Brandywine Realty Trust (BDN) 2023 Q4 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 Brandywine Realty Trust 2023 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人、總裁兼執行長 Jerry Sweeney。請繼續。

Michelle, thank you very much. Good morning, everyone, and thank you for participating in our fourth quarter 2023 earnings call. On today's call with me 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，非常感謝你。大家早安，感謝您參加我們的 2023 年第四季財報電話會議。與我一起參加今天電話會議的是我們的營運執行副總裁 George Johnstone； Dan Palazzo，我們的資深副總裁兼首席會計長；以及我們的執行副總裁兼財務長 Tom Wirth。

Prior to beginning, certain information that will be discussed during our call 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 filed with the SEC.

在開始之前，我們在電話會議中討論的某些資訊可能構成聯邦證券法含義內的前瞻性陳述。儘管我們相信這些陳述中反映的估計是基於合理的假設，但我們不能保證能夠實現預期結果。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 SEC 提交的最新年度和季度報告。

First and foremost, we hope that you and yours are well and are looking forward to a successful and ever-improving 2024. During our prepared comments, we'll briefly review our fourth quarter results and then spend time to outline the key assumptions of our '24 business plan. After that, Dan, Tom, George and I will be available to answer any questions.

首先也是最重要的，我們希望您和您的家人一切順利，並期待2024 年取得成功和不斷進步。在我們準備好的評論中，我們將簡要回顧我們第四季度的業績，然後花時間概述我們的關鍵假設'24 商業計劃。之後，丹、湯姆、喬治和我將可以回答任何問題。

And looking at 2023, we posted fourth quarter FFO of $0.27 per share and full year FFO of $1.15 per share. Our combined leasing activity for the quarter totaled 550,000 square feet. During the quarter, we exited 240,000 square feet of leases, including 66,000 square feet of new leases in our wholly-owned portfolio. In our joint venture portfolios, we achieved 312,000 square feet of lease executions, including 140,000 square feet of new leasing activity.

展望 2023 年，我們發布的第四季度 FFO 為每股 0.27 美元，全年 FFO 為每股 1.15 美元。本季我們的合併租賃活動總計 550,000 平方英尺。本季度，我們退出了 240,000 平方英尺的租賃，其中包括我們全資投資組合中的 66,000 平方英尺的新租賃。在我們的合資企業投資組合中，我們執行了 312,000 平方英尺的租賃，其中包括 140,000 平方英尺的新租賃活動。

Our quarterly rental rate mark-to-market was 13.4% on a GAAP basis and 7.5% on a cash basis. Our full year mark-to-market was 13.5% on a GAAP basis which outperformed our business plan and our full year cash mark-to-market was at 4.8% within our range. We ended the quarter 88% occupied and 89.6% leased, a 100 basis points below our previously announced targets. That occupancy and lease percentage was lower due to 2 things. We anticipated December move-ins that slid until January. That was about 50 basis points of that change. And the anticipated portfolio sale that we had under agreement did not come to fruition. That was on an underleased portfolio and that impacted our occupancy by 50 basis points.

我們以 GAAP 基準計算的季度租金為 13.4%，以現金基準計算為 7.5%。以 GAAP 計算，我們的全年以市價計算為 13.5%，這超出了我們的業務計劃，而我們的全年現金按市價計算為 4.8%，在我們的範圍內。截至本季末，我們的入住率為 88%，出租率為 89.6%，比我們先前宣布的目標低 100 個基點。由於兩件事，入住率和租賃率較低。我們預計 12 月的入住量會下滑至 1 月。變化幅度約 50 個基點。我們依照協議進行的預期投資組合銷售並未實現。那是在租賃不足的投資組合中，這對我們的入住率造成了 50 個基點的影響。

On the other hand, occupancy in our core markets of Philadelphia CBD, University City, the Pennsylvania suburbs and Austin, which comprised 93% of our NOI or 89% occupied and 91% leased. In looking just at our PA urban and suburban operations, we are 93% leased.

另一方面，費城中央商務區、大學城、賓州郊區和奧斯汀等核心市場的入住率占我們 NOI 的 93%，即 89% 已入住，91% 已出租。只看我們在賓州城市和郊區的業務，我們的 93% 都是出租的。

As we highlighted in our supplemental package on Page 4, 8 of our wholly-owned properties comprise over 50% of our overall vacancy, impacting our occupancy numbers by almost 500 basis points. Plans are well underway to address each of these projects ranging from accelerated leasing and capital investment programs as well as continuing to explore sale and conversion opportunities. Our '23 spec revenue was $17.1 million in -- at the bottom end of our range. The metric was at the lower end of this range due solely to lower leasing volumes in our Austin, Texas operation. The operating portfolio does remain in solid shape. Our forward rollover exposure through '24 is now an average of 6.4% and through '26, an average of 6.2%.

正如我們在第 4 頁的補充方案中所強調的那樣，我們的 8 個全資物業占我們整體空置率的 50% 以上，對我們的入住率造成了近 500 個基點的影響。解決這些項目的計劃正在順利進行，包括加速租賃和資本投資計劃，以及繼續探索銷售和轉換機會。我們 23 年規格的收入為 1710 萬美元，處於我們範圍的最低水平。該指標處於該範圍的下限，完全是由於我們德州奧斯汀業務的租賃量較低。營運組合確實保持穩健。截至 24 年，我們的遠期展期風險敞口平均為 6.4%，到 26 年，平均為 6.2%。

Several points to amplify in -- green shoots, if you will. The increase in physical tours has been very encouraging. Fourth quarter physical tours exceeded third quarter towards by 54%, exceeding our trailing 4-quarter average by 55% or over 200,000 square feet per quarter. And also, our tour activity remains above pre-pandemic levels by 42%. On a wholly-owned basis, 55% of our new leasing activity was a result of a flight to quality. Tenant expansions continue to outweigh tenant contractions and our total leasing pipeline is up for the third consecutive quarter and stands at 4.2 million square feet. That pipeline is broken down between 2 million square feet in our wholly-owned portfolio, which is up 300,000 square feet from last quarter. Then we have 2.2 million square feet on our development projects which is up 150,000 square feet from last quarter.

如果你願意的話，有幾點需要強調──新芽。實體旅遊的增加非常令人鼓舞。第四季的實體旅遊數量比第三季增加了 54%，比我們過去 4 季的平均水準成長了 55%，即每季超過 20 萬平方英尺。此外，我們的旅遊活動仍比疫情前的水準高出 42%。在全資擁有的基礎上，我們 55% 的新租賃活動是追求品質的結果。租戶擴張持續超過租戶萎縮，我們的租賃總量連續第三個季度成長，達到 420 萬平方英尺。該管道在我們全資擁有的投資組合中細分為 200 萬平方英尺，比上個季度增加了 30 萬平方英尺。我們的開發案面積為 220 萬平方英尺，比上季增加了 15 萬平方英尺。

The 2 million square feet in our existing portfolio pipeline includes approximately 250,000 square feet in advanced stages of lease negotiations and also about 41% of our operating portfolio and new deal pipeline are prospects looking to move up the quality curve. So while the timeline for lease execution remains more protracted than we would like, tour velocity and the composition of those tours which, as you know, is the starting point for the leasing cycle, continues to improve. In terms of staging through the portfolio, proposals that we have outstanding are up 200,000 square feet quarter-over-quarter, and leases and negotiations were up 170,000 square feet from last quarter.

我們現有的投資組合中的 200 萬平方英尺包括處於租賃談判後期階段的約 25 萬平方英尺，我們的營運投資組合和新交易管道中約 41% 是希望提升品質曲線的潛在客戶。因此，雖然租賃執行的時間表仍然比我們希望的要長，但正如您所知，作為租賃週期起點的旅行速度和旅行的組成仍在繼續改善。就投資組合的分期而言，我們未完成的提案比上個季度增加了 20 萬平方英尺，租賃和談判比上個季度增加了 17 萬平方英尺。

Turning to the balance sheet. Our year-end net debt-to-EBITDA was 7.5x which is up by 0.1 point from the third quarter, primarily due to our delay in anticipated reduction in debt attribution from our unconsolidated joint ventures, asset sales being below our '23 target and a slight increase in our development and redevelopment spend. As a counterbalance to that, our core EBITDA metric, which excludes joint venture debt attribution and development and redevelopment spend, ended the year at 6.3x within our targeted range.

轉向資產負債表。我們的年末淨債務與 EBITDA 比率為 7.5 倍，比第三季度增長 0.1 個百分點，主要是由於我們推遲了未合併合資企業的債務歸屬預期減少、資產銷售低於我們 23 年的目標以及我們的開發和重建支出略有增加。作為對此的平衡，我們的核心 EBITDA 指標（不包括合資企業債務歸屬以及開發和再開發支出）在年底達到了我們目標範圍內的 6.3 倍。

Looking at liquidity. On the liquidity front, controlled capital spending and our refinancing efforts have enabled us to maintain excellent liquidity as we closed out '23 and look forward to '24. For '23, we achieved our goal of having full availability on our $600 million unsecured line of credit. We also closed the year with approximately $58 million of unrestricted cash on hand. More importantly, as noted on Page 13 of our SIP, based on our 2024 business plan, we expect to have full availability on our line of credit at year-end 2024.

看看流動性。在流動性方面，受控的資本支出和我們的再融資努力使我們能夠在 23 年結束並展望 24 年時保持良好的流動性。 23 年，我們實現了 6 億美元無擔保信貸額度完全可用的目標。年底時，我們手頭上還有大約 5,800 萬美元的非限制性現金。更重要的是，正如我們的 SIP 第 13 頁所述，根據我們的 2024 年業務計劃，我們預計到 2024 年底我們的信用額度將完全可用。

During the quarter, we also bought back $10 million of our '24 unsecured bonds at a slight discount. We did complete $25 million of sales during the quarter. We did end the year about $78 million of sales, which was below our business plan range. While we received good investor interest, the lack of attractive lender financing resulted in pricing levels below our expectations. And given our strong liquidity position, we decided to postpone several sales until market conditions improve.

在本季度，我們也以小幅折扣回購了 1,000 萬美元的 24 年無擔保債券。本季我們確實完成了 2500 萬美元的銷售額。年末我們的銷售額約為 7800 萬美元，低於我們的業務計劃範圍。雖然我們得到了投資者的良好興趣，但缺乏有吸引力的貸款融資導致定價水準低於我們的預期。鑑於我們強大的流動性狀況，我們決定推遲幾項銷售，直到市場狀況改善。

As Tom will touch on, our consolidated debt is 96% fixed at a 5.1% rate. We do continue to assess our options to refinance our '24 bond maturities. We're evaluating a secured mortgage financing on several of our properties or an unsecured offering. We expect to finalize that plan in the next 90 days and our '24 business plan does assume this refinancing occurs by 6/30 '24 at a mid-8% interest rate.

正如湯姆將談到的，我們的合併債務 96% 固定在 5.1% 的利率上。我們確實會繼續評估為 24 年債券到期再融資的選擇。我們正在評估我們的幾處房產的擔保抵押貸款融資或無擔保產品。我們預計將在接下來的 90 天內敲定該計劃，而我們的 24 年業務計劃確實假設該再融資將於 24 年 6 月 30 日以 8% 的中間利率進行。

As noted on Page 38 of our SIP, we do have 4 operating joint ventures with loan maturities during the first half of '24. Our ownership stake in those ventures ranges between 15% to 50%. All of these loans are secured solely by the real estate and are nonrecourse with no obligation for either our partner or Brandywine to fund any additional money.

正如我們的 SIP 第 38 頁所述，我們確實有 4 家正在經營的合資企業，其貸款在 2024 年上半年到期。我們在這些企業的持股比例在 15% 到 50% 之間。所有這些貸款僅由房地產作為擔保，並且是無追索權的，我們的合作夥伴或 Brandywine 沒有義務提供任何額外資金。

That being said, we do believe these ventures present a valuable opportunity as the debt and real estate markets recover. As such, along with our partners, we are engaged in productive conversations with each lender. And while these discussions are progressing slower than we originally anticipated, we do expect the full resolution on each of these ventures within the next 90 to 120 days. And given the nature of those discussions, we still do anticipate our overall joint venture debt attribution will be reduced by over $100 million.

話雖如此，我們確實相信，隨著債務和房地產市場的復甦，這些企業提供了寶貴的機會。因此，我們與我們的合作夥伴一起與每個貸方進行富有成效的對話。雖然這些討論的進展速度比我們最初預期的要慢，但我們確實預計在接下來的 90 到 120 天內就這些專案達成全面解決方案。考慮到這些討論的性質，我們仍然預計我們的合資企業債務總額將減少超過 1 億美元。

Looking at our dividend, we closed out the '23 with full year FFO and CAD payout ratios well covered at 63% and 80%, respectively. As we noted in our supplemental package, we did record impairment charges totaling $151 million during the fourth quarter. That wholly-owned impairment charge is really based on several assets located in our D.C. operation, really representing shorter-hold periods, which is evidence of our intention to sell those assets as soon as permitted by market conditions.

看看我們的股息，我們在 23 年結束時全年 FFO 和 CAD 派息率分別為 63% 和 80%。正如我們在補充方案中指出的那樣，我們在第四季度確實記錄了總計 1.51 億美元的減損費用。這項全資減損費用實際上是基於我們華盛頓業務中的幾項資產，實際上代表了較短的持有期，這證明了我們打算在市場條件允許的情況下盡快出售這些資產。

And then given certainly the unresolved loan renegotiation status on several of our unconsolidated operating joint ventures, we are recognized the impairment on several of those ventures on assets located in Virginia, Maryland and suburban Pennsylvania.

然後，考慮到我們的幾個未合併經營的合資企業的貸款重新談判狀態尚未解決，我們確認了其中幾個企業位於維吉尼亞州、馬裡蘭州和賓州郊區資產的減損。

Looking at our 2024 business plan. We are providing '24 guidance with an FFO range of $0.90 to $1 per share with a midpoint of $0.95 per share. The primary drivers of this guidance is additional interest expense equal to $0.15 per share represents the full impact of refinancing done in '23, both on our consolidated and our joint ventures and the anticipated refinancing of our $350 million '24 bonds.

看看我們的 2024 年業務計劃。我們提供 24 年指引，FFO 範圍為每股 0.90 美元至 1 美元，中點為每股 0.95 美元。這項指引的主要驅動因素是每股 0.15 美元的額外利息支出，代表了 23 年再融資對我們的合併企業和合資企業以及 24 年 3.5 億美元債券的預期再融資的全面影響。

We will also, with our -- 2 of our residential projects entering the lease-up phase, we will recognize charges against earnings of $0.05 a share during 2024. That's really based on, as you know, as once residential projects are delivered, capitalization ceases, and we'll be recognizing those operating carry losses during the lease-up.

隨著我們的 2 個住宅項目進入租賃階段，我們還將在 2024 年期間對每股 0.05 美元的收益確認費用。正如您所知，這實際上是基於住宅項目交付後，資本化停止，我們將在租賃期間確認這些經營虧損。

There were several other items, including onetime items in '23, we don't expect to occur in '24, slightly higher G&A expenses offset by additional land sales and other items that comprised the remaining $0.01.

還有其他幾個項目，包括 23 年的一次性項目，我們預計不會在 24 年出現，略高的一般管理費用被額外的土地銷售和其他項目所抵消，其中包括剩餘的 0.01 美元。

And looking at the operating metrics, our 2024 GAAP NOI will approximate '23 levels. The -- our core portfolio year-end occupancy is expected to remain flat year-over-year. We do have several known move-outs during the year. So our average occupancy during '24 will be slightly below our average occupancy in '23.

從營運指標來看，我們的 2024 年 GAAP NOI 將接近「23」的水平。我們的核心投資組合年終入住率預計將與去年同期持平。今年我們確實有幾次已知的搬遷。因此，我們 24 年的平均入住率將略低於 23 年的平均入住率。

Our cash mark-to-market range will be between 0% and 2%. GAAP market -- mark-to-market range will be between 11% and 13%. While the cash range is lower than our '23 levels, it is driven purely by the regional composition of our projected '24 leasing activity.

我們的現金市值範圍將在 0% 到 2% 之間。 GAAP 市場－以市值計算的範圍將介於 11% 至 13% 之間。雖然現金範圍低於我們 23 年的水平，但它純粹是由我們預計的 24 年租賃活動的區域構成驅動的。

Our mark-to-market in CBD and University City and the Pennsylvania suburbs will perform above our business plan range, while Austin will be below that targeted range. We do expect spec revenue will range between $24 million and $25 million, which is up 43% from '23 levels. We are currently $19 million or 79% at the midpoint achieved. That midpoint level is above our historical averages, and we believe that puts our operating plan in excellent shape looking at the current year.

我們在中央商務區、大學城和賓州郊區的市值計價將高於我們的業務計劃範圍，而奧斯汀將低於目標範圍。我們確實預計規格收入將在 2,400 萬美元至 2,500 萬美元之間，比 23 年的水準成長 43%。目前，我們已完成 1,900 萬美元，即已實現中點的 79%。該中點水平高於我們的歷史平均水平，我們相信這使我們今年的營運計劃處於良好狀態。

Occupancy levels of between 87% and 88%. Lease levels will be between 88% and 89%. Retention will be impacted by a couple of move-outs during the year, and we targeted a range -- an improvement over '23, but still in the 51% to 53% range. Same-store cash NOI growth will be 1% to 3%. We anticipate it being between negative 1% and 1% on a GAAP basis. Capital control will remain a key focus point and we anticipate that our capital spend as a percentage of lease revenues will be about 12%, slightly above our '23 result. Based on increased '24 leasing activity, the continued development and redevelopment spend, we do project our net debt-to-EBITDA to be in the 7.5x to 7.8x range.

入住率在 87% 至 88% 之間。租賃水準將在88%至89%之間。保留率將受到年內幾次遷出的影響，我們的目標是一個範圍——比 23 年有所改善，但仍在 51% 到 53% 的範圍內。同店現金 NOI 成長將為 1% 至 3%。根據 GAAP 計算，我們預計該數字將在負 1% 至 1% 之間。資本控制仍將是關鍵焦點，我們預計我們的資本支出將佔租賃收入的百分比約為 12%，略高於我們 23 年的結果。基於 24 年租賃活動的增加、持續的開發和再開發支出，我們預計我們的淨債務與 EBITDA 比率將在 7.5 倍至 7.8 倍範圍內。

We do -- the $0.60 per share dividend will represent a 63% payout ratio and a 92% CAD payout ratio at the business plan midpoint. Our business plan does project $80 million to $100 million of sales activities to occur in Q4 with minimal dilution. And while that CAD ratio is slightly above the '23 levels, it is well covered particularly as additional development revenue comes online.

我們確實這樣做——每股 0.60 美元的股息將代表業務計劃中點的 63% 支付率和 92% 加元支付率。我們的業務計劃預計第四季度的銷售活動將達到 8,000 萬至 1 億美元，稀釋程度最小。雖然 CAD 比率略高於 23 年的水平，但它已得到很好的覆蓋，特別是隨著額外的開發收入上線。

Looking at some financing, certainly with a more favorable tone to the interest rate financing climate, we do expect investment sales market to improve as the year progresses. As such, we do plan to have a number of assets in the market for price discovery and have built $80 million to $100 million of sales into our capital plan with, again, as I just mentioned, those sales occurring primarily in the fourth quarter. We are targeting sales in the Met D.C. and Pennsylvania suburban markets. We also anticipate continuing to sell noncore land parcels.

看看一些融資，當然，隨著利率融資環境的基調更加有利，我們確實預計投資銷售市場將隨著今年的進展而改善。因此，我們確實計劃在市場上擁有大量資產用於價格發現，並在我們的資本計劃中建立了 8000 萬至 1 億美元的銷售，正如我剛才提到的，這些銷售主要發生在第四季度。我們的目標是在大都會特區和賓州郊區市場進行銷售。我們也預計將繼續出售非核心地塊。

In looking at our developments, as noted earlier, our development leasing pipeline stands at 2.2 million square feet. That's up 5% from last quarter. While we only executed several leases during the quarter, we did see the pipeline of that -- I'm sorry, we did see the status of that pipeline advance. As of now, we have about 120,000 square feet of leasing under early negotiations, 800,000 square feet of proposals outstanding and 240,000 square feet of space undergoing test fits.

從我們的開發案來看，如前所述，我們的開發租賃面積為 220 萬平方英尺。比上季度增長了 5%。雖然我們在本季度只執行了幾筆租賃，但我們確實看到了該管道的進展 - 抱歉，我們確實看到了該管道進展的狀態。截至目前，我們有約 120,000 平方英尺的租賃處於早期談判階段，800,000 平方英尺的提案尚未完成，240,000 平方英尺的空間正在進行測試。

Tour velocity does continue to pick up. Our objective is certainly to get our prospects across the finish line while continuing to build that pipeline. We opened 2024 with the commercial components of One Uptown and 3025 JFK delivered. So we do anticipate activity levels to continue to increase. However, given the length of time to complete space plans, obtain permits and then construct the space, our '24 financial plan does not include any spec revenue coming from these 2 projects. To accelerate revenue recognition, we are building 1 to 2 floors of spec suites in each building that will be completed by midyear.

巡演速度確實在持續加快。我們的目標當然是讓我們的潛在客戶衝過終點線，同時繼續建造這條管道。我們於 2024 年開業，交付了 One Uptown 和 3025 JFK 的商業部分。因此，我們預計活動水準將繼續增加。然而，考慮到完成空間計劃、獲得許可和建造空間所需的時間，我們的 24 年財務計劃不包括這兩個項目的任何規格收入。為了加速收入確認，我們正在每棟建築中建造 1 至 2 層規格套房，預計將於年中完工。

When we take a look at our total development pipeline, from a cost standpoint, that pipeline is 31% residential, 41% life science and 28% office. As we noted in the supplemental package, our remaining funding obligation on this entire pipeline is only $11 million.

當我們審視我們的總開發項目時，從成本的角度來看，該項目中 31% 是住宅項目，41% 是生命科學項目，28% 是辦公大樓項目。正如我們在補充方案中指出的，我們對整個管道的剩餘融資義務僅為 1,100 萬美元。

And looking at specific projects, 3025 JFK, which is our residential office life science tower, as I mentioned, delivered late Q4 '23, on the commercial component, we're currently 15% leased with an active pipeline totaling 770,000 square feet, which is up 88,000 square feet from last quarter, the delivery of the additional residential units continues with a balanced phasing in over the next quarter. Activity levels remain good, tours are occurring daily, and we currently have 83 leases executed for about 25% of the project and 73% of those leases have taken occupancy. We do project the residential component of that project will be between 80% and 85% leased by year-end '24.

看看具體的項目，正如我所提到的，3025 JFK，這是我們的住宅辦公室生命科學塔，於23 年第4 季末交付，在商業部分，我們目前租賃了15%，活躍管道總面積為770,000 平方英尺，這較上季度增加了 88,000 平方英尺，額外住宅單元的交付將繼續，並在下個季度分階段均衡進行。活動水準依然良好，每天都有旅遊活動，目前我們已簽署了 83 個租賃合同，佔項目面積的 25%，其中 73% 已入住。我們預計到 2024 年底，該專案的住宅部分將有 80% 至 85% 出租。

And looking at 3151 Market, our 440,000 square foot life science building. That is, again, on schedule and on budget. The building is scheduled for delivery in very late Q2 '24. We have a pipeline totaling 357,000 square feet, with about 120,000 square feet in early lease negotiations and 90,000 square feet at the proposal stage, so a good advancement of that pipeline in the last quarter. We do continue to seek a construction loan in the 55% loan-to-cost range and expect that to close sometime by mid-year.

再看看 3151 Market，我們佔地 440,000 平方英尺的生命科學大樓。再次強調，這是按計劃和預算進行的。該建築計劃於 2024 年第二季末交付。我們的管道總面積為 357,000 平方英尺，其中約 120,000 平方英尺處於早期租賃談判階段，90,000 平方英尺處於提案階段，因此上季度該管道的進展良好。我們確實繼續尋求貸款成本比 55% 範圍內的建築貸款，並預計在年中某個時候結束。

Looking at our Texas projects. Uptown ATX Block A construction is also on time and on budget. Our leasing pipeline there includes a mix of prospects ranging from 5,000 to 20,000 square feet. We did commence a floor of spec suites and during the quarter, executed a 12,000 square foot lease. We are also proceeding on building out an additional 4 spec suites. The multifamily component of 341 units will begin phasing in during the third quarter of '24 and we anticipate that residential component will be 50% leased by the end of '24. Our next phase of B+labs expansion on the ninth floor is now complete. That is also 100% occupied. We have now shifted focus and commenced construction on the 8th floor of 27,000 square feet, and we have 3 active prospects in the very advanced stages of lease negotiation there as well.

看看我們德克薩斯州的項目。 Uptown ATX Block A 的建設也按時且符合預算。我們在那裡的租賃管道包括面積從 5,000 到 20,000 平方英尺不等的混合前景。我們確實開始了一層規格套房的建設，並在本季度執行了 12,000 平方英尺的租賃。我們還在繼續建造另外 4 個規格套件。 341 個單元的多戶住宅部分將於 2024 年第三季開始分階段投入使用，我們預計住宅部分到 24 年年底將有 50% 出租。我們九樓 B+labs 下一階段的擴建現已完成。這也是 100% 被佔用的。我們現在已經轉移重點並開始在 27,000 平方英尺的 8 樓進行建設，我們還有 3 個積極的潛在客戶正處於租賃談判的後期階段。

So with that, I'll now turn the presentation over to Tom to provide an overview of our financial results.

因此，我現在將把簡報交給 Tom，概述我們的財務表現。

Thank you, Jerry, and good morning. Our fourth quarter net loss was $157 million or $0.91 a share, and our results were impacted by several noncash impairment charges totaling about $153 million or $0.89 a share. Our fourth quarter FFO totaled $47.2 million or $0.27 per diluted share our full year FFO totaled $198.3 million or $1.15 per share and was within our range of -- $1.15 to $1.17 guidance range.

謝謝你，傑瑞，早安。我們第四季的淨虧損為 1.57 億美元，即每股 0.91 美元，我們的業績受到總計約 1.53 億美元，即每股 0.89 美元的多項非現金減損費用的影響。我們第四季的 FFO 總額為 4,720 萬美元，即稀釋後每股 0.27 美元，我們全年的 FFO 總額為 1.983 億美元，即每股 1.15 美元，處於我們 1.15 美元至 1.17 美元的指導範圍內。

Some general observations regarding the fourth quarter. During the quarter, we had several moving pieces and several variances to highlight. The contribution from our joint ventures was $2.2 million below we forecast, primarily due to increased costs to commence the lease-up of our multifamily project at Schuylkill Yards, and a onetime charge at one of our joint venture properties that's nonrecurring.

關於第四季的一些一般性觀察。在本季度中，我們有幾個變化的部分和一些差異需要強調。我們合資企業的貢獻比我們的預測低220 萬美元，主要是由於我們在Schuylkill Yards 的多戶住宅項目開始租賃的成本增加，以及我們的合資企業物業之一的一次性費用，這是非經常性的。

Interest expense was $600,000 below we forecast, primarily due to some higher capitalized interest. We also forecasted 2 vacant land parcel sales to generate $1 million of earnings of -- one of those land parcels has been delayed to 2024 close. On impairments, as Jerry mentioned, we recorded impairments on both our wholly-owned properties and joint ventures. The wholly-owned impairments were based on short and anticipated hold periods in the D.C. Metro area -- primarily D.C. Metro area and the joint venture impairments were based on the uncertain outcome related to the recapitalization of those partnerships. However, we do believe the ultimate success and recoverability of those investments. Our fourth quarter debt service and interest coverage ratios were 2.5 and 2.6, respectively, and net debt to GAV was 43.4%.

利息支出比我們的預測低 60 萬美元，主要是由於資本化利息較高。我們還預測 2 塊空置地塊的銷售將產生 100 萬美元的收入——其中一塊地塊已推遲到 2024 年交割。關於減損，正如傑瑞所提到的，我們對全資財產和合資企業都記錄了減損。全資減損是基於華盛頓都會區（主要是華盛頓都會區）的短期和預期持有期，而合資企業減損是基於與這些合夥企業資本重組相關的不確定結果。然而，我們確實相信這些投資的最終成功和可回收性。我們第四季的償債率和利息覆蓋率分別為 2.5 和 2.6，淨債務佔 GAV 的比例為 43.4%。

Our fourth quarter annualized core net EBITDA was 6.3x and was within our range that we had given. And our combined net debt to EBITDA was 7.5x, 2x above our 7.1x to 7.3x, high end of our range. Our leverage was within our targeted range. We didn't achieve that due to 2023 business plan sales targets, the debt attribution we had anticipated being reduced due to some of the recapitalization events that we hope to take place in the first half of '24 and continued capital spend on the development projects.

我們第四季的年化核心淨 EBITDA 為 6.3 倍，在我們給出的範圍內。我們的 EBITDA 淨負債總額為 7.5 倍，比我們的 7.1 倍至 7.3 倍高出 2 倍，是我們範圍的高端。我們的槓桿率在我們的目標範圍內。我們沒有實現這一目標，原因是 2023 年業務計畫銷售目標、我們預期的債務歸屬因我們希望在 24 年上半年發生的一些資本重組事件以及開發項目的持續資本支出而減少。

During the quarter, 2340 Dulles was stabilized and added to our core portfolio. On the financing side, we remain focused on the '24 bonds and continue to evaluate funding on both a secured and unsecured financing market with an objective of completing the financing in the first half of the year. We're exploring some property level secured financing options, including another wholly-owned CMBS transaction. We anticipate our ongoing sales and joint venture liquidation strategy will also generate additional capacity. As we've discussed in the past, we prefer to remain an unsecured borrower and we'll continue to monitor the unsecured market as well.

本季度，2340 Dulles 穩定並添加到我們的核心投資組合中。在融資方面，我們仍然專注於「24」債券，並繼續評估有擔保和無擔保融資市場的融資情況，目標是在上半年完成融資。我們正在探索一些財產級擔保融資方案，包括另一項全資擁有的 CMBS 交易。我們預計我們正在進行的銷售和合資企業清算策略也將產生額外的產能。正如我們過去討論過的，我們更願意繼續作為無擔保借款人，我們也將繼續監控無擔保市場。

Given the above, we have seen improved pricing for both secured and secured financings since our first call. We will continue to seek the most efficient capital source with a bias towards the unsecured market. Regarding the upcoming joint venture maturities, as Jerry mentioned, we are working with our partners on the 2024 maturities to potentially extend those current maturity dates with our existing lenders and commence marketing efforts with some new lenders on certain properties for sale to help lower JV leverage.

鑑於上述情況，自我們第一次電話會議以來，我們發現擔保融資和擔保融資的定價均有所改善。我們將繼續尋求最有效的資金來源，並偏向無擔保市場。關於即將到來的合資企業到期日，正如Jerry 所提到的，我們正在與我們的合作夥伴就2024 年的到期日進行合作，有可能延長與我們現有貸方的當前到期日，並開始與一些新貸款機構就某些待售房產進行行銷工作，以幫助降低合資企業的槓桿率。

Going to '24 guidance. At the midpoint, our net loss of $0.31 per diluted share and FFO will be $0.95 per diluted share. Based on our '24 guidance range, this is a decrease of $0.20 per share. It's primarily driven by our interest expense going down -- going up and there -- on both the wholly owned and JV side.

進入'24指導。中點時，我們稀釋後每股淨虧損為 0.31 美元，FFO 將為稀釋後每股 0.95 美元。根據我們 24 年的指導範圍，每股減少 0.20 美元。這主要是由全資和合資雙方的利息支出下降（上升）所推動的。

Our '24 range is built on some general assumptions. Overall, portfolio operations remained very stable with property level GAAP NOI totaling roughly [$305 million] or an increase of around $5 million compared to the prior year. Full year impact of 2340 Dulles and 405 Colorado will benefit us about $6 million. We continue to see the lease-up of 250 King of Prussia generating several million dollars, 155 King of Prussia will commence operations in the fourth quarter and generate about $1 million.

我們的 '24 系列是建立在一些一般假設之上的。總體而言，投資組合營運保持非常穩定，房地產水平 GAAP NOI 總額約為 [3.05 億美元]，或與前一年相比增加了約 500 萬美元。 2340 Dulles 和 405 Colorado 的全年影響將為我們帶來約 600 萬美元的收益。我們繼續看到 250 架普魯士國王的租賃將產生數百萬美元的收益，155 普魯士國王將在第四季度開始運營，產生約 100 萬美元的收益。

Offsetting that is about $4 million of reductions due to the '23 sales activity, including [losing] the state of Texas. So that $4 million is income that was in 2023 that will not be in '24. There will also be a modest increase in the same-store portfolio. FFO contribution from joint ventures will total a negative $8 million to $10 million. This loss is primarily driven by our multifamily lease-up on stabilization -- up to stabilization and will total about $9 million. Also higher interest costs on the operating portfolio in '23 that are anticipated to occur in '24.

抵消了 23 年銷售活動造成的約 400 萬美元的減少，其中包括[失去]德克薩斯州。因此，400 萬美元是 2023 年的收入，不會是 24 年的收入。同店組合也將小幅增加。合資企業的 FFO 貢獻總額將為負 800 萬至 1,000 萬美元。這一損失主要是由我們的多戶住宅租賃穩定造成的——直至穩定，總計約 900 萬美元。 23 年營運投資組合的利息成本預計將在 24 年發生。

G&A expense will be between $35.5 million and $36.5 million. Total interest expense, including $4.5 million of deferred financing costs will approximate $122.5 million due to the refinancing of the bonds, which Jerry outlined, will increase quarterly interest expense by roughly $4 million. Forecasted higher use of our line of credit to fund development until our speculative second half asset sales takes place and forecasted higher interest rates compared to '23.

一般管理費用將在 3,550 萬美元至 3,650 萬美元之間。傑瑞指出，由於債券再融資，總利息支出（包括 450 萬美元的遞延融資成本）將約為 1.225 億美元，這將使季度利息支出增加約 400 萬美元。在預計下半年我們的投機性資產出售發生之前，我們將更多地使用我們的信貸額度來為開發提供資金，並預測與 23 年相比，利率會更高。

Capitalized interest will total about $6 million -- will decrease about $6 million to $10 million as current development, redevelopment projects are completed and become operational. Land sales and tax provisions, we estimate between $4 million and $6 million as we anticipate further progress on selling noncore asset parcels. Termination and other fee income will be between $10 million and $12 million, which is slightly below our '23 levels due to some onetime activities in the '23 results.

資本化利息總額約為 600 萬美元，隨著目前開發、再開發項目的完成並投入運營，資本化利息將減少約 600 萬至 1,000 萬美元。土地出售和稅收撥備，我們估計在 400 萬至 600 萬美元之間，因為我們預計出售非核心資產地塊將取得進一步進展。終止費用和其他費用收入將在 1000 萬美元至 1200 萬美元之間，由於 23 年業績中的一些一次性活動，該收入略低於我們 23 年的水平。

Net management leasing and development fees will be between $11 million and $12 million, a slight decrease due to lower forecasted third-party fees. Expected property sales $80 million to $100 million will take place primarily in the second half of the year with no material dilution anticipated. We anticipate no property acquisitions. We anticipate no use of the ATM or buyback activity, and we believe our share count will be roughly 174 million shares.

淨管理租賃和開發費用將在 1,100 萬美元至 1,200 萬美元之間，由於第三方費用預測較低，略有下降。預計 8,000 萬至 1 億美元的房地產銷售將主要在今年下半年進行，預計不會出現實質稀釋。我們預計不會收購任何財產。我們預計不會使用 ATM 或回購活動，我們相信我們的股票數量將約為 1.74 億股。

Looking at first quarter guidance. Property level operating income will total approximately $74 million. We'll be below the fourth quarter operating number by $2 million primarily due to some of the fourth quarter asset sales and higher operating costs in some of our portfolios. FFO contribution from our joint ventures will total a negative $1 million for the first quarter. That's again primarily due to the ramp-up of leasing at our multifamily project here at Schuylkill Yards.

看看第一季的指導。物業層面的營業收入總計約為 7,400 萬美元。我們將比第四季的營運數字低 200 萬美元，這主要是由於第四季度的部分資產銷售以及我們某些投資組合的營運成本較高。第一季我們合資企業的 FFO 貢獻總額將為負 100 萬美元。這又主要是由於我們位於 Schuylkill Yards 的多戶住宅項目的租賃量增加。

G&A expense for the first quarter will total about $10 million. That sequential increase is consistent with prior years and is primarily due to the timing of deferred compensation expense recognition. Total interest expense will approximate $26 million. Capitalized interest will be about [$3 million]. Termination fees and other income will total about $2.5 million. Net management fee and development fees will be about $1.5 million. And we have no land gain -- sales projected for the first quarter to be material.

第一季的一般管理費用總計約為 1000 萬美元。這一連續增長與前幾年一致，主要是由於遞延補償費用確認的時間所致。總利息支出約 2600 萬美元。資本化利息約為[300萬美元]。終止費用和其他收入總計約 250 萬美元。管理費和開發費淨額約150萬美元。我們沒有獲得土地——預計第一季的銷售量將會很大。

Turning to our capital plan. It's pretty straightforward. It's about $660 million. Our 2024 CAD range will be between 90% and 95%. The main contributors to the higher range is primarily higher interest rates and expense and interest on the loss -- and losses on our joint ventures.

轉向我們的資本計劃。這非常簡單。大約是6.6億美元。我們 2024 年的加幣範圍將在 90% 到 95% 之間。造成較高範圍的主要因素主要是較高的利率、費用以及損失利息以及我們合資企業的損失。

Looking at the larger uses, we saw about $110 million of development spend, which includes spend on 155 King of Prussia Road. We have $105 million of common dividends, $35 million of revenue-maintaining capital, $30 million of revenue-creating capital, $40 million of equity contributions to our joint venture partners. That's both for capital, but also for some recapitalization of the joint ventures that we expect to occur in the first half of the year. And then $340 million bond redemption.

從更大的用途來看，我們看到了大約 1.1 億美元的開發支出，其中包括普魯士國王路 155 號的支出。我們向合資夥伴提供 1.05 億美元的普通股股利、3,500 萬美元的收入維持資本、3,000 萬美元的創收資本、4,000 萬美元的股權出資。這既是為了資本，也是為了我們預計在今年上半年進行的合資企業的一些資本重組。然後是 3.4 億美元的債券贖回。

The sources for those are going to be $145 million of cash flow after interest payments, $343 million of net loan proceeds, either secured or unsecured, that will decrease our cash by about $50 million. As mentioned at the midpoint, $90 million of proceeds coming from land and other sales and $32 million of construction loan proceeds to offset the spend at 155 King of Prussia.

這些資金來源將是支付利息後的 1.45 億美元現金流、3.43 億美元的淨貸款收益（無論是有擔保還是無擔保），這將使我們的現金減少約 5,000 萬美元。如中點所述，9,000 萬美元的收益來自土地和其他銷售，以及 3,200 萬美元的建築貸款收益，以抵銷 155 King of Prus 的支出。

Based on the capital plan above, our line of credit is expected to end the year undrawn, leaving full availability. We also project that our net debt to EBITDA will range between 7.5x and 7.8x with the increase primarily due to the incremental capital spend on our development projects with minimal project income forecasted by the end of the year. Our debt to GAV will approximate 45%.

根據上述資本計劃，我們的信貸額度預計將在年底未提取，從而完全可用。我們也預計，我們的 EBITDA 淨負債將在 7.5 倍至 7.8 倍之間，這一增長主要是由於我們的開發項目的資本支出增加，預計到年底項目收入將降至最低。我們欠 GAV 的債務約為 45%。

Additional metric of core net debt to EBITDA should be 6.5x to 6.8x. As of 12/31, it will primarily exclude our joint ventures as all of our active development projects will be forecasted to be complete. We believe the core leverage metric better reflects the leverage of our core portfolio and eliminates our more highly levered joint ventures and our unstabilized development and redevelopment projects.

核心淨債務與 EBITDA 的附加指標應為 6.5 倍至 6.8 倍。截至 12 月 31 日，它將主要排除我們的合資企業，因為我們所有活躍的開發項目預計將完成。我們相信核心槓桿指標更好地反映了我們核心投資組合的槓桿率，並消除了我們槓桿率較高的合資企業以及不穩定的開發和再開發項目。

We believe these ratios will be elevated due to the development pipeline. And we believe that once these developments begin to stabilize, our leverage will decrease back towards the core leverage. We anticipate our fixed charge and interest coverage ratios will be roughly 2.2 which represents a sequential decrease from this year, again, due to some higher interest costs. We continue to see stabilization within our joint venture developments this year. And we hope that the leverage will then begin to improve as we go into next year.

我們相信，由於開發管道的緣故，這些比率將會提高。我們相信，一旦這些事態發展開始穩定，我們的槓桿率將下降回核心槓桿率。我們預計我們的固定費用和利息覆蓋率將約為 2.2，這與今年相比連續下降，這也是由於利息成本較高。今年我們的合資企業發展持續趨於穩定。我們希望隨著明年的到來，槓桿率將開始改善。

I will now turn the call back over to Jerry.

我現在將把電話轉回給傑瑞。

Thanks, Tom. So look, the key takeaways are operating portfolio is in solid shape. Again, we have very manageable rollover exposure through '26. We will continue to have a relatively strong mark-to-markets, good control of our capital spend. And certainly, we're very pleased with the level of leasing activity through the pipeline that we are seeing.

謝謝，湯姆。所以看，關鍵的要點是營運投資組合狀況良好。同樣，我們在 26 年之前的展期風險非常可控。我們將繼續保持相對較強的按市價計價，並良好地控制我們的資本支出。當然，我們對我們所看到的租賃活動水平感到非常滿意。

We recognize that we are executing a baseline business plan that will continue to improve our liquidity. It will keep our operating portfolio in very solid footing with real clear focus on leasing up our development projects to generate forward earnings growth. So as usual, we'll end where we started, which is that we really do wish you and your families well. And Michelle, with that, we are delighted to open the floor for questions. (Operator Instructions).

我們認識到我們正在執行一項基準業務計劃，該計劃將繼續改善我們的流動性。它將使我們的營運投資組合保持非常穩固的基礎，並真正明確地專注於租賃我們的開發項目以產生未來的獲利成長。因此，像往常一樣，我們將從開始的地方結束，那就是我們衷心祝福您和您的家人一切順利。米歇爾，我們很高興開始提問。 （操作員說明）。

(Operator Instructions) 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 maybe for Tom. I think you quantified the drag from the apartments being about $0.05. And so I'm just wondering if you can give us a sense, like when those are fully stabilized, does that $0.05 nickel drag? Does it become a few pennies positive? Or like what sort of the bounce off of, I guess, what seems like maybe the '24 is perhaps like the worst impact of bringing those things online.

我想也許是為了湯姆。我認為您將公寓的阻力量化為大約 0.05 美元。所以我只是想知道你能否給我們一個感覺，例如當這些完全穩定時，0.05 美元的鎳幣會拖累嗎？會變成幾分錢正數嗎？或者就像什麼樣的反彈，我猜，24 世紀也許是將這些東西帶到網路上的最糟糕的影響。

Tony, I do think it will turn into a positive, a couple of cents, once it's stabilized. I think there's 2 sets of timing. I think that we will have some of those hits for Schuylkill Yards taking place in the first and second quarter since they opened up end of the third quarter. So we'll begin to see positive NOI as we look at Schuylkill Yards as we get into the second half of the year. But first half of the year, we will see a majority of those charges that we talked about.

托尼，我確實認為一旦穩定下來，它就會變成積極的，幾美分。我認為有兩組時間。我認為自第三季末開放以來，我們將在第一和第二季為 Schuylkill Yards 帶來一些成功。因此，進入今年下半年，當我們審視 Schuylkill Yards 時，我們將開始看到積極的 NOI。但今年上半年，我們將看到我們談到的大部分指控。

And then separately, we expect to be fully open on the project One Uptown. So again, second -- probably third quarter, you'll see some charges starting to hit there for that project while it leases up. And I think as you get towards the end of the year, though and go into next year, we see -- you should see a couple of cents of positive momentum moving into the beginning of '25.

另外，我們預計 One Uptown 項目將完全開放。所以，第二季度——可能是第三季度，你會看到該項目在租賃期間開始產生一些費用。我認為，當你接近今年年底並進入明年時，我們看到 - 你應該看到幾美分的積極勢頭進入 25 年初。

Okay. So I mean we should think about almost like I don't know, $0.07 of swing from '24 into '25 from those? Is that like order of magnitude?

好的。所以我的意思是，我們應該像我不知道的那樣考慮一下，從 24 年到 25 年的 0.07 美元波動？這是一個數量級嗎？

Yes, I think that's the order of magnitude because right now, the NOI that's coming online is being offset by our preferred equity and interest expense. And until that NOI -- and so the NOI is just not high enough in the beginning to offset that. But yes, I think it's probably going to be about $0.07 swing as you go into '25.

是的，我認為這是一個數量級，因為現在，即將上線的 NOI 正在被我們的優先股本和利息支出所抵消。直到出現 NOI 為止——因此，NOI 一開始就不足以抵消這一點。但是，是的，我認為進入 25 年後，價格可能會有 0.07 美元左右的波動。

Okay. And then just second one, maybe for Jerry, the 4.2 million square foot leasing pipeline that you talked about, can you maybe give us a little more color as to the nature of the tenants driving that, maybe their industries, type of space they're looking for and such?

好的。然後是第二個，也許對於傑裡來說，您談到的420 萬平方英尺的租賃管道，您能否給我們更多關於驅動該租戶的性質的信息，也許是他們的行業，他們的空間類型？正在尋找等等？

Yes. Tony. George and I will tag team it, but we really haven't seen any perceptible change in the composition of the tenancies quarter-over-quarter. Our primary pipeline here in Philadelphia remains life science institutional requirements as well as law firms, accounting firms, engineering firms, et cetera. Down in Austin, the pipeline there is actually less tech reliant, and more service related whether it be insurance companies -- financial service firms, insurance companies along those lines.

是的。托尼.喬治和我將對此進行標記，但我們確實沒有看到租賃組成逐季度出現任何明顯變化。我們在費城的主要管道仍然是生命科學機構的要求以及律師事務所、會計師事務所、工程公司等。在奧斯汀，那裡的管道實際上對技術的依賴程度較低，而更多是與服務相關，無論是保險公司、金融服務公司或類似的保險公司。

So we've seen a fairly large drop-off in the larger tech requirements in Austin. But certainly, even as we saw 405, the downtown building that was leased up primarily to non-tech tenants. We're actually -- given the dearth of new tech requirements and frankly, the managed sublease space in that market currently controlled by tech tenants, we've really shifted our focus, as we mentioned a couple of quarters ago to smaller-sized tenants that are very much service-based versus technology driven. Hence, the reason we're building out a couple of floors. But George, maybe you can add some additional color to that.

因此，我們看到奧斯汀的較大技術要求出現了相當大的下降。但可以肯定的是，即使我們看到 405，這座市中心的建築主要出租給非技術租戶。事實上，鑑於缺乏新技術要求，坦白說，該市場中的管理轉租空間目前由科技租戶控制，我們確實已經轉移了我們的重點，正如我們幾個季度前提到的那樣，轉向了規模較小的租戶這在很大程度上是基於服務而不是技術驅動的。因此，這就是我們建造幾層樓的原因。但是喬治，也許你可以為此添加一些額外的色彩。

Yes. I think you hit the nail on the head. I mean, professional services seems to be the predominant industry leaders, whether that's financial services, law firms. And then obviously, as Jerry mentioned, life science almost exclusively at 3151, but professional service, pretty much everywhere else around the company.

是的。我認為你擊中要害了。我的意思是，專業服務似乎是主要的行業領導者，無論是金融服務還是律師事務所。顯然，正如 Jerry 所提到的，生命科學幾乎只在 3151 進行，但專業服務幾乎在公司的其他地方都有。

And just one other point of color on that. I mean, we continue to see a lot of these traditional service firms looking for a better corporate home. So that quality thesis, we do continue to see. We think that the quality of the space we're presenting as well as the relative stability of our company from a financial standpoint compared to a lot of private firms is definitely narrowing the competitive set, which is, I think, one of the reasons why we're seeing the pipeline build at such a rapid rate.

這只是另一點色彩。我的意思是，我們繼續看到許多傳統服務公司在尋找更好的企業總部。因此，我們確實會繼續看到高品質的論文。我們認為，與許多私人公司相比，我們所展示的空間品質以及我們公司從財務角度來看的相對穩定性肯定會縮小競爭範圍，我認為這就是為什麼我們看到管道建設速度如此之快。

The challenge we have is to get that pipeline across the finish line. And I think we've -- we're very clearly focused on that and want to make sure that we meet all of our leasing objectives.

我們面臨的挑戰是讓這條管道衝過終點線。我認為我們非常明確地關注這一點，並希望確保我們實現所有的租賃目標。

Our next question comes from Michael Griffin with Citi.

我們的下一個問題來自花旗銀行的麥可‧格里芬。

Jerry, in your opening remarks, you talked about how tour activity is notably above recent quarters. How quickly could we see that actually translate into demand and leasing for space?

傑瑞，在您的開場白中，您談到了旅遊活動如何明顯高於最近幾季。我們多久才能看到這實際上轉化為空間需求和租賃？

Not quick enough for me, Michael. It's -- we're putting a full-court press. We are responding to a lot of RFPs, RFIs where -- the level of tour activity has picked up. Like even in Austin, Texas, I mean, the amount of tour activity we've seen just thus far this year, and it's only really one month under the belt, is equal to about 2/3 of what we saw last year.

對我來說還不夠快，麥可。我們正在全場緊迫盯人。我們正在回覆大量的 RFP，其中旅遊活動的水平有所回升。我的意思是，就像在德克薩斯州奧斯汀一樣，今年到目前為止我們所看到的旅遊活動量（實際上只有一個月）大約相當於去年的 2/3。

So we are beginning to see a number of, as I termed, green shoots and the major chance of just getting them across the finish line. I mean, a data point that's helpful, I think, is our spec revenue target this year is well above what the spec revenue target was last year. We are entering this year close to 80% done on that spec revenue target. That provides a very solid basis for us to try and generate some additional leasing revenue coming in, in the second half of the year.

因此，正如我所說，我們開始看到一些萌芽，以及讓它們衝過終點線的重大機會。我的意思是，我認為一個有用的數據點是我們今年的規格收入目標遠高於去年的規格收入目標。今年我們已接近完成該規格收入目標的 80%。這為我們在下半年嘗試產生一些額外的租賃收入提供了非常堅實的基礎。

We have also started to take a more aggressive approach on pre-building some of our spaces, not necessarily spec suites, but doing whatever we can within our buildings to get as much done as possible so that we can compress the time from lease execution to occupancy. We've expanded our internal space planning team, which is extraordinary. So they're able to turn space plans very quickly. Based upon those preliminary space plans, we're able to drive any long lead order times for tenants.

我們也開始採取更積極的方法來預建一些空間，不一定是規格套房，而是在我們的建築內盡我們所能，盡可能多地完成工作，以便我們可以壓縮從租賃執行到佔用。我們擴大了內部空間規劃團隊，這非常出色。因此他們能夠非常快速地改變太空計劃。根據這些初步的空間規劃，我們能夠為租戶縮短任何較長的交貨時間。

So the name of the game is, I think, the theme that you hit on, which is how do we compress tour proposal to occupancy. And that's a whole company initiative from our leasing teams to our legal teams, our space planning folks and our construction development teams. So we recognize the urgency of getting additional revenue into our portfolio. So every building has been examined to make sure that we've got every vacant space in great shape. We are tracking tour volumes. We're following up at a senior executive level with all of our key prospects.

因此，我認為遊戲的名稱是您所想到的主題，即我們如何將旅行建議壓縮到入住率。這是整個公司的舉措，從我們的租賃團隊到我們的法律團隊、我們的空間規劃人員和我們的建築開發團隊。因此，我們認識到為我們的投資組合增加額外收入的迫切性。因此，每棟建築都經過檢查，以確保每個空置空間都處於良好狀態。我們正在追蹤旅遊量。我們正在對所有關鍵潛在客戶進行高階主管的後續追蹤。

So as I mentioned, a full-court press at every level of the company to continue to build that pipeline to our social media and marketing outreach programs and then capture more than our fair share of transactions that come through the door.

正如我所提到的，公司各個層面的全場壓力將繼續為我們的社群媒體和行銷推廣計畫建立管道，然後捕捉超過我們公平份額的交易。

But you haven't seen tenants -- they're still taking a while to make these decisions, right? They haven't shortened their time frame in terms of leasing decisions. You're just seeing more inbounds in the [format] that's correct.

但你還沒有看到租戶——他們仍然需要一段時間才能做出這些決定，對吧？他們沒有縮短做出租賃決定的時間。您只是看到更多的[格式]入界是正確的。

I hate to give you a generalization because it really is so anecdotal. We've had some companies that make decisions very quickly and move very quickly. We've had other ones, particularly the larger ones that tend to be a little more over-deliberative in kind of thinking through their space. But George, do you have any color on that?

我不想給你一個概括，因為它確實是軼事。我們有一些公司做出的決策非常快，行動也非常快。我們還有其他的，尤其是較大的，它們在思考其空間時往往過於深思熟慮。但是喬治，你對此有什麼看法嗎？

Yes. I mean I think the cycle times have remained relatively unchanged. I do think, as Jerry mentioned, that the larger the tenant, oftentimes, that decision has taken a little bit longer because they're sometimes going through the analysis of combining several locations into one, and we've seen that with a number of tenants kind of taking that flight to quality and -- "Okay, we're going to move out of two different buildings into this one." And then going through their demographic studies of commuting times and things like that.

是的。我的意思是，我認為週期時間相對保持不變。我確實認為，正如傑瑞所提到的，租戶規模越大，通常需要更長的時間才能做出決定，因為他們有時會進行將多個地點合併為一個地點的分析，我們已經在許多案例中看到了這一點。租戶們有點傾向於追求品質——“好吧，我們將從兩棟不同的建築搬到這一棟。”然後對通勤時間等進行人口統計研究。

But the one thing we're encouraged by is in terms of converting tours into proposals, we're running at about a 40% success rate. And once we've got somebody at the proposal, we're running at about a 30% -- low 30% conversion to an executed lease. So we do kind of feel that once we get somebody into the building, get them comfortable with the space, we've got a great opportunity to convert it. But again, as we've discussed, the entire decision isn't solely ours.

但令我們感到鼓舞的一件事是，在將旅行轉化為提案方面，我們的成功率約為 40%。一旦我們有人提出建議，我們就會以大約 30%——較低的 30% 轉化為已執行的租約。所以我們確實覺得，一旦我們讓某人進入大樓，讓他們對這個空間感到滿意，我們就有了一個很好的機會來改造它。但同樣，正如我們所討論的，整個決定不僅僅是我們的。

Got you. That's helpful. And then maybe just one on the debt stuff for Tom. For the JV debt coming due or that's already past due, you talked about kind of conversations that you're having with your lenders right now. Does it make sense to put additional financing on it? Or would you almost be better off kind of handing back the fees on some of those properties?

明白你了。這很有幫助。然後也許只是關於湯姆的債務問題。對於即將到期或已經逾期的合資企業債務，您談到了您現在正在與貸方進行的對話。為其提供額外融資是否有意義？或是退還其中一些房產的費用會不會更好？

Yes. I think that we would probably not want to put additional financing on. I do couch that by if there was a potential for us to put in capital that would be at a level that we would recover that ahead of the debt or ahead of a portion of the debt. That may be something we would consider. But I think for most of them to put on additional debt or -- that would not be a preference. Although I will say one of the financings that we will look to do this year, we probably will look to lower the balance of that refinancing debt, and that may come in the way of contributions from the partners to refinance that property.

是的。我認為我們可能不想提供額外的融資。我確實表示，如果我們有潛力投入資本，我們將在債務之前或部分債務之前收回資本。這可能是我們會考慮的事情。但我認為，對於他們中的大多數人來說，增加額外債務或——這不會是他們的偏好。儘管我會說我們今年將尋求進行的融資之一，但我們可能會尋求降低再融資債務的餘額，這可能會以合作夥伴為該財產再融資的捐款方式出現。

So there is one situation where I think when we do refinance it, we will -- you will see us to add capital and we do have that on our liquidity plan. The others, no, it would not be a situation where we put more debt on those.

因此，在一種情況下，我認為當我們進行再融資時，我們會看到我們增加資本，而我們的流動性計劃中確實有這一點。其他人，不，這不會是我們對他們施加更多債務的情況。

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。

Just wanted to go back to some of the occupancy comments that you had talked about in your prepared remarks. So we're talking -- you guys came in 150 basis points below where you guys have targeted coming into the quarter. You mentioned 100 basis points, 50 of that being occupancy sliding into January and 50 basis points from a portfolio sale that didn't come to fruition. So I guess just curious what was the other 50 basis points drag on occupancy that you guys thought you had when you guys provided guidance last quarter?

只是想回到您在準備好的發言中談到的一些入住評論。所以我們正在討論 - 你們的成績比你們本季的目標低了 150 個基點。您提到了 100 個基點，其中 50 個基點是進入 1 月份的入住率，另外 50 個基點來自未實現的投資組合銷售。所以我想只是好奇你們在上個季度提供指導時認為對入住率造成的其他 50 個基點拖累是什麼？

Yes, Dylan, it's George. Yes, so the third component really was just not getting pipeline conversion on a number of new deals that have kind of carried into '24 that we kind of thought we were going to get those kind of executed and into the leased number.

是的，迪倫，是喬治。是的，所以第三個組成部分實際上只是沒有在一些新交易上進行管道轉換，這些交易已經進入 24 年，我們認為我們將得到這些類型的執行並進入租賃數量。

And then I guess just on that portfolio sale, can you kind of talk about -- was it clearly -- was it just a reason that they could not get debt and that sort of why the transaction never happened? Or could you just give us additional color on sort of what happened with that particular portfolio sale.

然後我想就投資組合銷售而言，您能否談談 - 是否很清楚 - 這是否只是他們無法獲得債務的原因以及交易從未發生的原因？或者您能否就特定投資組合銷售中發生的情況向我們提供更多資訊。

Sure, I'd be happy to. It was a -- call it an underleased portfolio, which remains in our -- in the wholly-owned stack, right, at this point. It was really to a noninstitutional-grade buyer who was fairly thinly capitalized and was looking for third-party financing. When that didn't prove out to be the case, they proposed that we take back a significant piece of seller financing, which as we talked on the previous call, we were willing to do, but I think the terms of that seller financing were such that we felt holding that portfolio for a short term, get some near-term lease renewals done, wait for better capital market, presented a better opportunity for us to recover value.

當然，我很樂意。這是一個——稱之為租賃投資組合，目前仍保留在我們的全資堆疊中，對吧。這實際上是針對資本相當薄弱且正在尋求第三方融資的非機構級買家而言的。當事實證明情況並非如此時，他們建議我們收回一筆重要的賣方融資，正如我們在上次電話會議上談到的那樣，我們願意這樣做，但我認為賣方融資的條款是因此，我們認為短期持有該投資組合，完成一些近期的租約續約，等待更好的資本市場，為我們提供了更好的恢復價值的機會。

It did impact the year-end numbers. Obviously, that portfolio does impact our '24 numbers. But we felt from a financial and a return standpoint, it was the right decision not to proceed with that sale.

它確實影響了年終數字。顯然，該投資組合確實影響了我們 24 年的數字。但我們認為，從財務和回報的角度來看，不繼續出售是正確的決定。

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。

I guess just following up on Dylan's question. Jerry, just help us like think through what's the confidence level that you have in the 88% to 89% on the percent leased and the occupancy for this year, given the things you just outlined, slower time to get things over the finish line, like what conservatism or buffers have you put into this year's plan maybe versus last year?

我想只是在跟進迪倫的問題。傑瑞，請幫我們考慮一下，考慮到您剛才概述的事情，您對今年的租賃百分比和入住率（88％至89％）的信心水平是多少，完成任務的時間較慢，與去年相比，您今年的計劃可能採取了哪些保守措施或緩衝措施？

Well, I think we have a high degree of confidence in the numbers we've put out. And I think it's evidenced by the high percentage of execution we already have in place as well as a thorough review of the status of our entire pipeline. So bottom line confidence level, very high.

嗯，我認為我們對我們公佈的數字充滿信心。我認為，我們已經到位的高執行百分比以及對整個管道狀態的徹底審查就證明了這一點。所以底線信心水準非常高。

I think if we look at sensitivity, we do have some revenue coming in from our Austin, Texas operation, which is always [precious] given the slow velocity in that marketplace. Now again, as I mentioned, we've seen an uptick in activity. We again have a good portfolio to market. But certainly, we would expect that even if that were to be slower, we would make up for that as we have in many past years, by increased velocity in our Pennsylvania suburban, University City and CBD portfolios. But George, maybe you have some additional thoughts.

我認為，如果我們考慮敏感性，我們確實從德克薩斯州奧斯汀的業務中獲得了一些收入，鑑於該市場的發展速度緩慢，這始終是[寶貴的]。現在，正如我所提到的，我們再次看到活動增加。我們再次向市場提供了良好的產品組合。但當然，我們預計，即使速度較慢，我們也會像過去幾年一樣，透過提高賓州郊區、大學城和中央商務區投資組合的速度來彌補這一點。但是喬治，也許你還有一些額外的想法。

Yes, sure. I mean in terms of square footage, the open plan is roughly 340,000 square feet. 100,000 of that are renewals that we feel confident about and then about 240,000 square feet of new leasing. And again, we've got 55% of that new leasing coming out of Pennsylvania, both the suburban and the downtown operations and about 42% coming out of Austin.

是的，當然。我的意思是，就平方英尺而言，開放式平面大約為 340,000 平方英尺。其中 100,000 是我們有信心的續租，然後是約 240,000 平方英尺的新租賃。再說一次，我們有 55% 的新租賃來自賓州，包括郊區和市中心業務，約 42% 來自奧斯汀。

So we think, again, the fact that at $19.3 million achieved. I mean, we've kind of achieved last year's total spec revenue run rate. And we think the balance of the plan is certainly achievable. And we're doing everything we can every day to hopefully outperform that plan. But I think in terms of expectations, we think these are appropriate given where we are today.

因此，我們再次思考這一事實：實現了 1,930 萬美元。我的意思是，我們已經達到了去年的總規格收入運行率。我們認為該計劃的平衡肯定是可以實現的。我們每天都在盡一切努力，希望能夠超越該計劃。但我認為就期望而言，考慮到我們今天的處境，我們認為這些是合適的。

Okay. Jerry, I think if we did the math right, the leasing on the residential in Schuylkill was pretty slow in the fourth quarter. If we did our math right, maybe there was 20 leases done in the fourth quarter from the last time you had reported. A, is that correct? And if so, why was the leasing so slow on that new project? I know time of year is a little tough, but 20 in a quarter just seems abnormally low.

好的。傑瑞，我認為如果我們計算得正確的話，斯庫爾基爾住宅的租賃在第四季度相當緩慢。如果我們計算正確的話，自您上次報告以來，第四季度可能有 20 份租賃完成。答，這樣說對嗎？如果是這樣，為什麼這個新項目的租賃速度如此緩慢？我知道一年中的這個時候有點艱難，但一個季度 20 似乎異常低。

Yes. I think, Steve, great question. And I think your math is always correct if I remember correctly, but we wound up -- our last earnings call was late October, and I think that the numbers we gave kind of reflected that leasing activity through the earning state. So frankly, from our standpoint, just a backdrop, we were really delighted to get that level of activity because a lot of the amenity space in the buildings weren't completed until much later in the year.

是的。我認為，史蒂夫，這是一個很好的問題。如果我沒記錯的話，我認為你的數學總是正確的，但我們最終——我們的最後一次財報電話會議是在10 月底，我認為我們給出的數字在某種程度上反映了整個盈利狀態的租賃活動。坦白說，從我們的角度來看，這只是一個背景，我們真的很高興能夠獲得這種程度的活動，因為建築物中的許多便利空間直到今年晚些時候才完成。

So we did have a slower November and December, primarily as a function of the holidays. But tour activity has picked up. There's a seasonality to it. So we do expect to do 12 to 13 new leases in each of January and February and kind of move into an accelerated pace as the spring leasing season picks up. But we really benchmarked that based on a number of tours. We've had as many as 7 to 8 tours a day coming through the project. And now again, that it's 100% physically done. The outdoor park area is done, the lobbies are finished, all the furnitures at the amenity floor, the outdoor amenity deck is fully operational. We really do expect to see a good acceleration of that leasing velocity going into the into the full season. As I mentioned, we do expect it to wind up being about 80% to 85% leased by the end of the year.

因此，我們的 11 月和 12 月確實較慢，主要是由於假期的緣故。但旅遊活動有所回升。它有季節性。因此，我們預計每年 1 月和 2 月都會進行 12 至 13 筆新租賃，隨著春季租賃季節的加快，步伐會加快。但我們確實根據一些旅行進行了基準測試。我們每天有多達 7 到 8 個旅遊項目參與此計畫。現在再說一遍，它是 100% 物理完成的。室外公園區已完工，大廳已完工，設施樓層的所有家具、室外設施甲板均已全面投入使用。我們確實希望看到租賃速度在整個季節中都有很大的加速。正如我所提到的，我們確實預計到今年年底，其租賃率將達到 80% 至 85% 左右。

And just a quick follow-up. Are the rents that you're achieving and the concession levels consistent with what you had budgeted? Or have rents and/or concessions kind of been better or worse than you thought?

只是快速跟進。您實現的租金和優惠水準是否與您的預算一致？或者租金和/或優惠比您想像的更好還是更差？

No. We had a level of concessions that were in line with our pro forma to kind of do the opening occupancy levels. Right now, the average rent is around $3,200 a month and we're running right on line with our performance.

不。我們有一定程度的優惠，與我們的預計開業入住率水平一致。目前，平均租金約為每月 3,200 美元，我們的營運狀況與我們的業績完全一致。

Certainly, as we start to move into the leasing season. We hope that the concessions we were giving will disappear based upon the tour activity that we're seeing. So we have a high level of comps in the pro forma that we pulled together for this project will be executed.

當然，隨著我們開始進入租賃季節。我們希望我們所給予的優惠將根據我們所看到的旅遊活動而消失。因此，我們在備考中擁有高水準的補償，我們為該專案的執行而匯集在一起。

Our next question comes from Upal Rana with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Upal Rana。

Could you talk about some of the sequential changes you saw in the development pipeline? I saw that there were some ownership increases, completions and stabilization days are pushed out and some additional leasing done. So if you can give some color on that, that would be great.

您能談談您在開發流程中看到的一些連續變化嗎？我看到所有權增加，竣工和穩定天數被推遲，並完成了一些額外的租賃。所以如果你能給它一些顏色，那就太好了。

Sure. The -- and we can tag team that. The increase in ownership, as you may recall, those -- the Schuylkill Yards and the Uptown ATX developments are in joint ventures. Those joint venture partners are preferred. So they had an obligation to fund up to their level of investment, which they've done. And beyond that, we make additional capital contributions. As we make those capital contributions, our ownership percentage could change. So that's the reason for that.

當然。 - 我們可以標記團隊。您可能還記得，所有權的增加——Schuylkill Yards 和 Uptown ATX 開發項目都是合資企業。優先考慮合資夥伴。因此，他們有義務提供符合其投資水準的資金，而他們已經這樣做了。除此之外，我們還提供額外的出資。當我們做出這些出資時，我們的所有權百分比可能會改變。這就是原因。

I think the -- where there were changes made to the development schedule, it simply reflects what our reassessment has been of the time to get the space actually built out and delivered. And we continue to see delays at the regulatory level of getting permits approved, getting all the appropriate clearances to actually build out the space. One of the reasons why I was mentioning that we're doing a lot of interior space planning and spec build-outs, so we can kind of circumvent that delay process.

我認為，開發計畫發生變化的地方，只是反映了我們對實際建造和交付空間的重新評估。我們繼續看到監管層面的許可證審批、獲得所有適當的許可以實際建造空間的延遲。我提到的原因之一是我們正在進行大量的內部空間規劃和規格擴建，這樣我們就可以繞過這個延遲過程。

And Upal, on the reason for that is we do most of those increases that's causing us to put in more capital was really related to interest rates and in carry on the project. So when we started these projects, we had a certain level of -- or even before we started, while we're working on the loans, we had a certain level of interest based on where the curve is at the time, and that kind of got built into the budget.

烏帕爾，原因是我們所做的大部分增加導致我們投入更多資本，這實際上與利率和專案的進行有關。因此，當我們開始這些專案時，我們有一定程度的利息，甚至在我們開始之前，當我們處理貸款時，我們根據當時的曲線位置有一定程度的利息，這樣的利息已納入預算。

Certainly, as rates went up a little faster than we thought, and they're coming back down a little slower than we anticipated, they have caused the -- that part of the budget to go up. And that's what we're funding primarily. There hasn't been many increases other than just some of the interest numbers related to the loans going up. And we've chosen to fund those, as Jerry said.

當然，由於利率上升的速度比我們想像的要快一些，而下降的速度比我們預期的要慢一些，因此導致了這部分預算的上升。這就是我們主要資助的項目。除了與貸款相關的一些利息數字增加之外，並沒有太多的增加。正如傑瑞所說，我們選擇資助這些計畫。

Okay. Got it. And as a follow-up, could you talk about any updates on the vacancy reduction plan? What's the breakdown of some of the assets that you plan on leasing up, selling and converting on the [list of the] assets? I know you mentioned some of the disposition plans and timing. So want to see if there's any other color you wanted to add there?

好的。知道了。作為後續，您能否談談減少空缺計劃的最新情況？您計劃在[資產清單]中租賃、出售和轉換的一些資產的細目是什麼？我知道你提到了一些處置計劃和時間安排。那麼想看看您是否想添加其他顏色呢？

Well, the full-court press is on leasing a number of those properties, particularly when we take a look at some of the higher-quality projects on that list like Cira Centre, 401 Plymouth road. So there it's more of an accelerated leasing marketing outreach program. We take a look at 101 West Elm, we have commenced a significant lobby renovation there and common area upgrades that we think will help reposition that property. 300 Delaware Avenue, we're evaluating the feasibility of the conversion opportunity on that project to residential as we are with a couple of these other projects as well.

嗯，全場媒體都在關注租賃其中一些房產，特別是當我們看看名單上的一些更高品質的項目時，例如位於普利茅斯路 401 號的 Cira Centre。因此，這更多的是一個加速的租賃行銷推廣計劃。讓我們看看 101 West Elm，我們已經開始在那裡進行重大的大廳翻新和公共區域升級，我們認為這將有助於重新定位該房產。特拉華大道 300 號，我們正在評估該項目改建為住宅的可行性，就像我們也在評估其他幾個項目一樣。

So I think it ranges across the board. But I do think we've identified a couple of those is probably more appropriate for a residential conversion opportunity versus continuing to re-tenant as office space and then making some capital investments in a couple of the projects as well in their lobbies, common areas, et cetera.

所以我認為它是全面的。但我確實認為我們已經確定了其中一些可能更適合住宅轉換機會，而不是繼續重新出租為辦公空間，然後對幾個項目以及大堂、公共區域進行一些資本投資等等。

Our next question comes from Bill Crow with Raymond James.

我們的下一個問題來自比爾·克勞和雷蒙德·詹姆斯。

First question is, when you look at the competitive leasing landscape in the Philly and Austin markets, is it your sense that your competitors are getting more desperate and urgent in their leasing, less urgent and desperate? Where does the market stand from kind of a panic perspective?

第一個問題是，當您觀察費城和奧斯汀市場的競爭性租賃格局時，您是否感覺到競爭對手的租賃變得更加迫切和緊迫，而不是那麼緊迫和迫切？從恐慌的角度來看，市場處於什麼位置？

Yes. Good question, Bill. Look, I think as I touched on earlier, that we are in a very good position given the quality of the product we have and our ability to execute both from a tenant improvement, brokerage commission standpoint. And that's really been one of the wonderful things about having an unsecured balance sheet, which is why, Tom, I think, touched on our preference to being an unsecured borrower. It gives us really good operating latitude.

是的。好問題，比爾。看，我認為正如我之前提到的，鑑於我們擁有的產品品質以及我們從租戶改善和經紀佣金的角度執行這兩者的能力，我們處於非常有利的位置。這確實是擁有無擔保資產負債表的美妙之處之一，我認為這就是為什麼湯姆談到了我們對成為無擔保借款人的偏好。它為我們提供了非常好的操作自由度。

I think a lot of our private market competitors have secured financings in place. They certainly -- they may not have the ability to fund the TIs or maybe in the middle of loan negotiations they may be trying to work out refinancing programs. And all that just signals a delay in execution to a tenant market that wants in this kind of climate, particularly given the macro-overtones, a high level of certainty of execution. So we think that really is a wonderful competitive advantage for us.

我認為我們的許多私募市場競爭對手已經獲得了融資。當然，他們可能沒有能力為 TI 提供資金，或者在貸款談判過程中他們可能正在嘗試制定再融資計劃。所有這些都表明，在這種環境下，租戶市場需要執行的延遲，特別是考慮到宏觀暗示，執行的高度確定性。所以我們認為這對我們來說確實是一個極好的競爭優勢。

I would not define it as a panic mode at all. I think each of these markets is seeing more leasing activity. Absorption numbers still are fairly bleak in most of the markets, but you're seeing more tenants in the market, more tenants looking for higher-quality space. So I think at the higher end of the quality class, those properties seem to be performing much better, to which -- our CBD Philadelphia properties being in the 90% lease range, certainly compared to a 20% vacancy, is the best evidence we can give that we'll continue to see deals.

我根本不會將其定義為恐慌模式。我認為這些市場的租賃活動都在增加。大多數市場的吸收量仍然相當慘淡，但你會看到市場上有更多的租戶，更多的租戶正在尋找更高品質的空間。因此，我認為在品質等級的高端，這些房產的表現似乎要好得多，對此——我們費城中央商務區的房產處於90% 的租賃範圍內，當然與20% 的空置率相比，這是我們的最佳證據可以肯定的是，我們將繼續看到交易。

And even with, Bill, where there is a call it, a panic mode on the part of one landlord, if they don't have the right product, they're not going to get the deal. Because the consumer preferences, as we've talked, is changing. I mean tenants as they're bringing people back to the workplace on a higher-quality work environment, they want a very strong management services delivery platform, which we have, and they want to know that they have confidence that their landlords are going to be there to service them through their entire course of their tenancy.

即使比爾，有一種房東的恐慌模式，如果他們沒有合適的產品，他們也不會達成交易。因為正如我們所說，消費者的偏好正在改變。我的意思是租戶，因為他們要讓人們在更高品質的工作環境中回到工作場所，他們需要一個非常強大的管理服務交付平台，我們擁有這個平台，他們想知道他們有信心房東會在他們的整個租賃過程中為他們提供服務。

So I think the market -- the macro tone seems to be a little bit more dour than what we're seeing at the ground level. But we recognize that like the other office companies, we need to demonstrate that change in tone through lease executions. And that's really the focus for the company.

因此，我認為市場的宏觀基調似乎比我們在地面層面看到的更黯淡。但我們認識到，與其他辦公公司一樣，我們需要透過租賃執行來證明基調的變化。這確實是公司關注的焦點。

I appreciate that. I do have a follow-up for Tom. I think if I go back to Tony's question about the cadence and the recovery of the development, the $0.07 that you outlined in stabilizations. Do you think earnings hit bottom late this year as we kind of go through the asset sales, the refinancing and then we build off that? Or is it -- is the $0.07 that we're going to capture over the course -- into 2025. Is that enough to keep you flat or positive in 2025?

我很感激。我確實有湯姆的後續行動。我想如果我回到托尼關於發展節奏和復甦的問題，你在穩定中概述的 0.07 美元。你認為今年年底我們的獲利是否會觸底，因為我們會進行資產出售、再融資，然後再以此為基礎？或者是——我們將在整個過程中捕獲 0.07 美元——到 2025 年。這足以讓你在 2025 年保持持平或樂觀嗎？

Yes. If you look at the -- if you look at our yields on our multifamily build, once they get to stabilization, they're going to be generating over $0.09 of NOI, right? So that's kind of like if they hit stabilization, which will occur in the beginning -- the first half of 2025. Right now, we're projecting for this year for them to do less than $0.03, in the $0.02 to $0.025 range. So really, it's a swing between that NOI where it is.

是的。如果你看看我們多戶住宅建築的收益率，一旦它們達到穩定，它們將產生超過 0.09 美元的 NOI，對嗎？因此，這有點像如果他們達到穩定，這將在 2025 年上半年開始。目前，我們預計他們今年的業績將低於 0.03 美元，在 0.02 美元到 0.025 美元的範圍內。所以說真的，這是在 NOI 之間的搖擺。

So for example, in one of our projects, the one that's going to start up in Austin, they're going to generate negative NOI for 2024. So when you couple that with the lease up that's starting to occur here at Schuylkill Yards, you're getting to an NOI number that's $0.06 below. So the fact that when you turn on both the preferred and the interest expense, that's all getting -- those are where those losses are coming from. As we grow from that $0.02 to $0.03 of NOI that we're expecting over the course of this year, you'll start to hit that full $0.09 of earnings on the multifamily, call it, end of first quarter, beginning of second quarter of '25.

例如，在我們的一個項目中，即將在奧斯汀啟動的項目，他們將在 2024 年產生負 NOI。因此，當您將其與 Schuylkill Yards 開始發生的租賃結合時，您NOI 數字低於0.06 美元。因此，事實上，當你同時考慮優先股和利息支出時，所有這些都是損失的來源。隨著我們今年預計的 NOI 從 0.02 美元增長到 0.03 美元，多戶住宅的收益將開始達到 0.09 美元，稱之為，第一季末、第二季度初。 '25。

So '25 [is going to be] positive, right? When we (inaudible) for those overall.

所以 25 年的結果會是正面的，對嗎？當我們（聽不清楚）整體而言。

Yes, that's the NOI growth overall because we're already taking full hits on the interest and the preferreds, as you get into the third and fourth quarters because both projects will be fully available and fully taking those charges.

是的，這就是 NOI 的整體成長，因為進入第三和第四季時，我們已經對利息和優先股產生了全面的打擊，因為這兩個項目將完全可用並完全承擔這些費用。

And our last question comes from Omotayo Okusanya with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Omotayo Okusanya。

Yes. I wanted to go back to -- I wanted to go back to the interest expense forecast for the year. Tom, the debt refinancing that you have planned for the year, that debt comes due in 4Q. I'm just curious if it's going to be refinanced earlier, which is why it's having a bigger impact on interest expense.

是的。我想回到——我想回到今年的利息支出預測。湯姆，您今年計劃的債務再融資，該債務將在第四季度到期。我只是好奇它是否會更早進行再融資，這就是為什麼它對利息支出產生更大的影響。

And also wanted to understand the type of SOFR forecast that we're using on your variable debt and how that's impacting your interest expense forecast as well.

並且還想了解我們對您的可變債務使用的 SOFR 預測類型以及它如何影響您的利息支出預測。

Sure, Tayo. So I'll start with the bonds. So we -- a couple of points on that. One is, as we talked about on our last call, we prefer doing that bond deal a little sooner than later. However, since the last call, we have seen rates come in quite a bit. I think that our borrowing costs have probably come in on a secured or unsecured deal, at least 150 basis points. So the tone has been better for us to get a bond yield done or a secured deal done.

當然，泰約。所以我將從債券開始。所以我們——對此有幾點看法。一是，正如我們在上次電話會議中談到的那樣，我們更願意儘早進行債券交易。然而，自上次通話以來，我們發現利率大幅上漲。我認為我們的借貸成本可能來自擔保或無擔保交易，至少 150 個基點。因此，對我們來說，完成債券殖利率或完成擔保交易的基調會更好。

I think though we would prefer getting one done earlier than later, Tayo. So if you look at that cost, if we do one in the second quarter, every quarter, we think roughly $4-plus million of interest expense -- in additional interest expense by taking out that bond early, would occur. So if we think we're going to do a bond deal or a secured financing in the second quarter, whether it's unsecured or secured. That will add about $8 million over those 2 quarters to the bond deal in mid-October. So that is a big charge.

我認為我們更願意早點完成一項任務，而不是晚點完成，Tayo。因此，如果你看看這個成本，如果我們在第二季、每季都這樣做，我們認為大約會產生 4 多萬美元的利息費用——提前取出該債券帶來的額外利息費用。因此，如果我們認為我們將在第二季進行債券交易或擔保融資，無論是無擔保還是有擔保。這將使 10 月中旬的債券交易在這兩個季度增加約 800 萬美元。所以這是一筆很大的費用。

On the SOFR side, we -- as we mentioned, we may be using the line a little bit more this year versus last year. We do have floating rate debt at the JV level. Not all of that debt is fixed. So we have been taking SOFR charges there. And then the normalization of the and we have been using the curve, Tayo, when we go through our numbers, we do try to use the curve with a little bit of cushion on there.

在 SOFR 方面，正如我們所提到的，我們今年可能會比去年更多地使用該線路。我們確實有合資企業層級的浮動利率債務。並非所有債務都是固定的。所以我們一直在那裡收取 SOFR 費用。然後標準化，我們一直在使用曲線，Tayo，當我們查看我們的數據時，我們確實嘗試使用那裡有一點緩衝的曲線。

But I would say also the biggest thing in the JVs was the Commerce Square loan, which was partially in '23, full year effect in '24. So we we're looking at roughly -- we're looking at over $6 million of interest charges year-over-year because of that and because of SOFR.

但我想說，合資企業中最大的事情是商業廣場貸款，該貸款部分在 23 年生效，在 24 年全年生效。因此，我們粗略地看到，由於這個原因以及 SOFR，我們每年都會產生超過 600 萬美元的利息費用。

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

謝謝。沒有其他問題了。我想將電話轉給傑瑞‧斯威尼 (Jerry Sweeney) 致閉幕詞。

Great. Well, Michelle, thank you for your help, and thank you all for participating in our call. Wish you a good day, and we look forward to updating you on our business plan on our next quarterly earnings conference call. Thank you.

偉大的。好的，米歇爾，謝謝您的幫助，也謝謝大家參與我們的電話會議。祝您有美好的一天，我們期待在下一次季度財報電話會議上向您介紹我們的業務計劃的最新情況。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。