Brandywine Realty Trust (BDN) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brandywine Realty Trust fourth-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Brandywine Realty Trust 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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。

Thank you very much. Good morning, everyone. Thank you for participating in our fourth-quarter 2024 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; Tom Wirth, our Executive Vice President and Chief Financial Officer.

非常感謝。大家早安。感謝您參加我們的 2024 年第四季財報電話會議。和往常一樣，今天與我一起參加電話會議的還有我們的營運執行副總裁喬治·約翰斯頓 (George Johnstone)； Dan Palazzo，我們的高級副總裁兼首席會計官；湯姆·沃斯 (Tom Wirth)，我們的執行副總裁兼首席財務官。

Prior to beginning, certain format discussed on the call today may constitute forward-looking statements within the meaning of the federal securities law. Although we believe the 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，今天電話會議上討論的某些格式可能構成聯邦證券法含義內的前瞻性陳述。儘管我們相信這些報表中反映的估計是基於合理的假設，但我們無法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，請參閱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。

Well, first and foremost, we hope that you and yours are doing well. And with 2024 now behind us, we're looking forward to continued real estate market improvements into both '25 and 2026. During our prepared comments today, Tom and I will briefly review our 2024 results and frame out the key assumptions driving our '24 guidance. After that, Dan, George, Tom, and I are available for any questions.

嗯，首先，我們希望您和您的家人一切都好。2024 年已經過去，我們期待 2025 年和 2026 年房地產市場繼續改善。在今天的準備好的評論中，湯姆和我將簡要回顧我們的 2024 年業績，並概述推動我們 24 年指引的關鍵假設。此後，丹、喬治、湯姆和我都可以回答您的任何問題。

Well, from an operating and portfolio management and liquidity standpoint, 2024 was a solid year. We posted strong operating metrics again this quarter, reinforcing the high-quality nature of our portfolio. Our wholly owned core portfolio is 87.8% occupied and 89.9% leased which has improved sequentially over the last quarter. We exceed our 2024 business planned spec revenue target by 8%, generating $26.4 million.

嗯，從營運、投資組合管理和流動性的角度來看，2024 年是穩健的一年。本季度，我們再次公佈了強勁的營運指標，鞏固了我們投資組合的高品質性質。我們全資擁有的核心投資組合的入住率為 87.8%，租賃率為 89.9%，與上一季相比有所改善。我們超越了 2024 年業務計畫的規格收入目標 8%，產生了 2,640 萬美元的收入。

We also exceeded our tenant retention target, which ended at 63% compared to our original business plan target of 51% and 53%. Leasing activity for the year approximate 2.3 million square feet. During the quarter, we executed 783,000 square feet of leases including 486,000 in our wholly owned portfolio and 297,000 square feet in our joint ventures. This quarterly activity was the highest in 2024 and 42% above the corresponding fourth quarter in 2023.

我們也超額完成了租戶保留目標，最終達到 63%，而我們最初的業務計劃目標分別為 51% 和 53%。今年的租賃面積約為 230 萬平方英尺。本季度，我們執行了 783,000 平方英尺的租賃，其中包括我們全資擁有的投資組合中的 486,000 平方英尺和我們合資企業的 297,000 平方英尺。該季度的活動是 2024 年最高的，比 2023 年第四季高出 42%。

Looking ahead, we have less than 5% annual rollover through '26, one of the lowest in the office sector. On an annual basis, our mark-to-market was 12.6% on a GAAP basis and 1.8% on a cash basis, both within our business plan expectations. Our new leasing mark-to-market was strong at 18% and 4% on a GAAP and cash basis, respectively. Fourth quarter fiscal tours exceeded third quarter by 7% with tours in 2024, exceeding 2023 by 22%. The tour activity remains well above pre-pandemic levels.

展望未來，到26年，我們的年展期率將不到5%，是辦公大樓領域最低的之一。以年度計算，我們的市值為根據 GAAP 計算的 12.6%，以現金計算的 1.8%，均符合我們的業務計劃預期。我們的新租賃市值率強勁，以 GAAP 和現金基礎計算分別達到 18% 和 4%。第四季的財政旅遊比第三季成長了 7%，2024 年的旅遊比 2023 年成長了 22%。旅遊活動仍遠高於疫情前的水準。

For the quarter on a wholly owned basis, 62% of leases were the result of [fleet] quality. During 2024 for the full year, (inaudible) quality deals represented 60% of new leasing activity. We also importantly note that we do not have any tenant lease expirations greater than 1% of revenues through 2026. Our operating portfolio leasing pipeline remains strong at 1.8 million square feet which includes about 163,000 square feet in advanced stages of negotiations.

就本季的獨資基礎而言，62%的租賃是由於[機隊]品質所致。2024 年全年，（聽不清楚）優質交易占新租賃活動的 60%。我們還必須注意到，到 2026 年，我們沒有任何租戶租約到期金額超過收入的 1%。我們的營運組合租賃管道依然強勁，達到 180 萬平方英尺，其中約 163,000 平方英尺處於談判的後期階段。

So the takeaway on operations is stable, solid operating performance with limited rollover risk for several years, good capital control, improving markets and an expanding leasing pipeline. Another key component of our business plan is continually improving liquidity. During 2024, we significantly exceeded our liquidity goals and completed over $300 million of dispositions. This was well above our $150 million 2024 midpoint revised midpoint and a $90 million original guidance. These efforts result are having $90 million of cash on hand and no outstanding amounts on our $600 million unsecured line of credit at year-end.

因此，營運的要點是穩定、穩健的營運表現、幾年內有限的展期風險、良好的資本控制、不斷改善的市場和不斷擴大的租賃管道。我們的商業計劃的另一個關鍵組成部分是不斷提高流動性。2024 年，我們大大超越了流動性目標，完成了超過 3 億美元的處置。這遠高於我們 2024 年中點 1.5 億美元的修訂中點和 9000 萬美元的原始指引。這些努力的結果是，截至年底，我們的庫存現金達到 9,000 萬美元，且 6 億美元無擔保信用額度中沒有未償還金額。

We also -- and Tom will get into more detailed nonsecured bond maturities until November ['27]. And going forward, our business plan is predicated on maintaining minimal balances on our line of credit over the next several years to ensure ample liquidity and our only real maturity in 2025 is a $70 million unsecured term loan evaluating the price of extending.

我們也將—湯姆將更詳細地介紹 11 月之前的無擔保債券到期情況['27]。展望未來，我們的業務計劃以在未來幾年維持信用額度的最低餘額為前提，以確保充足的流動性，而我們在 2025 年唯一真正到期的貸款是 7000 萬美元的無擔保定期貸款，用於評估延期的價格。

During 2024, we also recapitalized or exited several operating joint ventures. Our ['24] go you may recall, was to streamline these operating joint venture relationships and reduced attribution by $100 million. We achieved that goal into 2024. We reduced the attribution by $229 million.

2024 年，我們也對幾家營運合資企業進行了資本重組或退出。您可能還記得，我們​​的 ['24] 舉措是簡化這些營運合資關係，並減少 1 億美元的歸屬。我們在 2024 年實現了這個目標。我們將歸屬減少了2.29億美元。

Despite these strong operating metrics and significant progress on further strengthening liquidity, we did fall short of our FFO targets. FFO results were $0.17 for the fourth quarter and $0.85 for 2024, the fourth quarter annual results were negatively impacted by $0.03 a share reduced other income from a onetime transaction. we did anticipate in the fourth quarter, $0.01 per share net dilution due to the increased and accelerated disposition activity.

儘管這些營運指標強勁且在進一步加強流動性方面取得了重大進展，但我們仍未實現 FFO 目標。第四季的 FFO 結果為 0.17 美元，2024 年的 FFO 結果為 0.85 美元，第四季度的年度業績受到一次性交易帶來的每股 0.03 美元的其他收入的負面影響。由於處置活動的增加和加速，我們確實預計第四季度每股淨攤薄收益將為 0.01 美元。

And from a broad -- and several other points that Tom will walk through as well. From a broader perspective, or the real estate markets are improving, we're seeing that every day. During the year, we laid a solid operating foundation in capitalizing these improving office market dynamics. In Philadelphia, there are encouraging signs of stabilization. (inaudible) office market is seeing a clear shift towards high-quality space with Class A properties accounting for 66% of all lease deals signed in 2024.

並且從廣泛角度——以及湯姆也將闡述的其他幾個觀點。從更廣泛的角度來看，房地產市場正在改善，我們每天都能看到這種情況。這一年，我們為充分利用辦公大樓市場不斷改善的勢頭，奠定了堅實的營運基礎。在費城，出現了令人鼓舞的穩定跡象。 (聽不清楚) 辦公大樓市場正明顯地向高品質空間轉變，甲級辦公室佔 2024 年簽署的所有租賃交易的 66%。

Our overall CBD portfolio is 93% leased. The CBD reported 1 million square feet of transactions during '24, demonstrating the sustained demand for high-quality workspace. Of that activity, for any one captured 49% of all office deals. In addition, the city's life science sector, while still recovering, continues to be a driver of future growth, backed by strong regional healthcare ecosystem that includes 1,200 biotech and pharmaceutical firms alongside 15 major healthcare systems.

我們的整體 CBD 投資組合的出租率為 93%。根據 CBD 報告，2024 年的交易量達到 100 萬平方英尺，顯示對高品質工作空間的需求持續存在。在該活動中，任何一項都佔據了所有辦公室交易的 49%。此外，該市的生命科學領域雖然仍在復甦，但仍是未來成長的驅動力，其背後有強大的區域醫療保健生態系統，包括 1,200 家生物技術和製藥公司以及 15 個主要醫療保健系統。

Austin, Austin, which continues to be a banded for corporate expansion. Leasing momentum there remains positive, with Austin recording two consecutive quarters of net absorption and over 81 tenants currently and actively seeking more than 2.5 million square feet of space. Positive momentum during the fourth quarter was driven by a revitalization of the tech sector. There's also finally a notable trend towards an encouraging trend towards return to work on a full-time basis. So we are optimistic that Austin will see increased leasing activity in 2025.

奧斯汀，奧斯汀，繼續成為企業擴張的中心。那裡的租賃勢頭仍然保持積極，奧斯汀連續兩個季度錄得淨吸收量，目前有超過 81 個租戶積極尋求超過 250 萬平方英尺的空間。第四季的積極勢頭是由科技業的復甦推動的。最後，還有一個明顯的趨勢，即重返全職工作是一種令人鼓舞的趨勢。因此，我們樂觀地認為，奧斯汀的租賃活動將在 2025 年增加。

I with tenants having a clear preference for premium office environments, brand new line is demonstrated by 2024 leasing results is well positioned to capture increasing demand in both [Pivot] and Austin. Well, throughout '24, we addressed the key themes that guide our business plan, liquidity, portfolio stability and our lease-up development. While significant progress was made on liquidity and portfolio stability, we have remaining work to do on development leasing.

我認為租戶明顯偏好優質辦公環境，2024 年的租賃結果表明，全新的產品線能夠很好地滿足 [Pivot] 和奧斯汀日益增長的需求。好吧，在整個24年裡，我們解決了指導我們的業務計劃、流動性、投資組合穩定性和租賃發展的關鍵主題。雖然在流動性和投資組合穩定性方面取得了重大進展，但我們在開發租賃方面仍有工作要做。

As we'll discuss in a few moments, 2025 is a transitional earnings earning year for us, impacted by the expensing of our preferred coupon payments and the interest expense charges relating to our two residential projects and 3025 GFK in to. While leasing momentum continues to accelerate, the lease-up phase is taking longer than originally anticipated.

正如我們稍後將要討論的，2025 年對我們來說是一個過渡性的盈利年，受到優先息票支付的費用以及與我們的兩個住宅項目和 3025 GFK 相關的利息費用的影響。雖然租賃動能持續加速，但租賃階段所花的時間比最初預期的要長。

As such, 2025 as an earnings through due to the items I just mentioned a moment ago. Stabilizing these development projects remains a top priority for the organization. The pipeline of each property continues to build. Tour volume and issued proposals increased during the fourth quarter. But to be conservative, we are not projecting on the commercial properties an additional incremental being generated during 2025.

因此，2025 年將成為我剛才提到的專案的獲利目標。穩定這些發展項目仍然是組織的首要任務。各個物業的管道都在持續建設中。第四季度，旅遊量和發出的提案均有所增加。但保守地說，我們並不預期 2025 年商業房地產將產生額外的增量。

Looking at each project on our 3025 office project at Schuylkill Yards. We did execute a 117,000 square foot lease with FS investments for their new expanded global headquarters. This four-floor lease brings the office component to 83% leased with just over [14] remaining to lease with a very healthy pipeline behind that. We do anticipate this project component will stabilize in Q1 '26 upon that tenant's occupancy.

查看 Schuylkill Yards 3025 辦公計畫的每個項目。我們確實與 FS 投資簽訂了一份 117,000 平方英尺的租約，用於其新擴建的全球總部。這份四層樓的租約使辦公室部分的出租率達到 83%，剩餘 [14] 餘下待租面積，且後續租約準備非常充足。我們確實預計該專案部分將在 26 年第一季該租戶入住後穩定下來。

Looking at the residential side which is the residential component of 3025. It continues to perform on pro forma in terms of absorption and rents and sits at 84% leased. Since we launched that marketing campaign, we have leased 306 leases or about 92% of the project. We're also seeing very good as were the renewal program now, very good renewal rates for some of the existing tenants for in excess of a 55% renewal rate and an average rate increase in the high double digits.

看看住宅區，這是 3025 的住宅部分。其吸收量和租金繼續表現符合預期，出租率為 84％。自從我們啟動該行銷活動以來，我們已租賃了 306 個租約，約佔該專案的 92％。我們也看到現在的續約計畫非常好，一些現有租戶的續約率非常好，續約率超過 55%，平均費率增幅達到兩位數的高點。

We do expect this project to stabilize -- this component of the project to stabilize in Q2 '25. And 3151 market, which is our life science project at Schuylkill Yards was substantially delivered at year-end '24 with some remaining work to do and will be -- will remain in the capitalization period through 2025. The pipeline of that price has grown significantly during the last quarter and stands at about 800,000 square feet with several advanced discussions underway. We do anticipate this project will stabilize in Q3 '26.

我們確實預計該項目將穩定下來 - 該項目的這個部分將在2025年第二季度穩定下來。3151 市場是我們在 Schuylkill Yards 的生命科學項目，已於 24 年底基本交付，還有一些剩餘工作要做，並將一直處於資本化期，直到 2025 年。上個季度，該價格的儲備面積大幅增長，目前已達到約 80 萬平方英尺，並且正在進行幾項深入討論。我們確實預計該項目將在26年第三季穩定下來。

At Uptown ATX, the pipeline for the office component now stands over 500,000 square feet. With tenant size ranging between [60,000 square feet] and 200,000 square feet plus, including ongoing discussions with several sizable users. Given the composition of this pipeline after accounting for tenant build-out and approval period, we expect this project to stabilize in Q2 '26.

在 Uptown ATX，辦公室部分的建設規模現已超過 50 萬平方英尺。租戶面積在 [60,000 平方英尺] 到 200,000 平方英尺以上之間，包括與幾個大型用戶的持續討論。考慮到租戶建設和審批期後的該項目組成，我們預計該項目將在2026年第二季穩定下來。

At Uptown Residential, known as Solaris House, we have delivered off 341 units. We are currently 30% occupied 102 units and 32% leased. Our wholly owned office development in Racker is 100% leased and tenant occupancy commenced in November of (inaudible). As noted in the past, these development projects remain top of market. We remain confident in our success, and we'll continue our aggressive marketing efforts on each one.

在 Uptown Residential（又稱 Solaris House），我們已經交付了 341 套單元。目前，我們的 102 個單位的入住率為 30%，出租率為 32%。我們在 Racker 的全資辦公大樓開發案已 100% 出租，租戶入住時間已於 2019 年 11 月開始。（聽不清楚）。正如過去所指出的，這些開發項目仍然處於市場領先地位。我們對我們的成功充滿信心，我們將繼續在每個專案上進行積極的營銷努力。

The earnings impact, as Tom and I will walk through a few months of Karen's non-revenue-producing capital project is a major driver impacting 2025 lines. And along those lines, we did introduce 2025 guidance. We do view our '25 business plan as being a transitional bridge year for us, highlighted by solid core portfolio performance with strong leasing activity, significant balance sheet liquidity with no significant debt maturities and certainly reflecting the earnings impact of our development JVs moving off their capitalization periods.

正如湯姆和我將介紹卡倫幾個月來不產生收入的資本項目一樣，收益影響是影響 2025 年生產線的主要驅動因素。按照這個思路，我們確實推出了 2025 年指導方針。我們確實將我們的'25商業計劃視為我們的過渡橋樑年，其亮點是穩固的核心投資組合表現、強勁的租賃活動、充足的資產負債表流動性且無重大債務到期，並且肯定反映了我們的開發合資企業擺脫資本化期所帶來的盈利影響。

We did provide our release yesterday, 2025 FFO guidance with a range of $0.60 to $0.72 per share for a midpoint of $0.66. At the midpoint, the '25 FFO guidance is $0.19 per share below our '24 FFO of $0.85 per share. The primary drivers for this are highlighted in the FFO reconciliation on page 1 of our SIP and primarily related to expenses and interest rates, interest and preferred charges on 3025, Uptown ATX commercial development and the continued lease-up of our Solaris residential project, partially offset by the projected stabilization of our beer project.

我們昨天確實發布了 2025 年 FFO 指引，範圍為每股 0.60 美元至 0.72 美元，中間值為 0.66 美元。中間值是，25 年 FFO 指引比我們的 24 年 FFO 每股 0.85 美元低 0.19 美元。造成這種情況的主要驅動因素在我們的 SIP 第 1 頁的 FFO 對帳中重點介紹，主要與費用和利率、3025 的利息和優先費用、Uptown ATX 商業開發以及我們的 Solaris 住宅項目的持續租賃有關，但部分被我們啤酒項目的預期穩定所抵消。

Looking at other metrics. Our 2025 GAAP NOI will be approximately $18 million below '24 levels, primarily due to the asset sales activity partially being offset by the 155 King of Prussia Road being fully operational at '25. We do anticipate actually given some delayed land sales activity, which will generate some additional gains. Tom will review all these others in more detail and several other factors.

查看其他指標。我們的 2025 年 GAAP NOI 將比 24 年水平低約 1800 萬美元，這主要是因為資產銷售活動被 155 King of Prussia Road 於 25 年全面投入營運部分抵消。我們確實預計，鑑於一些土地銷售活動的延遲，這將產生一些額外的收益。湯姆將更詳細地審查所有這些因素以及其他幾個因素。

From an operating standpoint, SET revenue for '25 will be between $27 million and $28 million, up 4% from '24 levels. We are currently at 22.9% or 83% achieved at the midpoint. Our cash and GAAP mark-to-market range is lower than '24, primarily due to the regional composition of our leasing activity in 2025. Our GAAP market ranges are also below those levels, which is mainly driven by, again, the regional composition of our 2025 leasing activity, and we did actually two large -- two large renewals with no capital cost if the impact of the mark-to-market for '25.

從營運角度來看，SET 25 年的營收將在 2,700 萬美元至 2,800 萬美元之間，比 24 年的水準成長 4%。我們目前的完成率為 22.9%，中間值為 83%。我們的現金和 GAAP 市價範圍低於 '24，這主要是由於我們 2025 年租賃活動的區域組成。我們的 GAAP 市場範圍也低於這些水平，這主要是由我們 2025 年租賃活動的區域組成所驅動，而且我們實際上進行了兩次大規模續約，沒有資本成本，如果受到 25 年市價的影響。

Occupancy levels will be incrementally higher between 88% and 89%. Our lease will also be incrementally higher between 89% and 90%, we anticipate a retention rate of 59% to 61%. Same-store NOI growth will range 1% to 3% on a cash basis and negative 1 to positive 1 on a GAAP basis.

入住率將逐步上升至 88% 至 89% 之間。我們的租賃費也將逐步提高 89% 至 90%，我們預計保留率為 59% 至 61%。同店淨營業利潤成長率以現金計算將介於 1% 至 3% 之間，以 GAAP 計算將在 -1 至 +1 之間。

Capital control will remain in very good shape or about 10% of revenues below our '24 results. Our business plan projects $50 million of additional sales activity that occurs later in the fourth quarter of ['25] was minimal dilution. Our dividend payout ratios for '24 were 71.4% and slightly more than 100% on CAD for '25, the FFO and CAD payout ratios are above our historical averages and above our preferred levels. However, as development JVs grow occupancy, and we embarked on several recapitalizations -- we anticipate growing our FFO and CAD results through '26 and bringing our dividend payout ratios back to historical levels without reducing the current $0.60 dividend.

資本控制將保持良好狀態，或比我們24年的業績低約10%的收入。我們的商業計劃預計，2025 年第四季後期將出現 5,000 萬美元的額外銷售活動，這對銷售額的稀釋效果很小。我們'24年的股息支付率為71.4%，'25年的加元股息支付率略高於100%，FFO 和 CAD 支付率高於我們的歷史平均水平，也高於我們的優先水平。然而，隨著開發合資企業的入住率不斷提高，並且我們著手進行幾次資本重組——我們預計到26年我們的FFO和CAD業績將會增加，並且我們的股息支付率將回到歷史水平，而不會減少目前0.60美元的股息。

It's also an important note that as we highlighted on page 3 of the set our '25 capital spend is including CAD, is impacted by approximately $23 million or $0.14 a share of deferred tenant allowance payments for leases that were done between 2020 and 2023. We also that our 9% to 11% '25 projected cap ratio range is one of the lowest we've had in the past five years.

還需要注意的是，正如我們在第 3 頁所強調的那樣，我們的 25 年資本支出（包括 CAD）受到 2020 年至 2023 年期間簽訂的租賃的遞延租戶津貼支付約 2,300 萬美元或每股 0.14 美元的影響。我們也預計，25 年資本化率範圍為 9% 至 11%，是過去五年來最低的水平之一。

So with that, let me turn the floor over to Tom to review our financial results for '24 and summarize our '25 outlook.

因此，讓我將發言權交給湯姆來回顧我們24年的財務表現並總結我們25年的展望。

Thank you, Jerry, and good morning. Our fourth quarter net loss stood at $43.3 million or $0.25 per share, and our fourth quarter FFO was about $29.9 million or $0.17 per share. Our quarterly net income results were impacted by several noncash impairment charges totaling $23.8 million or $0.14 per share related to two of our nonconsolidated joint ventures located in the DC area. Our fourth quarter FFO results were 3% below our guidance at 6% below the incentive estimates, partially as a result of timing and some general observations for the quarter.

謝謝你，傑瑞，早安。我們第四季的淨虧損為 4,330 萬美元，即每股 0.25 美元，而第四季的 FFO 約為 2,990 萬美元，即每股 0.17 美元。我們的季度淨收入結果受到與位於華盛頓特區的兩家非合併合資企業有關的幾項非現金減損費用的影響，總額為 2,380 萬美元或每股 0.14 美元。我們的第四季度 FFO 結果比我們的預期低 3%，比激勵預期低 6%，部分原因是時間和本季的一些一般觀察。

Our other income, we did anticipate receiving onetime transactional income totaling about $6 million or just over $0.03 a share. We now anticipate that income being received in the first quarter of '25.

我們的其他收入，我們確實預計將獲得一次性交易收入，總額約為 600 萬美元或每股 0.03 美元多一點。我們現在預計該收入將在25年第一季收到。

Property-level GAAP NOI. Our GAAP NOI was 68.5%, reflects -- this was reflective of our higher-than-anticipated earlier-than-anticipated asset sales activity and slightly higher operating expenses.

物業級 GAAP NOI。我們的 GAAP NOI 為 68.5%，反映出我們高於預期、早於預期的資產銷售活動和略高的營運費用。

G&A totaled $10.1 million, $1.1 million above our third quarter. We forecast that's primarily due to some higher noncash equity amortization -- the increase is due to higher forecasted vesting. That will continue into 2025.

G&A 總計 1,010 萬美元，比第三季高出 110 萬美元。我們預測這主要是由於非現金股權攤銷增加所致——增加是由於預測的歸屬增加所致。這種狀況將持續到 2025 年。

Total interest expense was [1.2%] below our reforecast, primarily due to higher cash proceeds from the asset sales, which lowered our line of credit balance, and we had slightly higher capitalized interest.

總利息支出比我們的重新預測低 [1.2%]，主要是由於資產出售獲得的現金收益增加，從而降低了我們的信用額度餘額，並且我們的資本化利息略有增加。

Looking at our debt metrics. Fourth quarter debt service and interest coverage ratios were [2.1%] and slightly below our 2.2 projections. Our fourth quarter and annualized consolidated core net debt to EBITDA were 7.9 times and 7.2 times respectively, with both metrics above our range, primarily due to the lower fourth quarter income.

查看我們的債務指標。第四季的債務償還和利息覆蓋率為 [2.1%]，略低於我們的 2.2 預測。我們第四季和年度合併核心淨債務與 EBITDA 比率分別為 7.9 倍和 7.2 倍，兩個指標均高於我們的範圍，這主要是由於第四季度收入較低。

Portfolio and joint venture changes. We did add 155 King of Prussia Road to our core portfolio during the quarter as our attendance to occupancy and the property is 100% occupied liquidity. Due to the asset sales, our year-end cash position increased to $90 million, $75 million above our third quarter projection.

投資組合和合資企業的變化。我們確實在本季度將 155 King of Prussia Road 添加到我們的核心投資組合中，因為我們的入住率和房產的流動性為 100%。由於資產出售，我們的年終現金狀況增加至 9,000 萬美元，比第三季的預測高出 7,500 萬美元。

And as Jerry highlighted earlier, we have a $1 million -- $170 million term loan maturing in 2025 and no unsecured bonds maturing until November 2027. Our wholly owned debt is 95.4% fixed with a weighted average maturity every seven years. Our full year 2024 can rate payout ratio was 103.4%. This was negatively impacted by the lower-than-anticipated fourth quarter income. And if that income did come in, we would have been below the 100%.

正如傑瑞之前強調的那樣，我們有一筆 100 萬至 1.7 億美元的定期貸款將於 2025 年到期，並且沒有無擔保債券將於 2027 年 11 月之前到期。我們的全資債務 95.4% 是固定的，加權平均到期日為每七年。我們 2024 年全年的股利支付率為 103.4%。這受到第四季度收入低於預期的負面影響。如果真的有這筆收入，我們的收入就會低於 100%。

Going into our 2025 guidance at the midpoint, our net loss will be $0.54 per share our 2025 midpoint guidance for FFO will be $0.66 per diluted share with a stable wholly owned portfolio, this reset of FFO, we believe, is temporary impacted by our portfolio reshaping efforts of the disposition of noncore assets and the development project stabilization.

進入我們 2025 年的中點指引，我們的淨虧損將為每股 0.54 美元，2025 年的中點 FFO 指引將為每股攤薄 0.66 美元，擁有穩定的全資投資組合，我們認為，FFO 的重新設定是暫時的，因為我們對非核心資產處置和開發項目穩定的投資組合會對其產生影響。

Our fourth quarter -- our FFO contribution from our unconsolidated joint venture developments will be a loss of $25.2 million or $0.11 a share. As the development projects are completed but not yet stabilized, we are incurring interest expense preferred equity costs and overall negative operating income within those joint ventures. The result is losses totaling approximately $32.6 million or $0.18 a share during 2025 compared to a loss of [$12.2 million] or $0.07 a share in 2024. And our 2025 construction loan interest and partner preferred equity returns totaled $43.8 million or $0.24 a share. We expect to recapitalize these capital projects into lower debt and earning costs as the projects stabilize.

我們第四季來自非合併合資企業發展的 FFO 貢獻將虧損 2,520 萬美元或每股 0.11 美元。由於開發案已經完成但尚未穩定，我們在這些合資企業中產生了利息費用優先股成本和整體負營業收入。結果是，2025 年的虧損總額約為 3,260 萬美元或每股 0.18 美元，而 2024 年的虧損為 [1,220 萬美元] 或每股 0.07 美元。我們 2025 年的建設貸款利息和合作夥伴優先股回報總計 4,380 萬美元，即每股 0.24 美元。隨著專案穩定，我們期望將這些資本項目重新資本化，以降低債務和獲利成本。

We will also receive $7.4 million of nonrecurring cash income from the development joint ventures in the first half of 2025. To offset the development joint venture losses, we do expect our operating joint venture portfolio to generate approximately $9 million or $0.05 a share of (inaudible).

我們也將於 2025 年上半年從開發合資企業獲得 740 萬美元的非經常性現金收入。為了抵​​消開發合資企業的損失，我們確實預計我們的營運合資企業組合將產生約 900 萬美元或每股 0.05 美元的（聽不清楚）。

As Jerry noted, we will look to recapitalize on the residential developments as they approach stabilization and recapitalize the commercial development as leases are executed and our lease percentage approaches 80% to 90%. We believe that will have minimal effect potentially in this year and have significant effect on results.

正如傑瑞所說，隨著住宅開發項目接近穩定，我們將尋求對其進行資本重組；隨著租賃的執行以及我們的租賃比例接近 80％ 至 90％，我們將尋求對其進行資本重組。我們認為，這對今年的影響可能很小，但對業績的影響卻很大。

Operating portfolio operations are expected to remain very stable with operating GAAP NOI totaling roughly $290 million roughly flat on a same-store basis as compared to 2024 with core occupancy increasing slightly at the midpoint our 2025 fully on portfolio would be reduced on a comparable basis. by the third quarter sale of our campus in the PA suburbs and the fourth quarter asset sales in Austin, Texas and Richmond, Virginia. The impact of those results will reduce our NOI by roughly $15 million to $18 million Full year impact of 155 King of Prussia will be about $6 million and, on the lease, up of [$250 million] occurs. We will generate an additional $3 million offers.

預計營運組合營運將保持非常穩定，營運 GAAP NOI 總額約為 2.9 億美元，與 2024 年相比，同店基本持平，核心入住率在中點略有增加，我們 2025 年完全投入的投資組合將在可比基礎上減少。我們在賓州郊區的園區的第三季出售以及在德州奧斯汀和維吉尼亞州里士滿的第四季資產出售。這些結果的影響將使我們的淨營業收入減少約 1500 萬美元至 1800 萬美元，而 155 King of Prussia 的全年影響將約為 600 萬美元，租賃影響則將高達 [2.5 億美元]。我們將額外提供 300 萬美元的報價。

You call G&A -- we expect G&A to be between 42.5% and 43.5%, which approximates our full year 2024 results. Our interest expense, including deferred financing costs and capitalized interest will approximate $135 million, with the midpoint representing a $14 million increase. That increase represents $9 million of reduced capitalized interest and from the developments becoming operational. And $4 million of interest, which is the full year effect, the April 2024 unsecured bond issuance.

您稱之為 G&A — 我們預計 G&A 將在 42.5% 至 43.5% 之間，這接近我們 2024 年全年的業績。我們的利息支出（包括遞延融資成本和資本化利息）約為 1.35 億美元，中間值增加了 1,400 萬美元。這一成長意味著資本化利息減少 900 萬美元，並源自於開發案投入營運。以及 400 萬美元的利息，這是全年的影響，即 2024 年 4 月發行的無擔保債券。

Termination and other fee income will be between $7 million and $9 million as compared to 13.7% in '24 net management fee and development fees will be between $8 million and $10 million, [$5 million] reduction, again, due to lower development fees from recently delivered joint venture projects. And we do expect to do $50 million of Schuylkill sales weighted towards the second half of the year. We project these sales will occur later in '25 and have minimal dilution. We anticipate no property acquisitions. We anticipate no use of the ATM or buyback activity, and we live our share count would be roughly 178 million shares.

終止和其他費用收入將在 700 萬美元至 900 萬美元之間，而 24 年淨管理費和開發費的收入為 13.7%，將在 800 萬美元至 1000 萬美元之間（減少 500 萬美元），同樣是由於最近交付的合資項目的開發費用較低。我們確實預計，今年下半年斯庫爾基爾河的銷售額將達到 5,000 萬美元。我們預計這些銷售將在25年稍後發生，且稀釋作用很小。我們預計不會有任何房地產收購。我們預計不會使用 ATM 或回購活動，並且我們的股票數量將約為 1.78 億股。

More -- looking closer at the first quarter, we see property level NOI or approximately $69 million. Again, this will have the full quarter effect of 155 King of Prussia but also have the full quarter effect of our fourth quarter asset sales activity. Our FFO contribution from our joint ventures will total a negative $1 million for the first quarter. That's primarily due to the ramp-up of leasing in our multifamily One Uptown ATX coming online.

更多——仔細觀察第一季度，我們發現房地產層面的淨營運收入約為 6,900 萬美元。再次，這將對 155 King of Prussia 產生整個季度的影響，也將對我們第四季度資產銷售活動產生整個季度的影響。我們合資企業的 FFO 貢獻在第一季總計為負 100 萬美元。這主要是因為我們的多戶型 One Uptown ATX 計畫的租賃量增加。

However, that number is also inclusive of a $6 million nonrecurring income. In the previous quarter, we had thought that would be a consolidated pickup that pickup will occur in the joint ventures in the first quarter. G&A expense for the quarter will be about $17 million. That's roughly 40% of our G&A for the year. And that increase is really resulting from timing of compensation expense being recognized in the company.

然而，這個數字還包括 600 萬美元的非經常性收入。在上一季度，我們曾認為合併後的業績將有所回升，而第一季合資企業的業績將有所回升。本季的一般及行政開支約為 1,700 萬美元。這大約占我們全年一般行政費用 (G&A) 的 40%。這種增長實際上是由於公司確認薪酬費用的時間所致。

Total interest expense will approximate $33 million capitalized interest will be about $2.5 million. Termination and other fee income will be about $2 million. Net management fees and development fees were close to about $2.5 million. we incrementally feel more positive about executing our land sales program this year and have reintroduced $4 million to $6 million of land sales, which were delayed from 2024. These sales will take place later in the year, and there are no anticipated closings of any land sales in the first quarter of 2025.

總利息支出約 3,300 萬美元，資本化利息約 250 萬美元。終止和其他費用收入約為200萬美元。淨管理費和開發費接近250萬美元。我們對今年執行土地銷售計劃逐漸感到更加積極，並重新引入了原定於 2024 年推遲的 400 萬至 600 萬美元的土地銷售。這些銷售將在今年稍後進行，預計 2025 年第一季不會有任何土地銷售完成。

Turning to our 2025 capital plan. The plan is much simpler than in prior years as our wholly owned development and redevelopment projects are fully construction or during completion -- as our CAD payout ratio will be [120 to 150] recognizes is elevated compared to historical averages and our long-term targets. However, as we complete our recent developments, we should see CAD level raise rise had increased going into 2026 based on the trajectory of the leasing and occupancy taking effect.

談談我們的2025年資本計畫。該計劃比前幾年簡單得多，因為我們全資擁有的開發和再開發項目正在全面建設或完工——我們的 CAD 派息率將為 [120 比 150]，這比歷史平均水平和我們的長期目標有所提高。然而，隨著我們完成最近的開發，根據租賃和入住率的軌跡，我們應該看到到 2026 年，CAD 水準的上升幅度會增加。

In addition, as Jerry noted, we have over [$200 million] of revenue maintain capital spend for leases signed between 2020 and 2023. While there is always a delay, this is an unusually high year -- and it was tied to a number of large renewals done in the past.

此外，正如傑瑞所說，我們在 2020 年至 2023 年期間簽署的租約中擁有超過 [2 億美元] 的收入維持資本支出。雖然總是會有延遲，但今年的延遲卻異常高——這與過去進行的許多大型續約有關。

Looking at larger users of our cash, $60 million for development which includes 155, 250 and completing CeraLabs expansion. We have $105 million of common dividends, $35 million of revenue maintain capital $30 million of revenue create and $25 million of equity contributions to fund recent tenant leases in our joint ventures. The sources of this will be $130 million of cash flow after interest payments, $50 million expected of asset sales and $10 million of construction loan proceeds on 155 King of Prussia.

看看我們現金的較大用戶，6000萬美元用於開發，其中包括155、250和完成CeraLabs擴張。我們擁有 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 萬美元的收入創造資本和 2,500 萬美元的股權貢獻，用於資助我們合資企業的近期租戶租約。資金來源包括支付利息後的 1.3 億美元現金流、預計出售資產後的 5,000 萬美元以及 155 King of Prussia 的 1,000 萬美元建設貸款收益。

Based on that capital plan, we anticipate using approximately $60 million of our $90 million of cash on hand, but we do expect to end the year with billability of our line of credit. We also project that our net debt-to-EBITDA range will be 82% to 84%, with increase -- the increase is primarily due to the losses of the joint ventures, and our debt to GAV will approximate 48%. Additional metric of core net debt to EBITDA should be [7.7%] to [7.9%] by year-end ['22], our core net debt to EBITDA should really equal our consolidated net debt to EBITDA since we will have no developments going on, and it will only exclude our joint ventures.

根據該資本計劃，我們預計將使用庫存現金 9,000 萬美元中的約 6,000 萬美元，但我們預計今年年底我們的信用額度將可計費。我們也預計，我們的淨債務與 EBITDA 比率將在 82% 至 84% 之間，並且會增加——增加的主要原因是合資企業的損失，而我們對 GAV 的債務將達到約 48%。到年底 ['22]，核心淨債務與 EBITDA 的額​​外指標應該是 [7.7%] 到 [7.9%]，我們的核心淨債務與 EBITDA 的比率應該實際上等於我們的合併淨債務與 EBITDA 的比率，因為我們不會有任何進展，而且它只會排除我們的合資企業。

Again, we believe those ratios are temporarily impacted by revenue coming on in our development completions. And we are confident that once those completions are stabilized, our leverage levels will decrease back towards core levels. we anticipate our fixed charge and interest card ratios to be roughly [2.0%] which represent a [0.1%] sequential decrease from this year, again, due to joint venture losses, and we anticipate the leverage will then begin to improve as we go into next year.

我們再次認為，這些比率暫時受到我們開發完成所產生的收入的影響。我們相信，一旦這些完成情況穩定下來，我們的槓桿水平將下降回核心水平。我們預計固定費用和利息卡比率約為 [2.0%]，比今年環比下降 [0.1%]，這同樣是由於合資企業的損失，我們預計進入明年，槓桿率將開始改善。

I will now turn the call back over to Jerry.

我現在將電話轉回給傑瑞。

So as we look ahead, we're confident that the strength of our operating platform and the quality of our developments will allow us to leverage improving real estate market trends and position the company for future growth. While earnings growth from our development pipeline is not yet fully visible, the groundwork has been laid, and we are poised to build on our continuing momentum as we drive towards long-term value.

因此，展望未來，我們相信，我們強大的營運平台和卓越的開發品質將使我們能夠利用不斷改善的房地產市場趨勢，為公司未來的成長做好準備。雖然我們開發案帶來的獲利成長尚未完全顯現，但基礎已經奠定，我們準備繼續保持良好勢頭，努力實現長期價值。

The overall real estate markets continue to improve. Our operating platform remains very stable with earnings limited near-term rollover. As Tom walked you through, our liquidity is in excellent shape, and we are well positioned to take advantage of continued market improvements.

房地產市場整體持續向好。我們的營運平台保持非常穩定，短期收益有限。正如湯姆向您介紹的那樣，我們的流動性狀況良好，並且我們處於有利地位，可以利用持續的市場改善。

With that, we would like to open up the floor for questions. As we always do, we ask that in the interest of time, you limit yourself to one question and a follow-up.

現在，我們願意開始回答大家的提問。正如我們一貫的做法，為了節省時間，我們要求您將自己限制在一個問題和一個後續問題上。

(Operator Instructions) Steve Sakwa, Evercore ISI.

(操作員指示) Steve Sakwa，Evercore ISI。

I guess, Jerry, going to a couple of developments. You've talked about what I think are relatively good pipelines, and they seem to be growing, but the inability to get some of these deals over the finish line.

我想，傑瑞，會去參加一些開發活動。您談到了我認為相對較好的管道，而且它們似乎正在增長，但無法讓其中一些交易完成。

So I guess the first question is -- have any of these larger tenants at 3151 or Uptown ATX, have they gone anywhere else? Have you lost them? Or have these tenants just not made decisions? And what do you think the biggest I guess, hold up is from getting these companies to make decisions?

所以我想第一個問題是——3151 或 Uptown ATX 的這些較大的租戶有沒有去其他地方了？你把它們弄丟了嗎？還是這些租戶只是還沒做出決定？您認為阻礙這些公司做出決策的最大障礙是什麼？

Steve. We have not lost any of our major prospects to any other building or to them making a decision to stay put where they are. The timelines have been very protracted the discussions are ongoing. And I think when we take a look at the One Uptown and 3151, the pipelines are very good, and they are advancing through the various stages. It just seems that tenants are behaving a bit more pragmatically and cautiously than we frankly like part of that would probably do to macro uncertainty, the elections, not sure where the economy is going, all those different things.

史蒂夫。我們並沒有因為其他樓盤或他們決定留在原地而失去任何主要客戶。時間表已經非常漫長，討論仍在進行中。我認為，當我們看一下 One Uptown 和 3151 時，管道非常好，並且它們正在推進各個階段。看起來，租戶的行為比我們坦率地認為的更加務實和謹慎，部分原因可能是宏觀不確定性、選舉、不確定經濟走向等所有這些不同因素。

But one of the trend lines we are seeing, Steve, which is kind of interesting is one of the reasons why some of these decisions were delayed is because they weren't real -- tenants weren't really sure what their return-to-work policies would be and how they see, and we need. So that is really starting to look like it's in the rearview there for companies in general.

但是，史蒂夫，我們看到的趨勢之一很有趣，那就是一些決定被推遲的原因之一是因為它們並不現實——租戶不確定他們的重返工作崗位政策是什麼，以及他們如何看待和我們需要。所以，對一般公司來說，這確實開始看起來像是過去的事了。

And certainly, for companies looking to move up the quality curve. So we have a number of space plans underway. We're quantifying both construction costs and square footage. So the tone of conversations, again, continue to be positive.

對於那些尋求提高品質曲線的公司來說，這無疑是如此。我們目前正在進行多項太空計劃。我們正在量化建築成本和建築面積。因此，談話的基調再次繼續保持積極。

As I mentioned at the close of my comments, we understand there's not clear visibility on the income timing from these development projects, but we remain confident that these discussions will continue to progress, and that we'll get some of them across the finish line. But the key next to your question is we've not lost any of these prospects to any other competitive building.

正如我在評論結束時提到的那樣，我們了解這些開發項目的收入時間尚不明確，但我們仍然相信這些討論將繼續取得進展，並且我們將使其中一些項目順利完成。但你問題的關鍵是，我們並沒有因為其他競爭建築而失去這些潛在客戶。

Okay. And then maybe just as a follow-up. As you look at the cash yields, and I realize you've got a lot of carry costs coming through the P&L this year. And you're confident those will start to recede, I guess, in '26 and ultimately '27, I guess, what confidence do you have around the rents and the timing, I guess, to hit these yields? And does it seem to be a pricing issue or just more of a tenant decision-making issue as your kind of talking to them? I guess, what's the risk of these yields when you do get them leased aren't achieved?

好的。然後可能只是作為後續行動。當你查看現金收益率時，我意識到今年你的損益表中產生了很多持有成本。您有信心這些收益會在 26 年和 27 年開始回落，那麼您對租金以及實現這些收益的時機有什麼信心呢？正如您和他們交談的那樣，這似乎是一個定價問題還是只是一個租戶決策問題？我想問一下，當你租賃這些資產時，如果無法實現收益，風險是什麼？

Yes. Well, I think it's more of a timing issue than a pricing issue. I think the dichotomy we're seeing in the market is, is that is by what we've seen here in a couple of the Philadelphia market is there's a real flight to quality. So tenants are really looking at moving as far as the kind of the quality curve. So price versus quality workspace is a secondary consideration.

是的。嗯，我認為這更多的是一個時機問題，而不是定價問題。我認為我們在市場上看到的矛盾是，從我們在費城市場看到的情況來看，人們確實在追求品質。因此，租戶真正考慮的是遷移到品質曲線較高的地區。因此，價格與工作空間品質是次要的考慮因素。

But the reality is that timelines have become fairly protractive, but George, maybe you can make some comments on that as well.

但現實情況是時間表已經變得相當拖延，不過喬治，也許你也可以對此發表一些評論。

Yes. I mean really do, Steve, feel that it's really more of a timing issue. I think the rental deal incoming initial rental rates in our pro forma don't appear to be at risk. So again, I think if we can accelerate decision-making, sign the lease quicker, build the stay quicker and connect it even quicker than that's the solid path to the yields that we've laid out for these projects.

是的。我的意思是，史蒂夫，確實覺得這更多的是一個時間問題。我認為，我們預測的租賃交易的初始租金率似乎不存在風險。所以，我再說一遍，認為如果我們能夠加快決策速度，更快地簽署租約，更快地建造住宿，甚至更快地連接，那麼這就是我們為這些項目制定的收益的堅實道路。

Just one final point on that, Steve, just to close the loop, I mean where the rents have not been an issue TI costs have been a bit higher, and we're seeing where if the TI costs are higher, we're actually getting longer-term leases than we originally pro forma.

關於這一點，史蒂夫，我只想說最後一點，為了結束這個循環，我的意思是，租金不是問題，但 TI 成本要高一些，我們看到，如果 TI 成本更高，我們實際上會獲得比最初預計的更長的租約。

So while the -- so the overall returns we're expecting based on the capital investment we need to make is staying fairly in line with what our expectations were. But the TI cost at point of sale could be higher, but we're making up for that by longer lease terms.

因此，我們根據所需進行的資本投資所預期的整體回報與我們的預期基本一致。但銷售點的 TI 成本可能會更高，但我們透過延長租賃期限來彌補這一點。

Anthony Paolone, JPMorgan.

摩根大通的 Anthony Paolone。

Maybe for Tom, you went through a bunch of details on the drag from the developments in '25 and so forth. But I don't know if you can maybe just bottom line like upon stabilization, of the development pipeline, like what would be the difference between kind of the JV FFO, I guess, negative for '25 versus what the stabilized level would be?

也許對湯姆來說，你已經仔細了解了 25 年事態發展帶來的拖累等大量細節。但我不知道您是否可以像穩定開發管道那樣確定底線，例如合資 FFO 類型（我猜是 25 年為負數）與穩定水平之間有什麼區別？

Yes. I think, Tony, when we look at the income coming off the JV this year, whether it's residential or commercial, it's give or take, $10 -- $10 million, $12 million with the ramp-up I think those numbers are going to jump to the yields you're seeing on the development page, which can go over $50 million. So the ramp-up will be there as we go through the for the OpEx side.

是的。東尼，我認為，當我們看今年合資企業的收入時，無論是住宅收入還是商業收入，大約在 1000 萬美元到 1000 萬美元之間，如果再加上 1200 萬美元，我認為這些數字將躍升至您在開發頁面上看到的收益，即可能超過 5000 萬美元。因此，當我們經歷 OpEx 方面時，就會出現成長。

On the overall FFO side, you will also see tell you that we did -- I did outline the costs we're taking in terms of the construction loans and in terms of the preferred equity. So those costs will -- as we get to close to stabilization, they don't have to be stabilized.

在整體 FFO 方面，您還會看到我們確實概述了我們在建造貸款和優先股方面承擔的成本。因此，當我們接近穩定時，這些成本將不需要再穩定下來。

I think we will look to recap the assets. To get out from one of those higher costs. So those were some larger costs I outlined that won't go away and potentially could increase until we recap the assets.

我認為我們將尋求重新評估資產。為了擺脫那些較高的成本。所以，我列出的一些較大的成本不會消失，而且在我們重新評估資產之前，這些成本可能會增加。

Okay. I mean it just -- I guess my follow-up and I'm trying to just get to is, it seems like the accounting is pretty onerous here, but if I just look at your development page, and just take the project costs and the equity capitalization and your share roughly, it's like a quarter of a $1 billion, I guess, for Brandywine. Like, I guess, is there just ultimately an impairment to that amount? And we should think about that and the rest of this is just pretty tough accounting, it seems like. And just trying to understand what the equity is here.

好的。我的意思是——我想我的後續問題和我想說的是，這裡的會計工作似乎相當繁重，但如果我只看你的開發頁面，只考慮項目成本和股本資本化以及你的份額，我猜，對於 Brandywine 來說，這大約是 10 億美元的 25 億美元。就像，我猜，這個金額最終是否會有所減損？我們應該考慮這一點，而其餘的部分似乎只是相當艱難的核算。只是想了解這裡的公平性是什麼。

Right. No, I think when we look at some of the capitalization rates, we can get on some of the projects we think that there -- we don't think there's an impairment concern.

正確的。不，我認為，當我們查看一些資本化率時，我們可以了解到一些我們認為不存在減損問題的項目。

If you look at the yields, we think that we can get out from our equity without concern. Now, that has to happen. We have to lease them up. So I can't say when that will happen. But no, right now, we don't expect to have an equity impairment based on the current trajectory and the projections we're seeing.

如果你看一下收益率，我們認為我們可以毫無顧慮地退出股票市場。現在，這必鬚髮生。我們必須將它們租賃出去。所以我無法說出那什麼時候會發生。但不，現在，根據目前的發展軌跡和我們看到的預測，我們預期不會出現股權減損。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Tom when you say recap the JV assets, can you kind of talk about what that would look like? Would that essentially be Brandywine taking a larger equity ownership interest or...

湯姆，當你說回顧合資資產時，你能談談它會是什麼樣子嗎？這本質上是否意味著 Brandywine 獲得了更大的股權所有權或...

Yes.

是的。

And JV (inaudible) takes just to refresh everyone's memory, these developing joint ventures our structural on a preferred equity basis. So the equity investment by our partners has priority over hours. And during this period when it comes out of capitalization, we need to expense those preferred payments. There is a set price takeout for each of those. So even though the site have were 64%, 68% owner, Brandywine essentially owns between 88% and 90% of the residual position in those properties.

而 JV（聽不清楚）只是為了喚醒大家的記憶，這些發展中的合資企業是我們基於優先股權結構建立的。因此，我們的合作夥伴的股權投資優先於時間投資。而在資本化的這段期間，我們需要將這些優先付款作為費用。每種外賣都有固定的價格。因此，儘管 Brandywine 擁有該地塊 64% 至 68% 的所有權，但實際上 Brandywine 擁有該地塊 88% 至 90% 的剩餘所有權。

So as Tom touched on these projects move towards stabilization. 3025 is pretty much moving that direction very quickly. We'll be able to take out our preferred partner and then recap that and either bring an asset on our balance sheet as a large unsecured asset, refinance existing debt or bring additional partners. So we think we have a whole range of options available for us. that can be both balance sheet strengthening and accrue to our earnings path going forward.

正如湯姆所提到的，這些項目正在走向穩定。 3025 正快速地向那個方向移動。我們將能夠選出我們的優先合作夥伴，然後重新進行整合，將一項資產作為大型無擔保資產添加到我們的資產負債表上，為現有債務再融資，或引入其他合作夥伴。因此我們認為我們有很多選擇。這不僅可以增強資產負債表，又可以增加我們未來的獲利。

That's helpful. Appreciate that, Jerry. And I guess just one more sort of on the development side of things. We noticed in your guys' guidance figure that you guys talked about starting one development or redevelopment. Can you kind of give us any details as the size of that? And then maybe talk about why deciding to continue to start to develop given a public market cost of capital that is initially conducive to external (inaudible) at this time?

這很有幫助。非常感謝，傑瑞。我想這只是事情發展的另一件事。我們注意到，在你們的指導圖中，你們談到了開始一項開發或再開發。您能向我們提供有關其尺寸的詳細資訊嗎？然後也許可以談談為什麼考慮到此時最初有利於外部（聽不清楚）的公開市場資本成本，決定繼續開始發展？

Yes, a great question, And look, first of all, we have leasing to do, and that remains the top part of that exception. And we do anticipate, as we've talked about, continued momentum on the leasing front.

是的，這是一個很好的問題，首先，我們有租賃要做，這仍然是該例外的首要部分。正如我們之前談到的，我們確實預計租賃方面將繼續保持良好的發展勢頭。

But as you're looking at our 2025 full year plan, there are a couple of possibilities that we're evaluating. One is outlined on page 4 of the set for the last few quarters. We are evaluating the potential convergence of underperforming office as to the Meptifamily. We also are exploring a fully leased or build-to-suit as part of a university master planning process. And we're also evaluating -- the last piece of our rigor arcana pen medicine complex that can do a residential hotel project there.

但是當您查看我們的 2025 年全年計劃時，您會發現我們正在評估幾種可能性。該系列第 4 頁概述了過去幾季的情況。我們正在評估 Meptifamily 表現不佳的辦公室的潛在融合。作為大學總體規劃過程的一部分，我們也正在探索全面租賃或客製化建設。我們也正在評估中——我們的嚴謹奧秘筆醫學綜合體的最後一部分，可以在那裡開展住宅酒店專案。

Those deals are all kind of in the $40 million to $50 million range. And really our desire to move forward on any of those is really going to be totally a function of how we're doing on some of the lease up of the development projects. So just we look at the full year plan with these things happening, we thought we'd highlight that there could be a potential start, but that certainly in no way was meant to invent the eyes off the ball, at least from our existing development projects. That is the number one priority we have as a company.

這些交易的金額都在 4,000 萬至 5,000 萬美元之間。我們真正希望推進其中任何一個項目的願望，實際上完全取決於我們在一些開發項目租賃方面的表現。因此，只要我們看一下全年計劃，就會發現這些事情已經發生，我們認為應該強調的是，可能有一個潛在的開始，但這絕不是要讓我們失去注意力，至少從我們現有的開發項目來看是這樣。這是我們公司的首要任務。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Hi. Good morning, everyone. So I just wanted to understand a little bit about the guidance range of [60%] to [72%]. Again, Tom, appreciate a lot of the exploration around the carry cost.

你好。大家早安。所以我只是想了解[60%]到[72%]。再次，湯姆，我很欣賞你對持有成本所做的探索。

But I guess, again, the guidance midpoint [66%] the kind of thing and pretty light versus where most of those were modeling to. So I don't know whether it's just missing some of the carry costs. I don't know whether there's something unusual, maybe we did not anticipate in 2025. And again, also kind of curious, one, why the guidance range is so wide? And what kind of moves you to the high end or low end of the guidance range.

但我猜，再一次，指導中點 [66%] 是那種與大多數人建模的情況相比相當輕鬆的情況。所以我不知道這是否只是缺少了一些持有成本。我不知道是否有一些不尋常的事情，也許是我們沒有預料到 2025 年會發生。另外，也有點好奇，第一，為什麼指導範圍這麼廣？什麼因素會使您達到指導範圍的高端或低端？

Some of you couldn't hear it too crystal. I think you asked out some of the guidance questions going forward. I mean, on the JVs. I think, yes. And the guidance in the JV, especially on the development side, we did push back all the leasing into next year. That was large. And -- we're going to have those projects on our books for the rest of the year. We were hoping that maybe there could be some recapitalizations done.

你們中的一些人聽不太清楚。我想你問了一些未來的指導性問題。我指的是合資企業。我認為是的。根據合資公司的指導，特別是在開發方面，我們確實將所有租賃推遲到明年。那很大。並且——我們將在今年剩餘時間內繼續進行這些專案。我們希望也許可以進行一些資本重組。

We are not really forecasting much impact from those, which really did impact that number on the loss side. We also had an effect on the other areas, right? We had less capitalization of our interest expense. So cash interest expense. A lot of that is the size of the one bond deal, but we did lose a lot of capitalization of interest on our investment in those joint ventures. And then we are losing development fees, which is we also signaled is going lower.

我們實際上並沒有預測這些因素會產生多大的影響，但這確實對損失數字產生了影響。我們對其他領域也產生了影響，對嗎？我們的利息費用資本化減少了。因此現金利息費用。其中很大一部分是一筆債券交易的規模，但我們在這些合資企業的投資中確實損失了大量資本化利息。然後，我們正在損失開發費用，我們也暗示過這個費用會降低。

And again, as these projects come online, we're not going to have a development piece. So there are a number of line items within our guidance that's being impacted by that. And you can see those are outlined on that page 1, where we talk about some of those happening and what takes us from current [85%] for this year down to the [66%] .

再說一次，當這些項目上線時，我們不會有開發部分。因此，我們的指導範圍內有許多項目都受到了影響。您可以在第 1 頁上看到這些內容，我們討論了其中的一些情況，以及是什麼讓我們從今年的當前 [85%] 下降到[66%]。

Okay. That's helpful. And can you just talk a little bit again about the range. Like what -- why is the range particularly wide -- and what would get you to the high end or low end of the guidance range?

好的。這很有幫助。您能否再稍微談一下該範圍？例如——為什麼範圍特別寬——以及什麼會讓你達到指導範圍的高端或低端？

Yes. I think on the high end of the range, there could be leasing that could take place. I mean we don't know if that will happen. But leasing that we have not programmed especially on the developments, there could be some opportunities properties are done, large pipeline, as Jerry mentioned, there are still tenants that they came in and really needed space that there's an opportunity to build some of that out.

是的。我認為在該範圍的高端，可能會出現租賃的情況。我的意思是我們不知道這是否會發生。但是，我們還沒有規劃租賃，特別是在開發項目上，可能會有一些房地產開發的機會，大量的管道，正如傑瑞提到的，仍然有租戶進來，他們真的需要空間，有機會建造一些空間。

The second area is if we could use some recaps, which we're not sure if they can get done, as I outlined, there's some high costs related to our preferred equity in the construction loans are above where we think we could refinance the assets and -- or we just or potentially selling the apps or take a smaller position.

第二個領域是我們是否可以使用一些重新資本化，我們不確定它們是否可以完成，正如我所概述的那樣，與我們的優先股相關的一些高成本在建設貸款中高於我們認為我們可以再融資資產的成本 - 或者我們只是或可能出售應用程序或採取較小的立場。

So at that point, development losses will also go down. So there could be an opportunity that would allow us to have losses come out there. And so those are the two main areas. There would be some recanalization really with some additional leasing that we don't see right now in those developments.

那麼到那時，開發損失也會下降。因此，這可能是一個允許我們彌補損失的機會。這就是兩個主要領域。實際上，會有一些重新疏浚和一些額外的租賃，而我們現在在這些發展中還沒有看到這些。

It's George. If I could weigh in on the operating side of the house, I mean look, we're 83% complete on our spec revenue for the year of what's remaining to be done. 90% of that is coming out of Philadelphia and the Pennsylvania suburbs. So we do think that there is some potential uplift to spec revenue that could come from our lower than we would like to see Boston portfolio. So I do think there's the opportunity for day-to-day operations to contribute that could get us above that current point.

是喬治。如果我可以就營運方面發表意見，我的意思是，我們今年的規格收入已經完成了 83%，還剩下待完成的工作。其中 90% 來自費城和賓州郊區。因此，我們確實認為，低於我們預期的波士頓投資組合可能會為投機收入帶來一些潛在的提升。因此我確實認為日常營運有機會做出貢獻，讓我們超越當前水準。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Can you guys talk about the CAD payout ratio guidance of 120% to 150% this year the $24 million deferred tenant allowance. Is the $24 million going to only impact '25? Or is there a chance this could lead into 2026.

你們能談談今年 CAD 的派息率指導價 120% 至 150%，以及 2,400 萬美元的延期租戶津貼嗎？這 2,400 萬美元只會影響 25 年嗎？或者有可能會延續到 2026 年。

Yes. I'm sorry.

是的。對不起。

No, I don't think there's going to be -- I think there are no tenant improvements that are being done. Part of that call go back is that these are allowances that, for the most part, are being done by our tenants, right? So they get a tenant allowance. They then are given a period of time to do that work. They do all the scoping; they do all the building. And at the end, we went along the way, we even make [payments] to those tenants.

不，我認為不會有——我認為沒有進行任何針對租戶的改善措施。回電的部分原因是，這些津貼大部分是由我們的租戶支付的，對嗎？因此他們得到了租戶津貼。然後給他們一段時間來完成這項工作。他們完成所有範圍的界定；他們負責所有的建築工作。最後，我們順利完成了任務，甚至還向那些租戶支付了款項。

In the case of -- so they do a lot of the work, and so we're not really gauging when that happens, except to know that it's occurring or not and when they may bill us. So that can occur throughout that process. And when people renew, they may be restacking their space -- they go through why they want to do the space plan. And some of those take longer periods of time.

在這種情況下——他們做了很多工作，所以我們實際上無法判斷什麼時候會發生這種情況，只是知道這種情況是否發生以及何時會向我們收費。這可能在整個過程中發生。當人們更新時，他們可能會重新佈局他們的空間——他們會考慮為什麼要做空間規劃。有些則需要更長的時間。

And so what we're looking at and we think that the items that we're bringing up are points that we do think they're going to need the money this year should not spill over into next year. There is always delays. It's just that we're highlighting this is a delay that's much longer and much more impactful than 2025. Than in other years.

因此，我們正在考慮並認為，我們提出的問題是，我們確實認為他們今年需要的錢不應該延續到明年。總是會有延誤。我們只是要強調，這次延遲比 2025 年長得多，影響也大得多。比其他年份都多。

Yes. And again, this is George. I mean we have -- the vast majority of those all have sunset provisions to them in the lease document. And most of those sunset provisions trigger in '25. So the tenant is basically in a use it or lose it position. So that's why we kind of feel it all happens this year.

是的。再次強調，我是喬治。我的意思是，絕大多數的租賃文件中都有日落條款。大多數日落條款將於 25 年觸發。因此，租戶基本上處於「要么使用，要么失去」的情況。這就是為什麼我們覺得這一切都發生在今年。

Okay. Great. That was helpful. And then you're able to achieve positive rent spreads in 2024, but you expect it to be negative in '25, mostly due to Austin. Could you talk about what is driving the weakness for you there in Austin because as you said, there should be some increased activity this year?

好的。偉大的。這很有幫助。然後你能夠在 2024 年實現正的租金差價，但你預計 2025 年它將為負，這主要歸因於奧斯汀。您能否談談導致奧斯汀市場疲軟的原因是什麼？因為正如您所說，今年奧斯汀市場活動應該會增加？

Yes. Again, George, in here. Yes. I mean, look, the Austin metric is predominantly being driven. We had a 100,000 square foot tenant renew with us in our suburban project River Place. And in lieu of TI, we ended up dropping the face rate to still obtain a net effect in front positive outcome. But basically, traded capital for rent.

是的。喬治，又來了。是的。我的意思是，你看，奧斯汀指標主要受到推動。在我們的郊區計畫 River Place 中，有一位 100,000 平方英尺的租戶與我們續約。為了取代 TI，我們最終降低了面值，但仍然獲得了正面結果的淨效應。但基本上是用資本換取租金。

So that's really why we provided the additional breakdown on page 3, so you can kind of see the impact of Austin. So accident absent that large lease in Austin and one other that we had done a similar structure within Philadelphia. Take two deals out of the mix, and we're rolling up to, call it, 2% cash and a 7.5% cap, so kind of more in line with how the vast majority of the portfolio performs.

這就是我們在第 3 頁提供額外細分的原因，以便您可以看到奧斯汀的影響。因此，意外的是，我們在奧斯汀失去了那筆大筆租約，並且在費城也完成了類似的結構。從中取出兩筆交易，我們將其匯總為 2% 的現金和 7.5% 的上限，因此更符合絕大多數投資組合的表現。

Michael Lewis, Truist Securities.

邁克爾·劉易斯 (Michael Lewis)，Truist Securities。

So my understanding on the preferred to the JV partner is the yield is in the teens, that's frustrating when you have a cash balance and nothing drawn on your line of credit. Is there nothing that you could work out prior to stabilization with your partner to kind of get at that high-cost obligation sooner? And when can you repay does the project have to stabilize? Why can't you pay it earlier?

因此，我對合資夥伴優先權的理解是，收益率在十幾個百分點，當你有現金餘額而信用額度上沒有提取任何資金時，這是令人沮喪的。在與您的伴侶關係穩定之前，您是否可以採取任何措施以盡快解決這項高成本義務？當專案穩定後什麼時候可以還款？為什麼不能早點付款？

Yes, Michael, this is Jerry. Very good question. We were fortunate to have to have very good partners. With great relations with them. And some of those discussions that you're referencing are ongoing. So we recognize that when we hit these development joint ventures, our approach was to preserve the significant residual profit position for Brandywine. The cost of us doing that was to do these preferred structures.

是的，邁克爾，這是傑瑞。非常好的問題。我們很幸運能擁有非常好的合作夥伴。與他們關係很好。您所提到的一些討論仍在進行中。因此，我們認識到，當我們開展這些開發合資企業時，我們的方法是為 Brandywine 保留大量剩餘利潤。我們這樣做的代價就是建立這些首選結構。

So as I mentioned, it's a little bit -- there's pretty much the fine takeout numbers for this. Given our strong liquidity, that's certainly one of the things we're thinking about in terms of how we can minimize the kind of, I'll call it, the FFO earnings impact of paying the preferred dividends on a current basis on the capitalization reserve, by recasting and recapitalizing those ventures. We do not need to wait until there's any stabilization there.

正如我所提到的那樣，這有點 - 這幾乎是很好的外賣數字。鑑於我們強大的流動性，這當然是我們正在考慮的事情之一，即透過重組和重新資本化這些企業，我們將盡量減少按當前基礎支付優先股股息對資本儲備造成的 FFO 收益影響。我們不需要等到那裡局勢穩定下來。

So there's active discussions underway. As Tom touched on things, we think some of -- some of the coupons on the construction loans are higher than we could get today. So we're looking at both recapital on the preferred equity side, but then also recap the debt side as well. So I think one of the questions was how we kind of moved the range. But I think some of those things happening on more of an accelerated basis than we have in our line down would be very helpful.

目前正在進行積極的討論。正如湯姆所談到的情況，我們認為部分建築貸款的票面利率高於我們今天所能獲得的利率。因此，我們既關注優先股方面的資本重組，也關注債務方面的資本重組。所以我認為問題之一是我們如何移動範圍。但我認為，如果某些事情比我們現在的做法更迅速地發生，將會非常有幫助。

Okay. Great. And then, looking at your portfolio, right? So Philly CBD, 96% leased excellent low rollover. Philly suburbs have been higher at least than the past, but a few spaces in contract and Plenish meeting, but 90% -- over 90% leased in December and then Austin.

好的。偉大的。然後，看看你的投資組合，對嗎？因此，費城中央商務區 96% 的租賃率極佳，週轉率很低。費城郊區的租金至少比過去要高，但合約和 Plenish 會議上只有幾個空間，但 90%——超過 90% 的空間在 12 月就已租賃，然後是奧斯汀。

So you've already answered some questions about Austin, but there's a lot of conversation about this one big tenant in the market. And these numbers for used, mean is this a case where you hit one or two big leases in this 78% lease shows to 90%? Or do you think it's going to be kind of a longer-term I don't know or to slog in Austin to kind of get that up? And is the market still often it's going to take a while?

所以您已經回答了一些關於奧斯汀的問題，但是關於這個市場上的大租戶有很多討論。這些用於二手貨的數字是否意味著，在 78% 至 90% 的租約顯示中，您是否遇到了一到兩份大租約？或者您認為這會是一個較長時期的過程，我不知道，或者需要在奧斯汀艱苦奮鬥才能實現這一目標？市場是否仍會經常需要一段時間？

Well, I think the market is still in a recovery basin. George and I will tag team this. But look, I mean, the pipeline we have in our Austin portfolio is significantly higher than it was a couple of quarters ago. So certainly more tenants are moving in the marketplace. I think the positive absorption leasing activity, particularly in some of the submarkets for us has been very helpful. Look, we're always tracking large and small sized tenants.

嗯，我認為市場仍處於復甦階段。喬治和我將組隊參加這項活動。但是，我的意思是，我們在奧斯汀投資組合中的管道比幾個季度前要多得多。因此肯定會有更多的租戶湧入市場。我認為積極的吸收租賃活動，特別是在一些子市場對我們非常有幫助。你看，我們一直在追蹤大型和小型租戶。

So certainly, the larger size tenants we pay a lot of attention to. And they're more relevant probably to our Uptown ATX project. But as we're looking strategically in Boston or in next few years, we're certainly very [445] Colorado downtown. We have a wonderful mixed-use development opportunity at Uptown ATX. We're hopeful of the CAD Metro project moving in the next quarter or so. So the other suburban assets, I think it's -- there's -- I defer it, George, but there's a range of larger tenants and smaller tenants.

因此，我們當然非常關注規模較大的租戶。它們可能與我們的 Uptown ATX 項目更相關。但當我們在波士頓或未來幾年進行策略規劃時，我們當然非常[445]科羅拉多州市中心。我們在 Uptown ATX 擁有絕佳的混合用途開發機會。我們希望 CAD Metro 專案能夠在下個季度左右啟動。因此，我認為其他郊區資產是 - 有 - 我推遲了，喬治，但有一系列較大的租戶和較小的租戶。

So my guess would be on some of the projects we're hoping for a quick hit for a larger user and maybe some of the other ones, there's less visibility to a large user. I will note though, Michael, to add on to it is on that page in the site we have identified a couple of buildings at River Place which are underperforming as potential residential conversion opportunities are excellent residential market. We're going through that zoning approval working with the local leadership in the community groups that test the liability of that. So there could be an opportunity for us to recast the use of a couple of those buildings at River Place. But George, any other observations?

因此，我的猜測是，我們希望某些項目能夠快速吸引大量用戶，而其他一些項目對大量用戶的可見性則較低。不過，邁克爾，我要補充一點，在網站的頁面上，我們發現了河畔廣場 (River Place) 的幾棟建築表現不佳，因為潛在的住宅改建機會是極好的住宅市場。我們正在與社區團體的當地領導合作，審查該分區審批是否符合要求。因此，我們可能有機會重新規劃河畔廣場幾棟建築的用途。但是喬治，還有其他觀察嗎？

Yes, I think you touched on most of them. But I think, Michael, to kind of amplify on the suburban product, I mean, those projects are going to kind of play in that [5,000 square foot] to 20,000 square foot tenant on the larger end of the spectrum. So a lot of kind of 5s and 10s. And some of these assets we saw a lot of text to this over the years post pandemic.

是的，我想你已經觸及了其中的大部分。但是邁克爾，我認為，為了擴大郊區產品的範圍，這些項目將在較大範圍內的 [5,000 平方英尺] 到 20,000 平方英尺的租戶中發揮作用。因此有很多種 5 和 10。在疫情爆發後的幾年裡，我們看到了很多關於這些資產的文字。

I think as return to work now starts to rebuild, we feel pretty good about the quality of the project, we are still competing with some new developments and some very good sublease space. But the subnet, that market and often has started to tighten. So again, I think we're on still a couple of quarters away to start posting some absorption in the suburban. But it will be on the smaller side as compared to the larger prospects for seeing in the development assets.

我認為，隨著現在恢復工作並開始重建，我們對專案的品質感覺非常良好，我們仍在與一些新的開發項目和一些非常好的轉租空間競爭。但子網，即市場和經常性已開始收緊。所以，我認為我們還需要幾個季度的時間才能開始在郊區看到一些吸收量。但與開發資產的更大前景相比，這一規模還是比較小的。

Michael Griffin, Citi.

花旗銀行的麥可‧格里芬 (Michael Griffin)。

I'm sorry for the technical difficulties earlier. Wondering if we could get some color just on the year-end asset sales. Can you give us a sense of the buyer pool was like, anything on cap rates and whether or not seller financing was essentially needed to get some of these deals over the finish line?

對於之前出現的技術故障，我深感抱歉。想知道我們是否可以了解一些關於年底資產銷售的情況。您能否向我們介紹買家群體的情況，例如資本化率，以及是否需要賣方融資才能完成這些交易？

On the technical issues we were having a few of those this morning ourselves. So -- understood perfectly. Yes. Look, we actually went up have a very successful close of '24 of the asset sale, certainly, or beyond what we initially had in our plan. So we wound up essentially including a parcel of land in our (inaudible) area about over $30 million of sales or in $10 million.

至於技術問題，我們今天早上自己也遇到了一些。所以——完全理解。是的。你看，我們實際上非常成功地完成了 24 億美元的資產出售，當然，這超出了我們最初的計劃。因此，我們最終在我們的（聽不清楚）區域內購買了一塊土地，其銷售額約為 3000 多萬美元，或者說 1000 萬美元。

The cap rates range on that from low 5s on the sales up to a 10 plus on our suburban Philadelphia asset. I guess at from a buyer pool standpoint, a couple of things. One is we're definitely seeing some owner occupants seizing the opportunity to buy assets at fairly low price. I actually, we were able to last year was one of our other assets and a couple of the sales here in the Philadelphia region have gone to owner occupant. We're definitely seeing more family offices, well-capitalized buyers kind of all cash moving into the market to take advantage with, again, may see is lower pricing with significant upward bias.

資本化率範圍從銷售額的 5% 以下到費城郊區資產的 10% 以上。我想從買家池的角度來看，有幾件事。一是，我們確實看到一些自住業主抓住機會以相當低的價格購買資產。事實上，去年我們能夠實現這是我們的另一項資產，在費城地區，有幾筆銷售已經轉給了自住業主。我們確實看到越來越多的家族理財室和資金雄厚的買家將所有現金都投入市場以利用市場優勢，因此，可能再次看到價格下跌且出現明顯的上行趨勢。

Most of the institutional capital that we're saying is really still opportunistic. We're looking for mid kind of mid- to high teens total returns. We are being -- that includes, I would say, some of these smaller syndicators like the buyer of one of our properties was a syndicator. They're raising money for some smaller family offices and aggregating capital. We are beginning to see though the emergence of some core and core plus buyers. What was interesting is most owners like Brandywine are reluctant to sell our really truly high-quality assets.

我們所說的大多數機構資本實際上仍然是機會主義的。我們期望獲得中等至高等程度的總回報。我們正在——我想說，其中包括一些較小的辛迪加，例如我們其中一處房產的買家就是一個辛迪加。他們正在為一些較小的家族辦公室籌集資金並聚集資本。我們開始看到一些核心買家和核心附加買家的出現。有趣的是，大多數像 Brandywine 這樣的業主都不願意出售我們真正優質的資產。

Today given kind of depressed valuations and also the anticipation of a much lower supply coming in over the next few years to better position those better assets, both from a rental rate and a value standpoint. So some of those core buyers where we're getting pinged on different unsolicited sales, et cetera, are trying to get in now in anticipation of the continued recovery in the marketplace when the forward supply pipeline for office as you well know, is very, very low for the foreseeable future.

今天，考慮到估值較低，以及預計未來幾年供應量將大幅下降，以便從租金和價值的角度更好地定位這些優質資產。因此，我們在不同的未經請求的銷售等方面收到通知的一些核心買家，現在正試圖進入市場，以期市場繼續復甦，而眾所周知，在可預見的未來，辦公室的遠期供應渠道將非常非常低。

We're also seeing a lot of preferred equity and mezzanine financing sources out there. who are still looking to take advantage of kind of a recovering debt capital market to provide bridge financing to get certain transactions done. And then certainly, one of our larger sales last year went to the city of Austin, who's going to occupy that for a public building public safety building. So that was a very fortunate internal event for us as well.

我們也看到很多優先股和夾層融資來源。他們仍在尋求利用正在復甦的債務資本市場來提供過橋融資，以完成某些交易。當然，我們去年的一筆較大銷售是賣給了奧斯汀市，他們準備將其用作公共建築公共安全大樓。所以對我們來說這也是一個非常幸運的內在事件。

So I think it's still being dominated, Michael, by kind of the family offices, smaller syndicators core plus -- I'm sorry, opportunistic routes targeting those returns I mentioned. There's an awful lot of capital sitting on the sidelines. I think is as the market gets more visibility on the slight quality, no future pipeline, demand drivers picking up, I think you'll see a big uptick in buyers coming back into the marketplace in a much more realistic values are close to historical levels.

因此，邁克爾，我認為它仍然被家族辦公室、小型辛迪加核心加上——對不起，針對我提到的那些回報的機會主義路線所主導。有大量資本處於觀望狀態。我認為，隨著市場對輕微品質、未來管道、需求驅動因素的認識不斷提高，我認為你會看到買家大量重返市場，而更現實的是價值接近歷史水平。

Thanks, Jerry. I really appreciate the color there. And then maybe just one on kind of the development leasing pipeline as it relates to 3151. Obviously, you've had success at 3025, but they largely signed there. The commercial component is about 80% leased but still seems like it's lagging from the 3151 probably just a function of where we are in the life science cycle right now. Would you ever consider leasing space there to traditional office users if demand was there for it?

謝謝，傑瑞。我非常欣賞那裡的色彩。然後可能只是一種與 3151 相關的開發租賃管道。顯然，你在 3025 取得了成功，但他們基本上都在那裡簽約。商業部分約有 80% 已被租賃，但似乎仍落後於 3151，這可能只是我們目前所處生命科學週期的功能。如果有需求，你會考慮將那裡的空間出租給傳統辦公室用戶嗎？

Yes, great question. A couple of things. One is that building was literally just completed. So we still have perimeter work to do log is still big finish. So it's not quite interesting marketing conditions. So -- but we are having, as I mentioned, earlier, some significant increase in the pipeline. The life science market has been slow to recover. That being said, we are seeing a lot of, as we call them green shoots out there for a half floor full floor couple of floor users. There's still some institutional demand out there that we're talking to. So we still feel very good about the track that we have that project on right now.

是的，很好的問題。有幾件事。一是這棟建築剛竣工。因此，我們仍然有周邊的工作要做，日誌仍然是重要的完成部分。所以這並不是很有趣的行銷條件。所以 — — 但正如我之前提到的，我們的管道數量正在顯著增加。生命科學市場復甦緩慢。話雖如此，我們看到了很多我們稱之為「半層樓和整層樓」的用戶的綠芽。我們仍在與一些機構需求進行溝通。因此，我們對於該專案目前的進展仍然感到非常滿意。

Your question is an excellent one, though, and we certainly have -- given the success we've had at 3025. We certainly have started to show that building to other office users who are looking to get next to a mass transportation center, move into University City, looking for a very, very high-quality office space that has great visibility.

不過，您的問題非常好，鑑於我們在 3025 取得的成功，我們確實已經這樣做了。我們已經開始向其他希望靠近公共交通中心、搬進大學城、尋找能見度極高、品質極高的辦公空間的辦公用戶展示這棟建築。

So I think one of the beauties of how we design that property can accommodate as heavy a life-sized user as is out there from a lab research mechanical system standpoint, but it also can become a recipient for office users as well. So we really weren't pushing that very hard until we achieve this lease at 3025. Now, with that project, clearly on a path to stabilization success, we've made a tip with our marketing teams to put 3151 to that market queue as well.

所以我認為我們設計的優點之一是，從實驗室研究機械系統的角度來看，該特性可以容納與真人大小一樣重的用戶，但它也可以成為辦公室用戶的接收者。因此，在實現 3025 年的租約之前，我們並沒有真正努力推動這一點。現在，該專案顯然已走上穩定成功的軌道，我們已向行銷團隊提出建議，將 3151 也納入該市場隊列。

That's it for me, and good luck for the Eagles this weekend.

對我來說就是這樣了，祝老鷹隊本週末好運。

Thank you very much. We appreciate that.

非常感謝。我們對此表示感謝。

I'm not showing any further questions at this time. I'd like to turn the call back over to Jerry Sweeney for closing remarks.

我現在不想再問任何問題。我想將電話轉回給傑瑞‧斯威尼，請他做最後發言。

Dean, thank you today. And everyone, thank you very much for participating in this earnings call. We look forward to continued progress on our '25 business plan and updating you on that progress on our next -- our first quarter call in April. So thank you very much and have a great day.

迪恩，今天謝謝你。各位，非常感謝大家參加本次財報電話會議。我們期待我們的'25商業計劃繼續取得進展，並在下次四月份的第一季電話會議上向您通報進展。非常感謝您並祝您有愉快的一天。

Thank you for participating. You may now disconnect. Good day.

感謝您的參與。您現在可以斷開連線。再會。