。目前，我們有 5000 萬美元正在通過合同談判，約有 7500 萬美元與幾個活躍的投標人的投標招標過程接近尾聲。我們確實在年內繼續出售非核心地塊。在我們的合資經營項目中，正如我在討論 EBITDA 時指出的那樣，我們有大約 4.7 億美元的債務或我們總債務水平的 18% 來自我們的合資企業，其中約 4.2 億美元來自我們的經營合資企業。

We have discussions underway and plan to recapitalize several of these joint ventures later in 2023, with the goal to reduce that attributed debt from operating joint ventures by $100 million or 24%.

我們正在進行討論，併計劃在 2023 年晚些時候對其中幾家合資企業進行資本重組，目標是將運營合資企業的歸因債務減少 1 億美元或 24%。

Dollars generated from these liquidity activities will be used to fund our remaining development pipeline, commitments to reduce leverage and redeploying the higher growth opportunities, including stock and debt buybacks on a leverage-neutral basis.

這些流動性活動產生的美元將用於資助我們剩餘的開發管道、降低杠桿率的承諾和重新部署更高的增長機會，包括在槓桿中性的基礎上回購股票和債務。

At this point, Tom will now provide an overview of our financial results.

在這一點上，湯姆現在將概述我們的財務結果。

Thank you, Jerry, and good morning. Our first quarter net loss totaled $5.3 million or $0.03 per share, and FFO totaled $50.8 million or $0.29 per diluted share and in line with consensus estimates. Some general observations regarding the first quarter results. While the results were in line with consensus, we had several moving pieces in several variances compared to our fourth quarter call guidance. Our termination and other income totaled $2.4 million and was $400 million above our fourth quarter forecast, primarily due to some onetime income items.

謝謝你，傑里，早上好。我們第一季度淨虧損總計 530 萬美元或每股 0.03 美元，FFO 總計 5080 萬美元或每股攤薄虧損 0.29 美元，符合市場普遍預期。關於第一季度業績的一些一般性觀察。雖然結果符合共識，但與我們的第四季度電話指導相比，我們有幾個變化的部分。我們的終止和其他收入總計 240 萬美元，比我們第四季度的預測高出 4 億美元，這主要是由於一些一次性收入項目。

Interest expense totaled $23.7 million or $800,000 below our fourth quarter guidance, and that was primarily due to higher capitalized interest. Our management leasing and development fees totaled $3.4 million and was $900,000 above fourth quarter projections, primarily due to lease commission income. And we forecasted land sales to generate $1.5 million of gains. One of those transactions was delayed. However, we anticipate that transaction to occur in the second quarter. And our first quarter debt service and interest coverage ratios were 2.9% and 3.1%, respectively. And net debt to GAV was 41.1%.

利息支出總計低於我們第四季度的指引 2370 萬美元或 800,000 美元，這主要是由於更高的資本化利息。我們的管理租賃和開發費用總計 340 萬美元，比第四季度預測高出 900,000 美元，這主要是由於租賃佣金收入。我們預測土地銷售將產生 150 萬美元的收益。其中一筆交易被延遲。但是，我們預計該交易將在第二季度發生。我們第一季度的償債率和利息覆蓋率分別為 2.9% 和 3.1%。對 GAV 的淨債務為 41.1%。

Our first quarter annualized core net debt to EBITDA was 6.4x, within our '23 range, and our annualized combined net debt to EBITDA was 7.4% and (inaudible) above our guidance range of 7 to 7.3x. As far as portfolio changes, we anticipate that we will bring 405 into the core portfolio in the second quarter as it stabilizes. And on the financing side, as Jerry outlined, we continue to make progress on the financing front in addition to the previously announced transactions, we closed on a $70 million term loan that matures in 24 months, including an extension option. The execution of the term loan provide us some additional liquidity to ensure that the $600 million line of credit remains undrawn whether development and redevelopment projects commence operations and begin to provide us incremental cash NOI.

我們第一季度與 EBITDA 的年化核心淨債務為 6.4 倍，在我們的 23 年範圍內，我們與 EBITDA 的年化合併淨債務為 7.4%，並且（聽不清）高於我們 7 至 7.3 倍的指導範圍。就投資組合變化而言，我們預計我們將在第二季度將 405 納入核心投資組合，因為它趨於穩定。在融資方面，正如傑里所概述的那樣，除了之前宣布的交易之外，我們還在融資方面繼續取得進展，我們完成了一筆 7000 萬美元的定期貸款，該貸款將在 24 個月內到期，包括延期選擇權。定期貸款的執行為我們提供了一些額外的流動性，以確保無論開發和重建項目是否開始運營並開始為我們提供增量現金 NOI，6 億美元的信貸額度都不會被提取。

While we were successful in obtaining this financing, we continue to see challenges within the financing market. In the traditional banks, we are allocating that -- we see them allocating very little to new originations in the new office loan market, except for certain situations such as fully leased build-to-suit properties. We think some lenders will be in to be flexible and will provide loan extensions on performing portfolios.

雖然我們成功獲得了這筆融資，但我們繼續看到融資市場中的挑戰。在傳統銀行中，我們正在分配——我們看到他們在新辦公室貸款市場上分配的資金很少，除了某些情況，例如完全租賃的定制物業。我們認為一些貸方會變得靈活，並會為表現良好的投資組合提供貸款延期。

With the Silicon Valley Bank and Signature Bank concerns, the CMBS market has been very slow. However, activity has picked up and transactions are focused on lower level loan-to-value office assets. Life companies have also been selective in underwriting new loans with a focus on lower loan-to-value and a preference for longer weighted average lease terms.

由於矽谷銀行和 Signature Bank 的擔憂，CMBS 市場一直非常緩慢。然而，活動有所回升，交易集中在較低水平的貸款價值辦公資產上。壽險公司也一直在有選擇地承保新貸款，重點關注較低的貸款價值比和較長的加權平均租賃期限。

Regarding our joint venture debt, we currently are working on our 23 maturities, including an active completion of our Commerce Square loan, which will occur, we expect to close later this quarter. We are also working with our partners on the 24 maturities to possibly extend the current maturity date with our existing lenders while also considering some massive sales to lower leverage.

關於我們的合資企業債務，我們目前正在處理 23 筆到期債務，包括積極完成我們的 Commerce Square 貸款，我們預計將在本季度晚些時候結束。我們還與我們的合作夥伴就 24 個到期日進行合作，以可能延長與我們現有貸方的當前到期日，同時還考慮進行一些大規模銷售以降低杠桿率。

For '23 guidance, our general assumptions for the business plan is the property sales. As Jerry mentioned, scheduled to occur in the second half of the year. With minimal dilution this year, no property acquisitions, no anticipated ATM or share buyback activity and the share count will approximate 174 million diluted shares.

對於'23 指南，我們對商業計劃的一般假設是物業銷售。正如 Jerry 提到的，計劃在今年下半年進行。今年稀釋最小，沒有財產收購，沒有預期的 ATM 或股票回購活動，股票數量將約為 1.74 億股稀釋後的股票。

Looking more closely at the second quarter, we have the following general assumptions. Our property level operating income to total about $76 million and will be $3.4 million ahead of the first quarter primarily due to the occupancy in cranes at 405 Colorado, 250 King of Prussia and the balance from the portfolio. FFO contribution from our unconsolidated joint ventures will total $3.3 million for the second quarter. The sequential decrease is primarily due to the forecasted higher interest expense primarily due to the anticipated refinancing at Commerce Square. G&A for the second quarter will be $9 million, slightly below the first quarter.

更仔細地觀察第二季度，我們有以下一般假設。我們的財產級營業收入總計約為 7600 萬美元，比第一季度將達到 340 萬美元，這主要是由於 405 Colorado、250 King of Prussia 的起重機佔用以及投資組合的餘額。我們未合併的合資企業在第二季度的 FFO 貢獻總額為 330 萬美元。環比下降主要是由於預期的利息支出增加，主要是由於 Commerce Square 的預期再融資。第二季度的 G&A 為 900 萬美元，略低於第一季度。

Total interest expense will approximate $24.7 million and capitalized interest will approximate $3.5 million.

總利息支出約為 2470 萬美元，資本化利息約為 350 萬美元。

Termination and other fee income will total $0.5 million, a $1.5 million decrease from the first quarter primarily due to several first quarter onetime items that we had highlighted on the last call.

終止和其他費用收入總計為 50 萬美元，比第一季度減少 150 萬美元，這主要是由於我們在上次電話會議上強調的幾個第一季度一次性項目。

Net management fee and leasing development for the quarter will be $2.5 million. The sequential $1 million decrease is primarily due to lower leasing commission volume. And our land sale gains and tax provision will net at $0.5 million.

本季度的淨管理費和租賃開發費用為 250 萬美元。連續減少 100 萬美元主要是由於租賃佣金量減少。我們的土地出售收益和稅收撥備淨額為 50 萬美元。

Looking at our capital plan, we experienced a better-than-forecasted CAD payout ratio of 81%, primarily due to leasing capital costs being below our business plan range. While we experienced some first quarter movement that was lower, our annual 2023 CAD range remains at 95% to 105%. Our capital plan is very straightforward for the balance of the year. It's comprised of $130 million of development and redevelopment, $99 million of common dividends at current rate, $22 million of revenue maintain capital, $40 million of revenue create capital and $19 million of equity contributions to our joint ventures.

從我們的資本計劃來看，我們的加元支付率為 81%，好於預期，這主要是由於租賃資本成本低於我們的業務計劃範圍。雖然我們在第一季度經歷了一些較低的變動，但我們的年度 2023 CAD 範圍仍保持在 95% 至 105%。我們的資本計劃在今年餘下時間非常簡單。它包括 1.3 億美元的開發和重建、9900 萬美元的當前利率普通股息、2200 萬美元的收入維持資本、4000 萬美元的收入創造資本和 1900 萬美元的合資企業股權出資。

The primary sources will be $148 million of cash flow after interest payments, $42 million use of current cash on hand and $120 million of land and property sales. Note that we have no -- based on the capital plan outlined above, we project having full line availability by year-end. We also project that our net debt-to-EBITDA will be in the range of 7 to 7.3x with an increase primarily due to the incremental capital spend on development projects. Our debt to GAV will be in the range of 40% to 42%. And our core net debt to EBITDA of 6.2 to 6.5 at the end of the year excludes our joint ventures and our active development projects. We continue to believe this core metric better reflects the leverage of our core portfolio and eliminates our more highly levered joint ventures and our unstabilized development and redevelopment projects.

主要來源將是支付利息後的 1.48 億美元現金流、4200 萬美元的手頭現有現金使用以及 1.2 億美元的土地和房地產銷售。請注意，我們沒有——根據上面概述的資本計劃，我們預計到年底會有完整的生產線。我們還預計，我們的淨債務與 EBITDA 之比將在 7 至 7.3 倍之間，增長的主要原因是開發項目的資本支出增加。我們對 GAV 的債務將在 40% 到 42% 之間。我們年底的 EBITDA 核心淨債務為 6.2 至 6.5，不包括我們的合資企業和我們積極的開發項目。我們仍然相信這一核心指標更好地反映了我們核心投資組合的槓桿作用，並消除了我們槓桿率更高的合資企業以及我們不穩定的開發和再開發項目。

We believe these projects are elevated on a growing development pipeline. And we believe once these developments are stabilized, our leverage will decrease back towards our core leverage ratio. We anticipate our fixed charge and interest coverage ratios of approximately 2.7% for the year, which represents a sequential decrease, but that's primarily due to higher interest rates.

我們相信這些項目在不斷增長的開發管道中得到提升。我們相信，一旦這些發展穩定下來，我們的槓桿率就會下降回到我們的核心槓桿率。我們預計今年我們的固定費用和利息覆蓋率約為 2.7%，這代表了環比下降，但這主要是由於較高的利率。

With that, I'll turn it back over to Jerry.

有了這個，我會把它轉回給傑里。

Great. Thank you, Tom. So key takeaways are our portfolio is in solid shape, clearly facing some headwinds in the office market, but pipeline activity is up significantly and advancing through our various stages of leasing efforts at a nice pace. The portfolio is also in a very stable position with an average rollover as I mentioned, through '26 of only 7.4%. We continue our long-standing track record of posting strong mark-to-markets, managing our capital spend very well. And as I mentioned, some accelerating leasing velocity both in the operating portfolio and the development pipeline as well.

偉大的。謝謝你，湯姆。因此，關鍵要點是我們的投資組合狀況良好，顯然在寫字樓市場面臨一些不利因素，但管道活動顯著增加，並以良好的速度推進我們租賃工作的各個階段。投資組合也處於非常穩定的位置，正如我提到的那樣，平均展期到 26 年只有 7.4%。我們繼續保持長期的良好記錄，即按市值計價，管理我們的資本支出非常好。正如我所提到的，運營組合和開發管道中的一些租賃速度也在加快。

Since last quarter, we've made significant progress on our wholly owned near-term liquidity needs, put ourselves in a very strong liquidity position with 0 drawn on our line of credit and $90-some million of cash on the balance sheet and increasingly solid visibility of executing our '23 business plan that will improve liquidity and keep our operating portfolio in a very strong footing.

自上個季度以來，我們在全資擁有的短期流動性需求方面取得了重大進展，使我們處於非常強大的流動性狀況，我們的信貸額度為 0，資產負債表上有 90 至 100 萬美元的現金，而且越來越穩固執行我們 23 年業務計劃的可見性，這將提高流動性並使我們的運營組合處於非常穩固的基礎上。

So as usual and where we started in that we really -- we wish all of you and your families well. And at this point, Michelle, we're delighted to open the floor for questions. We always ask in the interest of time, you limit yourself to 1 question and a follow-up. Thank you.

因此，與往常一樣，從我們開始的地方開始，我們真的——我們祝愿你們所有人和你們的家人一切順利。在這一點上，米歇爾，我們很高興開始提問。我們總是為了節省時間而提問，您將自己限制在 1 個問題和後續跟進中。謝謝。

(Operator Instructions) And our first question comes from Anthony Paolone with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Anthony Paolone。

I guess, Jerry, my first question relates to just looking at occupancy going forward. I mean you gave some pretty good stats on expansions versus contractions and the growth in the pipeline. But just trying to see how you bridge that sort of situation with the sentiment that over the next 1 to 2 years or whatever it may be, office cash flows are likely to decline quite a bit or at least that seems to be the indication from either the stocks or just I think most people's thinking out there.

我想，傑里，我的第一個問題與只關注未來的入住率有關。我的意思是你給出了一些關於擴張與收縮以及管道增長的相當不錯的統計數據。但只是想看看你如何將這種情況與未來 1 到 2 年或任何情況下的情緒聯繫起來，辦公室現金流量可能會下降很多，或者至少這似乎是兩者的跡象股票或者只是我認為大多數人的想法。

Tony, George and I will tackle this. I mean, look, the -- there's no question that conventional thinking is that there's going to be some significant headwinds. In fact, some days I wake up and I think the headwinds are so strong, it's blowing the hair off my head. But no question, office is going through a shift driven by increased employee mobility, shift in space preferences and there will be winners and losers. So we definitely expect more selective demand drivers over the next couple of years. And we continue to believe that, that tenant focus will be on quality, driven by superstructure, presentation of the building, its location, amenities. Increasingly, we're seeing more and more that landlord quality and reputation, their ability to fund improvements and their stability in terms of long-term ownership are increasingly up the priority checklist for a lot of our tenants.

托尼、喬治和我會解決這個問題。我的意思是，你看，毫無疑問，傳統的想法是會有一些重大的阻力。事實上，有幾天我醒來時覺得逆風太大了，把我的頭髮都吹掉了。但毫無疑問，辦公室正在經歷一場由員工流動性增加、空間偏好轉變驅動的轉變，並且會有贏家和輸家。因此，我們肯定預計未來幾年會有更多選擇性需求驅動因素。我們仍然相信，租戶的重點將放在質量上，由上層建築、建築物的外觀、位置和便利設施驅動。我們越來越多地看到房東的質量和聲譽、他們為改善提供資金的能力以及他們在長期所有權方面的穩定性越來越多地成為我們許多租戶的優先清單。

So even with the secular shifts would seem to be there and the demand muting effect of, I guess, a slowing economy, we still believe we'll be in very good position to perform well. I guess when you take a look at -- there's a lot of information out there on the office sector. A lot of brokerage firms have good reports out there on the state of the office market. And I guess as we look at it, a recent report was identifying the total office inventory in the United States being about 6 billion square feet. About 15% of that being top quality garnering premium rents, about 24% or $1.3 billion kind of being middle -- top middle, very good from a competitive standpoint. About 15% kind of attractive to cost consumers. And then the balance, they need upgrades, repositioning or functionally obsolete.

因此，即使似乎存在長期變化以及我猜經濟放緩的需求抑制效應，我們仍然相信我們將處於非常有利的位置以取得良好表現。我想當你看一看——那裡有很多關於辦公部門的信息。許多經紀公司都有關於寫字樓市場狀況的良好報告。我想，正如我們所看到的，最近的一份報告確定美國的辦公樓總存量約為 60 億平方英尺。其中大約 15% 是頂級質量的，獲得了溢價租金，大約 24% 或 13 億美元屬於中等——中等偏上，從競爭的角度來看非常好。大約15%對成本消費者有吸引力。然後平衡，他們需要升級、重新定位或功能過時。

We believe all of our inventories in the top 2 tiers, so he's going to garner premium rents or it's good enough to compete given the location, the investment we made. We also think not much is going to be built unless driven by specific demand drivers that over the cycle, that will improve the competitive position of our existing inventory. So the high-quality inventory, we think, even with the secular headwinds, their competitive position gets stronger due to supply-demand imbalance. And I think statistically, you're starting to see that with even some of the rent disparities between the A and the B space.

我們相信我們所有的存貨都在前 2 層，所以他將獲得溢價租金，或者它足以在考慮到我們所做的投資和位置的情況下進行競爭。我們還認為，除非在整個週期內受到特定需求驅動因素的驅動，否則不會建造太多，這將提高我們現有庫存的競爭地位。因此，我們認為，即使存在長期不利因素，優質庫存也會因供需失衡而變得更加強大。而且我認為從統計學上講，你開始看到 A 和 B 空間之間甚至存在一些租金差異。

So look, we continue to forecast good cash mark-to-market, portfolio occupancy and leasing stability. We have excellent control on our capital costs. And even some of the macro statistics out there nationally, which we're certainly seeing in our own portfolio, is that rent premiums on leases greater than 7 years has doubled over the last 2 years from 16.4% to 35% in Class A inventory. And even the suburbs, new assets are performing better than older assets with rent premiums close to 50%.

所以看，我們繼續預測良好的現金市值、投資組合入住率和租賃穩定性。我們對資本成本的控制非常好。甚至我們在自己的投資組合中肯定會看到的一些全國宏觀統計數據表明，在過去兩年中，超過 7 年的租賃的租金溢價在 A 類庫存中從 16.4% 增加了一倍至 35%。甚至在郊區，新資產的表現也優於舊資產，租金溢價接近 50%。

So when you take a look at CBD new assets over the last couple of years, rents are up 3.6%, while in the Class A trophy class where they're down 10% in the Class B. Newer assets in the suburbs, rents on average were up about 6.8% and down about 3% in the older quality inventory. So we do think that the office sector is going through a shift, very similar to what we saw in some of the other product types. A number of years ago, an 18-foot clear warehouse was state-of-the-art. It's no longer state-of-the-art.

因此，當您查看 CBD 過去幾年的新資產時，租金上漲了 3.6%，而在 A 級獎杯級別中，他們在 B 級中下降了 10%。郊區的新資產，租金較舊的優質庫存平均上漲約 6.8%，下跌約 3%。所以我們確實認為辦公部門正在經歷一場轉變，這與我們在其他一些產品類型中看到的非常相似。幾年前，一個 18 英尺的淨倉庫是最先進的。它不再是最先進的。

We certainly think that in the office sector, there will be some significant accelerated obsolescence that will have a muting effect on overall demand, but also for the well-positioned portfolios, put them in a higher capture rate of bringing in tenants and it seems to be statistically that tenants will continue to pay higher rents to be in a higher quality workplace, certainly seeing a much more pronounced return to office trend across our portfolio.

我們當然認為，在寫字樓領域，將會有一些顯著的加速過時，這將對整體需求產生抑製作用，但對於定位良好的投資組合來說，也會使它們獲得更高的租戶捕獲率，而且似乎從統計數據來看，租戶將繼續支付更高的租金以獲得更高質量的工作場所，當然我們的投資組合中會出現更明顯的重返辦公室趨勢。

There's been some national news on some of the major corporations bringing people back to work. We continue to see very minimal hoteling or hot desking throughout the portfolio. So look, there's no question conventional thinking is that office is really back on its heels, and we're positioning the company to deal with that dynamic. We've increased our marketing campaign. We've increased our investment in some of our existing assets. I think the evidence of that is beginning to bear fruit through some of the increase that we've seen in our pipeline just in the last couple of months.

關於一些大公司讓人們重返工作崗位的一些全國性新聞。我們繼續在整個產品組合中看到非常少的旅館或輪用辦公桌。所以看，毫無疑問，傳統的想法是辦公室真的又回來了，我們正在定位公司以應對這種動態。我們增加了營銷活動。我們增加了對一些現有資產的投資。我認為，通過過去幾個月我們在管道中看到的一些增長，這方面的證據開始取得成果。

That pipeline, again, is advancing through past touring in the response to RFPs to paper being exchanged. So we're fully cognizant of the fact that it's a challenging macro environment and we have work to do. But we also think that the portfolio repositioning that we've done over the last dozen years has really put the company in a very strong position to weather the storm, achieve our business plan objectives, which are conservatively pulled together and use that foundational platform to spring into higher growth as market conditions improve. I don't know, George, you've anything to add to that?

再次，該管道正在通過過去的巡迴演出來響應 RFP 以交換文件。因此，我們充分認識到這是一個充滿挑戰的宏觀環境，我們還有很多工作要做。但我們也認為，我們在過去十幾年所做的投資組合重新定位確實使公司處於非常有利的地位，可以渡過難關，實現我們的業務計劃目標，這些目標被保守地整合在一起，並使用該基礎平台來隨著市場條件的改善，進入更高的增長。我不知道，喬治，你有什麼要補充的嗎？

No. I mean great commentary. I think a couple of things I would -- we're outperforming in just about every submarket in Philadelphia and the Pennsylvania suburbs in terms of our overall occupancy as compared to the market. And even in downtown Philadelphia, including our joint venture holding at Commerce Square, I mean, we've got about a 6.6% vacancy factor in a market that's between 15% and 20%, depending on the brokerage research house.

不，我的意思是很棒的評論。我認為我會做幾件事——與市場相比，我們在費城和賓夕法尼亞郊區幾乎每個子市場的整體入住率都表現出色。甚至在費城市中心，包括我們在商業廣場的合資企業，我的意思是，根據經紀研究機構的數據，我們在市場上的空置率約為 6.6%，在 15% 到 20% 之間。

So good levels of outperformance there. I do think the portfolio is situated well to accommodate the trend of people moving up the quality curve. And in terms of our own business plan, we have a path to get us to our occupancy guidance range, but keep in mind, the note that Jerry mentioned in his prepared commentary, the small amount of holdings we still have in Northern Virginia and in Wilmington, Delaware, are impacting our overall company occupancy by about 170 basis points. So at 92% lease portfolio of basically Philadelphia, the Pennsylvania suburbs and Austin, Texas at 92%, I think, really is the headline.

那裡的表現非常出色。我確實認為投資組合的位置很好，可以適應人們提高質量曲線的趨勢。就我們自己的商業計劃而言，我們有辦法讓我們達到我們的入住率指導範圍，但請記住，傑里在他準備好的評論中提到的註釋，我們在北弗吉尼亞州和特拉華州威爾明頓正在影響我們公司的整體入住率約 170 個基點。因此，基本上費城、賓夕法尼亞郊區和德克薩斯州奧斯汀的 92% 的租賃組合，我認為，這真的是頭條新聞。

Great. I guess just my other question relates more to life sciences. Wondering with B.Labs, if you're at a point where any of those tenants are converting into prospective tenants into your Schuylkill Yards developments at this point or if it's just too early? Or just any other broader comments on the life science component of leasing.

偉大的。我想我的另一個問題更多地與生命科學有關。想知道 B.Labs，如果您正處於這些租戶中的任何一個正在轉變為您的 Schuylkill Yards 開發項目的潛在租戶的地步，還是現在還為時過早？或者只是對租賃的生命科學部分的任何其他更廣泛的評論。

Yes. Tony, good question. And we do. We think that there's a number of tenants who are currently occupy space at B.Labs that remain interested in looking at 3025 and 3151. Frankly, one of the dynamics driving the conversion of the ninth floor was that some of those tenants had an immediate need for additional growth capacity, but weren't quite at a financial stage where they -- where we would underwrite them as a credit tenant in a new building.

是的。托尼，問得好。我們做到了。我們認為目前在 B.Labs 佔用空間的許多租戶仍然有興趣查看 3025 和 3151。坦率地說，推動九樓改建的動力之一是其中一些租戶有迫切需要以獲得額外的增長能力，但還沒有達到他們的財務階段 - 我們將在新大樓中作為信貸租戶承保。

So we're being very careful how we do our underwriting on the life science front. As we've talked about on previous calls, we had an operating partnership agreement with the PA Biotech Council, which has been around for a couple of decades as a scientific advisory board. They're very much part and parcel of helping us assess the financial viability of some of these life science tenants, but I think the success of B.Labs and its continued full occupancy and the high return on cost that we're getting, certainly is emblematic of the growth track record that we see taking place as we move forward with the deliveries of the building of Schuylkill Yards.

因此，我們在如何在生命科學領域進行承保方面非常謹慎。正如我們在之前的電話會議上談到的那樣，我們與 PA 生物技術委員會簽訂了運營合作協議，該委員會作為科學顧問委員會已經存在了幾十年。他們是幫助我們評估其中一些生命科學租戶的財務可行性的重要組成部分，但我認為 B.Labs 的成功及其持續的全面入住率以及我們獲得的高成本回報，當然是我們在推進 Schuylkill Yards 建築交付過程中看到的增長記錄的象徵。

Thank you, and our next question comes from Nick Joseph with Citigroup.

謝謝，我們的下一個問題來自花旗集團的尼克約瑟夫。

Jerry, you mentioned making progress on the dispositions. I was just wondering if you could provide some more color on the process thus far kind of the size and composition of the bidder pool? Any pricing indications, any additional comments you have there?

傑里，你提到在處置方面取得進展。我只是想知道您是否可以提供更多有關投標人池的規模和組成的過程的顏色？有任何定價指示，您有任何其他評論嗎？

Yes, sure, Nick. The -- yes, we put a number of properties in the market for Discovery, which is that $200 million to $300 million range. Some in Pennsylvania, CBD Philadelphia, Northern Virginia as well as in Austin, Texas. And while we're still getting visibility -- deal pipeline, you should say the timing of getting bids has been, as we would expect, fairly protracted. But as of right now, we have one building that the buyer is an investment group and a tenant. We have that moving through contract negotiations, that's in the $50 million range. So we think that transaction will get across the finish line in the first half of the year.

是的，當然，尼克。 - 是的，我們在 Discovery 的市場上投放了一些房產，價值在 2 億到 3 億美元之間。一些位於賓夕法尼亞州、費城中央商務區、北弗吉尼亞州以及德克薩斯州奧斯汀。雖然我們仍在獲得知名度——交易管道，但你應該說，正如我們所預期的那樣，獲得投標的時間已經相當長了。但截至目前，我們有一棟大樓的買家是一個投資集團和一個租戶。我們通過合同談判取得了進展，在 5000 萬美元的範圍內。所以我們認為交易將在今年上半年完成。

And then we are evaluating bids from 3 different prospects on a suburban Philadelphia complex that we'll kind of reach the inclusion of that in the next several weeks. So it seems that somewhere around $100 million right now, we feel are pretty getting to the level of the advance. Certainly $50 million is pretty advanced at this point. So that's a pleasant surprise to us because we really weren't really forecasting much to happen until the second half of the year. So this first foray of properties in the market, as we outlined on the last call, was really just kind of test the appetite and see what's out there.

然後我們正在評估 3 個不同的潛在客戶對費城郊區綜合體的出價，我們將在接下來的幾週內將其納入其中。所以現在看來大約有 1 億美元，我們覺得已經達到了預付款的水平。當然，5000 萬美元在這一點上已經相當先進了。所以這對我們來說是一個驚喜，因為我們真的沒有真正預測到今年下半年會發生什麼。因此，正如我們在上次電話會議中概述的那樣，首次涉足市場的房產實際上只是一種測試胃口並看看那裡有什麼。

So feedback has been, while it's been slow to come in at a number of fronts, certainly, I think we're pretty happy with the progress we're making so far. We have a couple of other properties in Northern Virginia that we're waiting for some feedback on some potential bidders. That process is moving a bit slower in all candor, primarily driven by that market really has not performed that well anyway. Then you layer in the financing market challenges, that seems to be moving as we would have expected, a little bit slower, but at least we're gaining visibility on how to deal with that dynamic later in the year.

所以反饋是，雖然在許多方面進展緩慢，但我認為我們對迄今為止取得的進展感到非常滿意。我們在北弗吉尼亞州還有其他幾處房產，我們正在等待一些潛在投標人的反饋。坦率地說，這個過程進展得有點慢，主要是受該市場的推動，無論如何，市場確實表現不佳。然後你在融資市場挑戰中分層，這似乎像我們預期的那樣在移動，有點慢，但至少我們在今年晚些時候獲得瞭如何應對這種動態的可見性。

That's very helpful. And then maybe just on the financing market. I know you walked through kind of the lower loan to values what's happening on the CMBS side as well. But just can you touch on the current pricing difference that you see right now between secured and unsecured debt?

這很有幫助。然後可能只是在融資市場上。我知道你通過某種較低的貸款來評估 CMBS 方面正在發生的事情。但是，您能否談談您現在看到的有擔保債務和無擔保債務之間的當前定價差異？

Nick, this is Tom. I think for us right now, I think it's -- the secured debt will be inside of the unsecured debt. Hard to say where that is. As I mentioned, the CMBS market has been opening up, since having some slowdown from the banks that we're closing. But I still think it's at least 100 to 200 basis points and -- but you will see how we come out on pricing with some of the transactions we're looking at right now.

尼克，這是湯姆。我認為現在對我們來說，我認為是——有擔保債務將包含在無擔保債務中。很難說那是哪裡。正如我所提到的，CMBS 市場一直在開放，因為我們正在關閉的銀行出現了一些放緩。但我仍然認為它至少是 100 到 200 個基點，而且 - 但你會看到我們如何通過我們現在正在研究的一些交易來定價。

Yes, I think just to add on to that, the unsecured market really is kind of the bank market and the public bond market. And I think the unsecured bank market, while it's certainly more constrained than it was, I think, given relationship lending, I think the team did a great job getting that $70 million unsecured financing across the finish line. The public bond market right now is gapped out to be much wider in terms of spreads versus banks. So we'll see how that plays out over the next couple of quarters.

是的，我想補充一點，無擔保市場確實有點像銀行市場和公共債券市場。我認為無抵押銀行市場，雖然它肯定比以前更受限制，但我認為，考慮到關係貸款，我認為團隊在完成 7000 萬美元的無抵押融資方面做得很好。就利差而言，與銀行相比，公共債券市場目前的差距要大得多。因此，我們將看看在接下來的幾個季度中會如何發揮作用。

Our next question comes from Michael Lewis with Truist.

我們的下一個問題來自 Michael Lewis with Truist。

Great. Jerry, in the first question that Tony as you kind of combated some investor perception. I think another investor perception is that office building are not financeable. And you talked about the finance market a little bit, but I think your JV maturities are instructive. You mentioned you have 4 in the next 12 months. Commerce Square sounds like it's below LTV and close to getting done. The MAP venture is 78% occupied. Rockpoint 68% occupied. Of course, Commerce and Cira Square is full.

偉大的。傑里，在第一個問題中，托尼和你一樣反對一些投資者的看法。我認為另一種投資者的看法是寫字樓是不可融資的。你稍微談到了金融市場，但我認為你的合資企業到期日很有啟發性。你提到你在接下來的 12 個月裡有 4 個。 Commerce Square 聽起來像是低於 LTV 並且接近完成。 MAP 合資企業佔 78%。 Rockpoint 68% 被佔用。當然，Commerce 和 Cira Square 已經爆滿。

So you mentioned kind of possible extensions, some will get refinanced. I mean, I guess my question here is kind of specific to you and then more broadly, I mean, do you think we'll see a lot of loan extensions? You remember during the GFC, everything was blend and extend. Do you think we'll see a lot of defaults that put pressure on values? And so you have some of that in your portfolio and maybe it's applicable to the rest of the universe. So do you have any thoughts on that?

所以你提到了一些可能的延期，有些會得到再融資。我的意思是，我想我的問題有點針對您，然後更廣泛地說，我的意思是，您認為我們會看到很多貸款延期嗎？您還記得在全球金融危機期間，一切都在融合和擴展。您認為我們會看到很多違約行為對價值觀造成壓力嗎？所以你的投資組合中有一些，也許它適用於宇宙的其他部分。那麼你對此有什麼想法嗎？

Michael, great question. Look, I think as we're approaching all of these joint venture refinancing discussions. We're talking to each of the lenders who we have great relationships with about the dilemma that the portfolio is facing. None of the dilemma the portfolio is facing is lack of performance effort by Brandywine and our operating partners. It tends to be more of a macro concern. So we can certainly articulate to those lenders exactly where every dollar or every lease has gone over the term of their loan.

邁克爾，好問題。看，我認為我們正在接近所有這些合資再融資討論。我們正在與每一位與我們有良好關係的貸方討論投資組合面臨的困境。投資組合面臨的困境都不是 Brandywine 和我們的運營合作夥伴缺乏績效努力。它往往更像是一個宏觀問題。因此，我們當然可以向這些貸方准確說明每一美元或每份租約在何處超過了他們的貸款期限。

And to some degree, those banks, Michael, will drive what the ultimate outcome will be, whether they do a short-term extension and reset the rate and the value prop is supported by appraisals. That's kind of track one, whether they wind up doing an AB note structure, providing a window of opportunity for a borrower like our joint venture partners and Brandywine to invest additional capital and get that return as a priority over the B note. I think that will be a likely outcome in a number of situations.

在某種程度上，這些銀行，邁克爾，將推動最終結果，無論他們是否進行短期延期並重新設置利率，以及價值支撐是否得到評估的支持。這是一種軌道，無論他們最終是否採用 AB 票據結構，為像我們的合資夥伴和 Brandywine 這樣的借款人提供機會窗口來投資額外的資本並獲得比 B 票據優先的回報。我認為在許多情況下這將是一個可能的結果。

I do think, and I'm not sure they're applicable to any of our ventures, but I do think there'll be situations where the borrower and the lender will simply agree that the best solution from the bank's perspective is to take the property back. The borrowers may not be of a mindset to invest additional capital given the quality of the portfolio that's encumbered unless there's an easy mechanism or actually -- unless there's clarity that the additional incremental money that borrower invest can be recovered as a priority of the over-levered situation.

我確實認為，而且我不確定它們是否適用於我們的任何企業，但我確實認為，在某些情況下，借款人和貸款人會簡單地同意，從銀行的角度來看，最好的解決方案是採取財產退回。除非有一個簡單的機製或實際上 - 除非明確表明借款人投資的額外增量資金可以作為過度投資的優先事項回收，否則藉款人可能不會考慮投資額外資本的心態。槓桿情況。

So I think a lot of it depends upon the approach that the banks take. That will certainly determine what structures they work through with the borrowers. Yes, I'll tell you, from our standpoint, we have a great joint venture partners between our partners and Brandywine, we have extensive relationships. We've always operated on a very forthright transparent basis. So I think all of our lenders view us as a really high-quality landlord and hey, if it wasn't for the work you guys are doing, the portfolio might not be performing as well as it is.

所以我認為這在很大程度上取決於銀行採取的方法。這肯定會決定他們與借款人合作的結構。是的，我會告訴你，從我們的角度來看，我們的合作夥伴和 Brandywine 之間有一個很棒的合資夥伴，我們有廣泛的關係。我們一直在非常坦率透明的基礎上運作。所以我認為我們所有的貸方都將我們視為一個真正優質的房東，嘿，如果不是你們所做的工作，投資組合可能不會像現在這樣表現。

So we think there's a mutuality of interest between borrower and lender to reach the right economic program. But again, that has to work for both parties. So we're going to each of these discussions being constructive and positive and want to work through the right results. All of these mortgages, of course, as you know, Michael, are nonrecourse. Brandywine either has a negative capital account we have, we've made plenty of (inaudible) marginally -- marginal investment levels. So we'll make the right business decision, both economic and reputationally for the company.

所以我們認為藉款人和貸款人之間存在共同利益，可以達成正確的經濟計劃。但同樣，這必須對雙方都有效。因此，我們將以建設性和積極的方式進行每一次討論，並希望取得正確的結果。當然，正如你所知，邁克爾，所有這些抵押貸款都是無追索權的。 Brandywine 要么有一個負資本賬戶，要么我們有很多（聽不清）邊際投資水平。因此，我們將為公司做出正確的商業決策，無論是在經濟上還是在聲譽上。

And to some degree, that decision, as I mentioned, is going to be driven by what the perspective is of the banks. But certainly, banks recognize that there's a general credit crunch on commercial real estate and that the issue is systemic, not specific. And how they deal with that will be within their own investment committees. But our approach is to get these loans extended, get them restructured, create capital structure that provides an opportunity for both the borrower and the lender to win, and we'll see how that works its way through the process.

在某種程度上，正如我所提到的，該決定將取決於銀行的觀點。但可以肯定的是，銀行認識到商業房地產存在普遍的信貸緊縮，而且這個問題是系統性的，而不是具體的。他們如何處理這將在他們自己的投資委員會內進行。但我們的方法是延長這些貸款，重組它們，創造資本結構，為藉款人和貸款人提供雙贏的機會，我們將看到它如何在整個過程中發揮作用。

And Michael, this is Tom. I think also, I think if we see interest rates kind of hit a peak, I think that some of our -- talking to some of the banks, they feel maybe if they've hit a peak stress level of where the rates are that may also -- again, this is more for the loans in '24 may give us an opportunity to see that sort of normalize and then they have a little more clarity where they may see interest rates going and that can help in the decision-making process as we talk to the lenders as well.

邁克爾，這是湯姆。我還認為，我認為如果我們看到利率達到頂峰，我認為我們的一些 - 與一些銀行交談時，他們覺得如果他們已經達到利率的峰值壓力水平也可能 - 再一次，這更多是因為 24 年的貸款可能會讓我們有機會看到這種正常化，然後他們會更清楚地看到利率會走向何方，這有助於決策我們也在與貸方交談時進行處理。

Yes, that makes sense. Those yield curves look like they might start to help a little bit rather than hurt pretty soon. My second question is about the dividend. You last reduced the dividend in 2009. I checked your website and elsewhere. I think that's the only time you've ever lowered the dividend in the company's history. So I apologize if it makes you feel old, but we look back, I think, 30 years, and we only found that 1 cut. And I bring this up because I've argued that there's -- there might not be a reason to pay an 18% dividend yield for very long.

是的，這是有道理的。這些收益率曲線看起來可能會開始有所幫助，而不是很快就會受到傷害。我的第二個問題是關於股息。您上次減少股息是在 2009 年。我查看了您的網站和其他地方。我認為這是你在公司歷史上唯一一次降低股息。所以如果這讓你覺得老了，我很抱歉，但我們回顧過去，我想，30 年了，我們只發現了 1 個傷口。我之所以提出這個問題，是因為我一直認為——可能沒有理由長期支付 18% 的股息收益率。

But maybe I'm wrong, if anyone is going to be known as a company that as long as the dividend is covered, is going to pay it, it makes that yield that apparently nobody thinks is going to stick around more attractive. And so I guess my question is, is your view that as long as the dividend is covered by cash flow, you'll continue to pay it? Or do you look at it as that high dividend yield isn't doing you any favors and you could retain that capital anyway? How do you kind of think about balancing those things?

但也許我錯了，如果任何人都將被稱為一家公司，只要支付股息，就會支付它，那麼顯然沒有人認為會堅持下去的收益率更具吸引力。所以我想我的問題是，你是否認為只要股息被現金流覆蓋，你就會繼續支付？還是您認為高股息收益率對您沒有任何好處，您無論如何都可以保留該資本？你如何看待平衡這些事情？

Michael, very fair question. And look, we continue to reflect on how our business plan is progressing and how that relates to existing dividend levels. I think maybe to level set the discussion before the impact of any of our sales, we think our taxable income is kind of in the $0.55 to $0.60 per share range. So the savings would be kind of $27 million to low $30 million range annually.

邁克爾，非常公平的問題。看，我們繼續反思我們的商業計劃是如何進展的，以及它與現有股息水平的關係。我認為也許在我們的任何銷售影響之前進行討論，我們認為我們的應稅收入在每股 0.55 美元到 0.60 美元之間。因此，每年可節省 2700 萬美元至 3000 萬美元。

We also think some of these sales could have taxable gains. Maybe there might be some taxable losses too. So we're waiting to get some more clarity on sales of what we'll sell and what gains and losses that we'll have. We do have a strong baseline, and I think conservatively constructed operating plan for '23, and we may very well see some improvement in our capital ratios as we typically see like, for example, last year, our opening range was a CAD payout ratio of 84% to 95%, and we wound up at 84%. So even in the first quarter, we came in at 81%.

我們還認為其中一些銷售可能會產生應稅收益。也許也可能有一些應稅損失。因此，我們正在等待更清楚地了解我們將出售的產品的銷售額以及我們將擁有的收益和損失。我們確實有一個強大的基線，我認為保守地制定了 23 年的運營計劃，我們很可能會看到我們的資本比率有所改善，就像我們通常看到的那樣，例如，去年，我們的開放範圍是加元支付比率84% 到 95%，我們最終達到 84%。所以即使在第一季度，我們也達到了 81%。

So it is a challenge, particularly in this type of landscape because I think to answer your question directly, I think the Board will be of the mindset so long as the dividend is covered, we want to continue paying that dividend. The variable to that, which is well beyond our control is what happens in the capital market conditions. So we want to be very disciplined and very mindful of forward liquidity and how we generate additional liquidity to both delever the balance sheet, preserve good credit metrics and keep the business plan moving forward.

所以這是一個挑戰，尤其是在這種情況下，因為我想直接回答你的問題，我認為只要支付紅利，董事會就會有這樣的心態，我們希望繼續支付紅利。我們無法控制的變數是資本市場條件下發生的情況。因此，我們希望非常有紀律並非常注意遠期流動性，以及我們如何產生額外的流動性來減少資產負債表的槓桿，保持良好的信用指標並保持業務計劃向前發展。

So philosophically, the answer to your question is yes. But pragmatically, we've got to keep our eye on the bigger picture of things that we can't necessarily control. And I think the other way we look at it, honestly, is we want to keep in mind that despite the irrationally low stock price us and other office companies are having, the average investment base of our shareholders is in the low double digits. So the return to them at the current dividend level is in the 6% to 8% range.

所以從哲學上講，你的問題的答案是肯定的。但從務實的角度來看，我們必須關注我們不一定能控制的事物的大局。而且我認為我們看待它的另一種方式，老實說，我們要記住，儘管我們和其他寫字樓公司的股價低得不合理，但我們股東的平均投資基礎仍處於低兩位數。因此，以目前的股息水平，他們的回報率在 6% 到 8% 之間。

So even though spot pricing is much higher, it's actually in a very reasonable range given the investment base of our shareholders who are counting on us to both have the forward focus on addressing liquidity, have the financial discipline to inculcate the right results and to generate additional external liquidity through sales to make sure that we keep the dividend fully covered. So the -- we work for our shareholders and our office shareholders, not just Brandywine, but all office shareholders have been really adversely impacted due to the macro negativity on the tone of what's happening to office, what's happening to the credit markets, what's happening to the economy.

因此，即使現貨價格高得多，但考慮到我們股東的投資基礎，它實際上處於一個非常合理的範圍內，他們指望我們將重點放在解決流動性問題上，有財務紀律來灌輸正確的結果並產生通過銷售增加外部流動性，以確保我們能夠充分支付股息。所以 - 我們為我們的股東和我們的辦公室股東工作，不僅僅是布蘭迪萬，而且所有辦公室股東都受到了真正的不利影響，因為對辦公室正在發生的事情，信貸市場正在發生的事情，正在發生的事情的宏觀消極情緒對經濟。

So I think we do, and I say we, management and the Board feel an obligation to continue keeping our business plan moving forward to try and return as much value as we can to our owners during this very challenging period of time. I don't know if that answers your question or not, but I think that's how we kind of assess where we are.

因此，我認為我們確實如此，而且我說我們、管理層和董事會感到有義務繼續推進我們的業務計劃，以在這個充滿挑戰的時期內盡可能多地回報我們的所有者。我不知道這是否能回答您的問題，但我認為這就是我們評估現狀的方式。

And our next question comes from Tayo Okusanya with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tayo Okusanya。

So quick question just about lease-up of the -- a lot of the JV development projects. You guys -- you talked a lot about kind of active pipeline. The leasing pipeline actually looks like they're expanding, but can you just kind of talk about the kind of final conversion and when we can kind of expect that we start to see some actual buy and leases for some of these assets?

如此快速的問題只是關於租賃 - 許多合資開發項目。你們——你們談了很多關於主動管道的事情。租賃管道實際上看起來正在擴大，但您能否談談最終轉換的類型以及我們何時可以預期我們開始看到其中一些資產的實際購買和租賃？

You kind of have a little bit, but I think the question is kind of how we moved through from the pipeline to lease execution. And look, I think the probability of the lease execution is a direct relation to the amount of pipeline we have. So I think while we are -- we wish we had a definitive leasing to present back to you and our shareholders, and we're working on that, and I'll get to that in a second.

你有點，但我認為問題是我們如何從管道過渡到租賃執行。看，我認為租賃執行的可能性與我們擁有的管道數量直接相關。所以我認為，雖然我們 - 我們希望我們有一個明確的租賃來回報你和我們的股東，我們正在努力，我會在一秒鐘內解決這個問題。

I think generally, the team is very pleased with the increased levels of activity. Now part of that is the flight to quality construct, part of that is, I think, the tremendously counted leasing teams. We have work on these projects in terms of generating new activity. I think part of it is also these buildings are finally getting to where people can walk through them. So typically, as we've looked at these cycles in the past, if you don't have a pre-lease in place by the time you start, most of the significant leasing activities occurs as the building nears completion and kind of 6 months after it's completed because tenants, unless it's a pre-lease again, they really do want to see what the lobby looks like, the security desk, the turnstile, the elevator cabs, the window lines, all those things that are important to them and creating the value proposition in their minds, at least at a rental rate that's higher than general market given its new construction.

我認為總體而言，團隊對活動水平的提高感到非常滿意。現在，部分原因是轉向質量建設，我認為，其中一部分原因是數量眾多的租賃團隊。我們在產生新活動方面致力於這些項目。我認為部分原因也是這些建築物終於到達了人們可以穿過它們的地方。因此，通常情況下，正如我們過去研究過的這些週期一樣，如果您在開始時還沒有預租，那麼大多數重要的租賃活動都會在建築物接近完工時發生，大約需要 6 個月完工後，因為租戶，除非再次預租，否則他們真的很想看看大堂的樣子，保安台，旋轉門，電梯轎廂，窗戶線，所有這些對他們來說很重要的東西，在他們心目中創造價值主張，至少在考慮到其新建築的情況下，租金高於一般市場。

So I think from that standpoint, the progression that we've seen through construction folks that can price out a plan, much faster than a lot of our competition. So all the things that we can do to control the process to get them to a lease execution, I think we're doing everything we can.

所以我認為從這個角度來看，我們通過建築人員看到的進展可以為計劃定價，比我們的許多競爭對手快得多。因此，我們可以做的所有事情來控制讓他們執行租賃的流程，我認為我們正在盡我們所能。

In today's climate, tenants are just -- particularly the larger sized tenants we're talking to are simply slower to pull the trigger on making a long-term large capital commitment for their organizations. So to some degree, some of these companies are waiting for more visibility on how they view their business plan evolving over the next several years before they pull the trigger. So I don't know if that answers your question. It's a hard process because it's not like you can push a button and make a donut. We've got to get people across the finish line by giving them every element of their decision-making process as quickly as we can, so they have the full range of information to make the decisions.

在今天的氣候下，租戶只是 - 特別是我們正在與之交談的大型租戶只是更慢地觸發為其組織做出長期的大量資本承諾。因此，在某種程度上，其中一些公司在扣動扳機之前，正在等待更多關於他們如何看待未來幾年業務計劃演變的可見性。所以我不知道這是否回答了你的問題。這是一個艱難的過程，因為它不像你可以按下按鈕並製作甜甜圈。我們必須盡可能快地向人們提供決策過程的每個要素，從而讓他們衝過終點線，這樣他們就有了做出決策所需的全部信息。

The flip side is that on the -- even on the life science market in Philadelphia, if you looked at that under construction or predevelopment pipeline a year ago, the actual properties under construction for delivery in '23 and '24 is much lower than it was when we looked at it back in '21 and '22. So the universe of competitive product is lower and the tenants in the market has remained about the same level. Some of those tenants in the market have put their requirements on hold until they clear FDA approval, they get their financing lined up. So all the national reasons they would make that decision. But for the most part, the supply-demand balance on these projects seems pretty favorable to us in getting some of these prospects across the finish line of getting leases executed.

不利的一面是——即使在費城的生命科學市場上，如果你看看一年前在建或開發前的管道，23 年和 24 年交付的實際在建物業也比它低得多是我們在 21 年和 22 年回顧它的時候。因此競爭產品的範圍較低，市場上的租戶保持在同一水平。市場上的一些租戶已將他們的要求擱置，直到他們獲得 FDA 批准，他們才能獲得融資。因此，他們做出該決定的所有國家原因。但在大多數情況下，這些項目的供需平衡似乎非常有利於我們讓其中一些前景越過執行租賃的終點線。

That's helpful. And then just a follow-up. Tom, in regard to the dividend, again, massive dividend yield today relative to your peers, guidance suggested an FAD payout close to 100%. I mean how does one kind of think about the dividend going -- what exactly is the Board going to really consider to think about what the appropriate dividend level is going forward?

這很有幫助。然後只是跟進。湯姆，關於股息，今天相對於你的同行來說，股息收益率很高，指導建議 FAD 派息率接近 100%。我的意思是一種關於股息的思考方式——董事會究竟會真正考慮什麼來考慮未來適當的股息水平？

Yes. I think the Board will focus on a couple of very key data points. One is, how is the business plan progressing from an operating standpoint and what visibility do we have on achieving our business plan. Number two, how is the financing and sales campaign going in terms of addressing both current and forward liquidity requirements. And then three, take a look at what their view is of overall capital market conditions as we start to think ahead to '24 and '25 on financing needs.

是的。我認為董事會將關注幾個非常關鍵的數據點。一是，業務計劃從運營的角度來看進展如何，以及我們對實現業務計劃的可見性如何。第二，融資和銷售活動在解決當前和遠期流動性需求方面的進展情況如何。然後是第三，在我們開始思考 24 世紀和 25 世紀的融資需求時，看看他們對整體資本市場狀況的看法。

So again, one of those -- the first one is fairly controllable from our management team. The second one, the proof will be in the pudding in terms of what we can deliver in terms of financing some of these joint ventures and getting some sale proceeds across the finish line. And the third is a macro question that certainly management and the Board will evaluate as we think about what the risk management position should be for the company.

同樣，其中一個 - 第一個是我們的管理團隊相當可控的。第二個，證據將在布丁中證明我們可以在為這些合資企業中的一些提供資金和在終點線上獲得一些銷售收益方面提供什麼。第三個是一個宏觀問題，管理層和董事會肯定會在我們考慮公司的風險管理職位時進行評估。

Our next question comes from Dylan Burzinski with Green Street.

我們的下一個問題來自 Green Street 的 Dylan Burzinski。

You mentioned reducing leverage as a possible use of capital should you get some of these dispositions to the finish line. Just curious to know how you guys are thinking about those leverage targets that you have in your 2023 business plan on a longer-term time horizon, is there any desire to sort of lower those?

您提到，如果您將這些配置中的一些配置到終點線，則可以將降低杠桿率作為一種可能的資本使用方式。只是想知道你們是如何考慮長期的 2023 年商業計劃中的槓桿目標的，是否有降低這些目標的願望？

Yes. I think -- I mean, our game plan is to get our leverage targets -- our overall company leverage kind of in the range of where our core net debt to EBITDA number is in the low 6s. And certainly, as we look at it longer term, particularly some of these developments coming online and hopefully, some recovery in the office market, we continue to target getting below 6x over the course of the next several years.

是的。我認為——我的意思是，我們的遊戲計劃是實現我們的槓桿目標——我們整個公司的槓桿率在我們的核心淨債務與 EBITDA 數之比處於低 6 的範圍內。當然，從長遠來看，尤其是其中一些即將上線的開發項目，以及寫字樓市場的一些復甦，我們的目標是在未來幾年內繼續低於 6 倍。

Certainly, one of the immediate tools that we're working on, Dylan, is as I alluded to and Tom touched on was exiting some of these joint ventures, they tend to be more highly levered. So the debt attribution of over $400 million by reducing that, that is a very powerful deleveraging tool we have at our disposal. Some of those joint ventures are coming to the end of their natural life cycle with us. Our ownership ranges from 15% to 50%. So we're evaluating each and every one of those joint ventures that we have identified in the supplemental package as how they can become candidates for us to exit or reduce our ownership stake over the next several years as a way for us to accelerate the deleveraging even in a capital-constrained marketplace.

當然，我們正在研究的直接工具之一，迪倫，正如我提到的和湯姆提到的，正在退出其中一些合資企業，它們的槓桿率往往更高。因此，通過減少債務歸屬超過 4 億美元，這是我們可以使用的非常強大的去槓桿化工具。其中一些合資企業與我們的自然生命週期即將結束。我們的所有權從 15% 到 50% 不等。因此，我們正在評估我們在補充計劃中確定的每一個合資企業，以了解它們如何成為我們在未來幾年內退出或減少我們的所有權股份的候選者，以此作為我們加速去槓桿化的一種方式即使在資本受限的市場中。

That's helpful. And then just staying on the dispositions. I think last quarter, you had mentioned that you're targeting cap rates anywhere from the high 6s to low 9s, obviously, depending on market just given that you're already in the market with several hundred million dollars of the assets, is that pricing guidance still relatively in line with expectations today?

這很有幫助。然後只停留在配置上。我想上個季度，你提到過你的目標是從高 6 到低 9 的任何地方的上限率，顯然，這取決於市場，因為你已經在市場上擁有數億美元的資產，是嗎今天的定價指導是否仍相對符合預期？

Yes, I think so. I mean the project we're moving forward with is as I mentioned, on the sales, is a sub-7 cap rate, which is kind of where we thought it might be. The other one is kind of in the 9% range. But it's 9% based upon kind of leases in place, not necessarily reflecting what we think might roll out of the portfolio. So we do think that the pricing levels are consistent with what our expectation was. Look, I was frankly hoping for better pricing across the board, but it's not there today. But the reality is that the pricing levels that we are getting clarity on are very much in line with what we view to be the net present value to us of holding those assets. And as long as that connection point is made between offer price and internal NPD, I think we view that as a tradable asset for us.

是的，我想是這樣。我的意思是，正如我提到的那樣，我們正在推進的項目在銷售方面是低於 7 的上限率，這就是我們認為的那樣。另一個在 9% 範圍內。但它是 9% 基於現有的租賃類型，不一定反映我們認為可能推出的投資組合。所以我們確實認為定價水平符合我們的預期。看，坦率地說，我希望全面定價更好，但今天不存在。但現實情況是，我們越來越清楚的定價水平與我們認為持有這些資產的淨現值非常一致。只要在報價和內部 NPD 之間建立連接點，我認為我們將其視為我們的可交易資產。

Our next question comes from Steve Sakwa with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Steve Sakwa。

Jerry, I just want to know if you could provide a little more color on the Austin leasing pipeline for the office building. And I'm just trying to think through like the timing of those leases to the extent that they get executed and the reason I'm asking is, at some point, these projects are going to delever, you can only capitalize interest for so long before you have to start recognizing the income and maybe putting further pressure on the payout ratio or coverage ratio, which then kind of speaks to the dividend. So just trying to sort of get a sense for the timing and the size of some of these tenants and when a lease realistically could get signed and how that might affect the yield, the timing, the CAD ratio as we think about '24.

傑里，我只想知道您是否可以為辦公樓的奧斯汀租賃管道提供更多顏色。我只是想仔細想想這些租約的執行時間，我問的原因是，在某些時候，這些項目將去槓桿化，你只能將利息資本化這麼長時間在您必須開始確認收入並可能對支付率或覆蓋率施加進一步壓力之前，這在某種程度上說明了股息。因此，只是想了解其中一些租戶的時間和規模，以及實際簽署租約的時間，以及這將如何影響收益率、時間和我們對 24 年的 CAD 比率。

Yes. Great question, Steve. Look, it's certainly a point that we are very crisply focused on. The pipeline, we're projecting that we'll start to generate some revenue out of Uptown ATX in the second half of '24. That obviously is going to be conditioned upon getting some of these prospects across the finish line. The project to delever in the second half of this year. So we'll essentially have about 12 months of capitalized interest to make sure that we insulate ourselves from that downside risk. But that will clearly be a pressure point and a point of consideration as we look at our revenue numbers going forward.

是的。好問題，史蒂夫。看，這當然是我們非常關注的一點。管道，我們預計我們將在 24 世紀下半年開始從 Uptown ATX 產生一些收入。顯然，這將取決於讓其中一些前景越過終點線。該項目將於今年下半年去槓桿。因此，我們基本上將有大約 12 個月的資本化利息，以確保我們免受下行風險的影響。但這顯然是一個壓力點，也是我們展望未來收入數字時的一個考慮點。

And as you know, I mean, Austin is, well, it has great long-term growth potential. In fact, even as of today with the marketplace being slow, there's 64 new prospects looking at the Austin marketplace as either a regional or a headquarters relocation. There's about 14 new tenants in the market that are over 50,000 square feet and about 7 over 100,000 square feet. So the forward pipeline looks good. We're just kind of all meandering our way through what's been a major pullback by some of the tech companies, the increase in some sublease space. And our team is very much focused on how we can get some of these smaller tenants across the finish line rather than waiting for one of the larger tenants to make a decision of what they want to do. I don't know if that answers your question totally quantitatively, but I think thematically, that's the direction we're moving in.

如你所知，我的意思是，奧斯汀具有巨大的長期增長潛力。事實上，即使在市場發展緩慢的今天，仍有 64 個新的潛在客戶將奧斯汀市場視為區域或總部搬遷。市場上大約有 14 個新租戶，面積超過 50,000 平方英尺，大約有 7 個超過 100,000 平方英尺。所以前向管道看起來不錯。我們只是在一些科技公司的重大回調中蜿蜒前行，一些轉租空間的增加。我們的團隊非常關注如何讓這些較小的租戶中的一些人越過終點線，而不是等待其中一個較大的租戶決定他們想做什麼。我不知道這是否完全定量地回答了你的問題，但我認為從主題上講，這是我們前進的方向。

So Jerry, I guess just maybe not to beat a dead horse here, but on the pipeline, are they mostly existing I guess, Austin tenants that kind of have natural lease expirations and they need to make a decision? Or are these more kind of new-to-market tenants where maybe they don't have to make a decision? Just trying to get a sense for the ability to get things over the finish line versus things to continue to get delayed?

所以傑里，我想也許不是為了在這裡打敗馬，但在管道上，我猜他們大多是現存的，奧斯汀的租戶有自然的租約到期，他們需要做出決定嗎？還是這些更像是新入市的租戶，他們可能不必做出決定？只是想了解讓事情越過終點線的能力與繼續延遲的事情的能力？

Yes. I mean, look, of those prospects, I mentioned they're kind of the 30,000 to 60,000 square feet. They're all existing tenants in the market with lease expirations that kind of roll into that time line I mentioned.

是的。我的意思是，看，在這些前景中，我提到它們大約有 30,000 到 60,000 平方英尺。他們都是市場上現有的租戶，租約到期，進入我提到的那個時間線。

Great. And then I guess just looking at the change in occupancy, I think there was definitely more weakness in kind of Radnor and Conshohocken in this quarter just sequentially in terms of the occupancy decline. Is there anything specific there to note and, I guess, potential backfill opportunities on some of those?

偉大的。然後我想只要看看入住率的變化，我認為本季度 Radnor 和 Conshohocken 在入住率下降方面肯定有更多的弱點。有沒有什麼特別需要注意的，我想，其中一些有潛在的回填機會？

George?

喬治？

Sure. Steve. Yes, it was really more Plymouth meeting, where we had 2 kind of 20,000 square foot tenants vacate. In Radnor, we did get one 112,000 square foot space back that we've already got 2 proposals issued to. So the Radnor inventory is in great shape and not really of a concern when we get one back. But -- and then, yes, to your point, we had some additional move outs in Conshohocken, 18,000 square footer was the largest, and we've already got pipeline looking at that space. So...

當然。史蒂夫。是的，這真的更像是普利茅斯會議，我們有 2 種 20,000 平方英尺的租戶騰出。在 Radnor，我們確實收回了一個 112,000 平方英尺的空間，我們已經收到了 2 個提案。因此，Radnor 庫存狀況良好，當我們收回庫存時，這並不是真正的問題。但是——然後，是的，就你的觀點而言，我們在 Conshohocken 進行了一些額外的搬遷，18,000 平方英尺是最大的，我們已經在尋找那個空間的管道。所以...

There are no further questions. I'd like to turn the call back over to Jerry Sweeney for closing remarks.

沒有其他問題了。我想將電話轉回給 Jerry Sweeney 以作結束語。

The only closing remark is that thank you all very much for participating in our earnings call. And we look forward to updating you on our '23 business plan progression on our next earnings call. Thank you very much.

唯一的結束語是非常感謝大家參加我們的財報電話會議。我們期待在下次財報電話會議上向您更新我們的 23 年商業計劃進展情況。非常感謝。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。