Brandywine Realty Trust (BDN) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Brandywine Realty Trust third quarter 2025 earnings call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持。歡迎參加 Brandywine Realty Trust 2025 年第三季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Jerry Sweeney, President and CEO. Please go ahead, sir.

現在我想介紹今天節目的主持人、總裁兼執行長 Jerry Sweeney。先生，請繼續。

Jonathan, thank you very much. Good morning, everyone. Thank you for participating in our third quarter '25 earnings call. As usual, 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.

喬納森，非常感謝你。大家早安。感謝您參加我們的 25 年第三季財報電話會議。像往常一樣，今天與我一起參加電話會議的有我們的營運執行副總裁 George Johnstone、我們的高級副總裁兼首席會計官 Dan Palazzo 以及我們的執行副總裁兼首席財務官 Tom Wirth。

Prior to beginning, certain information discussed on the call today may constitute forward-looking statements within the meaning of 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.

在開始之前，今天電話會議上討論的某些資訊可能構成聯邦證券法意義上的前瞻性陳述。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。

For further information on factors that could impact our anticipated results, please reference our press release as well as our most recent annual and quarterly reports that we file with the SEC.

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。

So during our prepared comments today, we'll briefly review third-quarter results, provide updates on our '25 business plan and be prepared to answer any questions you may have.

因此，在今天的準備好的評論中，我們將簡要回顧第三季度的業績，提供有關我們的 25 年業務計劃的最新信息，並準備回答您可能遇到的任何問題。

Looking at the third quarter, we posted solid operating metrics again, reinforcing the continued flight to quality and our strong market positioning. As we'll review in more detail, we do anticipate performing within all of our business plan ranges. At the midpoint, we have now executed over 99% of our spec revenue target.

縱觀第三季度，我們再次公佈了穩健的營運指標，鞏固了我們持續追求品質和強大的市場地位。正如我們將更詳細地審查的那樣，我們確實期望在所有業務計劃範圍內執行。目前，我們已完成指定收入目標的 99% 以上。

Our quarterly tenant retention rate was 68%, and we expect to end the year at the upper end of our range. Leasing activity for the quarter approximated 343,000 square feet, including 164,000 in our wholly-owned portfolio and 179,000 in our joint ventures.

我們的季度租戶保留率為 68%，我們預計今年年底的保留率將達到預期的上限。本季的租賃活動面積約為 343,000 平方英尺，其中包括我們全資擁有的投資組合中的 164,000 平方英尺和我們合資企業的 179,000 平方英尺。

Forward leasing commenced after quarter end remained strong at 182,000 square feet with most of those leases taking occupancy in the next two quarters. Third quarter net absorption totaled 21,000 square feet. And as anticipated in our business plan, we ended the quarter at 88.8% occupied and 90.4% leased. In Philadelphia, we're 94% occupied and 96% leased. In the Pennsylvania suburbs, we're at 88% occupied and 89% leased with a solid pipeline of prospects for the existing vacancies.

季度末之後開始的遠期租賃仍然保持強勁，面積為 182,000 平方英尺，其中大部分租賃將在接下來的兩個季度內入住。第三季淨吸收量總計 21,000 平方英尺。正如我們的業務計劃所預期的那樣，本季結束時我們的入住率為 88.8%，租賃率為 90.4%。在費城，我們的入住率為 94%，租賃率為 96%。在賓州郊區，我們的房屋入住率為 88%，租賃率為 89%，現有空置房屋有充足的潛在買家。

Boston remained at 77% occupied and 78% leased. We do, as we forecasted before, a large known move-out in the fourth quarter that will drop this region further into about 74% by year-end.

波士頓的入住率仍為 77%，租賃率仍為 78%。正如我們之前預測的那樣，第四季將出現大規模遷出，到年底該地區的遷出率將進一步下降至約 74%。

Looking ahead, we have only 4.9% of annual rollover through '26 and one of the low -- which is among the lowest in the office sector and only 7.6% through '27. For the quarter, our mark-to-market was a negative 1.8% on a GAAP basis and a negative 4.8% on a cash basis.

展望未來，到 26 年我們的年度展期率僅為 4.9%，屬於較低水平之一——在辦公大樓領域屬於最低水平，到 27 年僅為 7.6%。本季度，我們的市值以 GAAP 計算為負 1.8%，以現金計算為負 4.8%。

Both of those metrics, however, were heavily influenced by a large as is renewal in Austin that had a negative 16% GAAP and negative 18% cash, but no TIs were invested. Without that lease, the company would have been a 6.2% positive GAAP and 2.8% positive cash.

然而，這兩個指標都受到奧斯汀大規模續約的嚴重影響，奧斯汀的 GAAP 為負 16%，現金為負 18%，但沒有投資 TI。如果沒有該租約，該公司的 GAAP 利潤將為 6.2%，現金利潤將為 2.8%。

By way of example, our CBD and Pennsylvania mark-to-market were positive at 6.7% and 3.1% on a GAAP and cash basis, respectively. Our capital ratio was 10.9%, slightly above our '25 business plan range. But based on leases already executed for the fourth quarter, we're maintaining our capital ratio range of 9% to 10%, which is the lowest capital ratio range we've had in over five years.

舉例來說，我們的 CBD 和賓州的市值以 GAAP 和現金基礎計算分別為正 6.7% 和 3.1%。我們的資本比率為 10.9%，略高於我們 25 年的商業計劃範圍。但根據第四季已執行的租約，我們將資本比率維持在 9% 至 10% 的範圍內，這是五年來最低的資本比率範圍。

Tour activity through the portfolio continues to accelerate. Third-quarter physical tours were in line with second quarter, but more importantly, the square footage of those tours in Q3 exceeded the second quarter by 23%. Another positive sign is that as we track our deal status, letters of intent, legal negotiations out for signature is up 170,000 square feet or 25% from Q2 levels.

透過投資組合進行的旅遊活動持續加速。第三季實體巡迴演出數量與第二季持平，但更重要的是，第三季實體巡迴的面積比第二季高出 23%。另一個正面的訊號是，當我們追蹤交易狀態時，意向書和待簽署的法律談判面積比第二季增加了 17 萬平方英尺，即 25%。

For the quarter, 51% of all new leases were the result of a flight to quality, and we do not have any tenant lease expirations greater than 1% of revenues through 2026.

本季度，51% 的新租約都是追求優質服務的結果，到 2026 年，我們沒有任何租戶租約到期金額超過收入的 1%。

Our operating portfolio leasing pipeline remains solid at 1.7 million square feet, which includes about 72,000 square feet in advanced stages of negotiations. To sum up, operations '25 is characterized by continued strong operating performance, supported by limited rollover risk, excellent capital control, the ongoing strengthening of our marketplaces and an expanding leasing pipeline.

我們的營運組合租賃管道保持穩定，面積為 170 萬平方英尺，其中包括處於後期談判階段的約 72,000 平方英尺。總而言之，2025 年的營運特點是持續強勁的營運業績，這得益於有限的展期風險、優異的資本控制、持續加強的市場和不斷擴大的租賃管道。

Looking at our balance sheet and liquidity, we remain in excellent shape with no outstanding balance on our $600 million line of credit and cash on hand at the end of the quarter. As previously disclosed, we recently issued $300 million of bonds due January of 2031, which generated $296 million of gross proceeds at an effective yield of [6.125%].

從我們的資產負債表和流動性來看，我們的狀況仍然良好，本季末我們的 6 億美元信用額度和現金餘額為零。如前所述，我們最近發行了 3 億美元的債券，到期日為 2031 年 1 月，產生了 2.96 億美元的總收益，有效收益率為[6.125%]。

We used $245 million of those proceeds to repay our secured CMBS loan that was due in February of '28. That term loan payment leaves us fully encumbered in our operating portfolio, which provides much greater flexibility to lease and manage our assets and then also bought about $45 million into our unencumbered NOI pool. We have no unsecured bonds maturing until November of '27. And to ensure ample liquidity, we do plan to maintain minimal balances on our line of credit.

我們用其中的 2.45 億美元償還了 28 年 2 月到期的 CMBS 擔保貸款。這項定期貸款支付使我們的營運組合完全受到限制，這為租賃和管理我們的資產提供了更大的靈活性，並且還為我們不受限制的 NOI 池購買了約 4500 萬美元。我們沒有 27 年 11 月之前到期的無擔保債券。為了確保充足的流動性，我們確實計劃維持信用額度的最低餘額。

As noted previously, our overall business plan is still designed to return us to investment-grade metrics over the next several years. As such, we will continue looking to reduce overall levels of leverage. And as a point of reference on that, our average cost of bond debt is slightly north of 6%, but we do have $900 million or about 50% of our outstanding bonds with coupons north of 8% which, assuming capital markets remain constructive, provided very good refinancing opportunities for us over the next several years.

如前所述，我們的整體業務計劃仍然旨在讓我們在未來幾年內恢復到投資等級指標。因此，我們將繼續尋求降低整體槓桿水平。作為參考，我們債券債務的平均成本略高於 6%，但我們確實有 9 億美元或約 50% 的未償還債券，票面利率高於 8%，假設資本市場保持建設性，這將為我們在未來幾年提供非常好的再融資機會。

Looking at the markets from an overall standpoint, the real estate markets and overall sentiment continue to improve. That perspective is supported by the following fact patterns. Our pipeline activity continues to grow. Tour volume remains at very healthy levels.

從整體市場來看，房地產市場和整體情緒持續改善。以下事實模式支持此觀點。我們的管道活動持續成長。旅遊量仍維持在非常健康的水平。

Rent levels and concession packages remain very much in line with our business plan and in select submarkets and buildings, we continue to push both nominal and effective rents. And all of our 2025 key operating goals have been achieved. The demand for high-quality, highly amenitized buildings remains a strong consumer preference.

租金水平和優惠方案與我們的業務計劃基本一致，在選定的子市場和建築中，我們繼續推高名義租金和實際租金。我們2025年的所有關鍵營運目標均已實現。對高品質、高舒適度建築的需求仍是消費者的強烈偏好。

In Philadelphia CBD, as I noted on previous calls, market vacancy remains concentrated in a small number of buildings and high-quality buildings continue to outperform lower quality while pushing effective rents. Our competitive set continues to narrow through buildings being removed from inventory for conversion and several select assets still having financial issues, which essentially removes them from the leasing market.

正如我在之前的電話會議中提到的那樣，在費城中央商務區，市場空置率仍然集中在少數建築物中，高品質建築物的表現繼續優於低品質建築物，同時推高了有效租金。我們的競爭範圍繼續縮小，因為一些建築物被從庫存中移除以進行轉換，並且一些精選資產仍然存在財務問題，這實際上將它們從租賃市場中剔除。

In fact, as an update from last quarter, our numbers now show that potentially 11 buildings totaling 5.1 million square feet of office is in the process of being removed from inventory for conversion to residential uses. As a frame of reference, that's about an 11% reduction in the overall office inventory in CBD Philadelphia.

事實上，根據上一季的最新數據，我們的數據顯示，可能有 11 棟辦公大樓（總面積達 510 萬平方英尺）正在從庫存中移除，以改建為住宅用途。作為參考，這意味著費城中央商務區的整體辦公大樓庫存減少了約 11%。

As such, with no construction on the horizon, our quality assets remain in an ever-improving competitive position. The city's life science sector, while still early in the recovery phase, should remain a forward growth driver, particularly with the return of capital as that submarket is backed by a strong regional health care ecosystem that includes over 1,200 biotech and pharmaceutical firms along with 15 major health care systems.

因此，由於沒有建設項目，我們的優質資產仍處於不斷提高的競爭地位。該市的生命科學領域雖然仍處於復甦初期，但仍應成為未來的成長動力，特別是隨著資本的回歸，因為該子市場由強大的區域醫療保健生態系統支持，其中包括 1,200 多家生物技術和製藥公司以及 15 個主要醫療保健系統。

Austin also remains in a recovery phase. Leasing activity continues to improve. As of last report, there are over 108 tenants actively seeking more than 3.5 million square feet with the tech sector accounting for 1.5 million square feet of that demand. So a bit of a resurgence from the tech company space demand standpoint.

奧斯汀也仍處於恢復階段。租賃活動持續改善。截至上次報告，有超過 108 個租戶積極尋求超過 350 萬平方英尺的辦公空間，其中科技業佔 150 萬平方英尺的需求。因此，從科技公司空間需求的角度來看，這是一種復甦。

Third quarter leasing activity was 1 million square feet, which was 70%-plus higher than in Q2. So green shoots are continuing to emerge in Austin, particularly in the higher-quality product. Our FFO for the quarter was $0.16 a share or $0.01 above consensus. We had two operating items that Tom will amplify in more detail that did impact our '25 guidance revisions.

第三季的租賃面積為 100 萬平方英尺，比第二季高出 70% 以上。因此，奧斯汀的復甦跡像不斷顯現，特別是在高品質產品方面。我們本季的 FFO 為每股 0.16 美元，比普遍預期高出 0.01 美元。我們有兩個營運項目，湯姆將更詳細地闡述這兩個項目確實影響了我們的 25 年指導修訂。

As previously announced, we will be recording in the fourth quarter an earnings charge totaling $0.07 per share related to the early prepayment of our secured notes. In addition, we did anticipate, as outlined on previous calls, making progress on recapitalizing at least one, and possibly two projects of our development joint ventures in the second half of the year. We did anticipate these recapitalizations would add around $0.04 per share to 2025 FFO.

正如先前宣布的那樣，我們將在第四季度記錄與提前償還擔保票據相關的每股 0.07 美元的收益費用。此外，正如先前的電話會議所述，我們確實預計今年下半年我們的開發合資企業將在至少一個、可能兩個項目的資本重組方面取得進展。我們確實預計這些資本重組將為 2025 年 FFO 增加每股約 0.04 美元。

During October, we did capitalize our 3025 JFK properties as the first step in this process. We do anticipate possibly one more later this year or very early in '26. As we talked before, the objective of these recapitalizations, which includes the full retirement of the preferred equity investments is to bring high-quality stabilized assets onto our balance sheet, which will deliver high-quality cash flow, improve earnings, reduce overall leverage, and open up additional capital options for us on those properties.

十月份，我們確實將 3025 處 JFK 房產資本化，作為此過程的第一步。我們確實預計今年稍後或 26 年初可能會再發生一次。正如我們之前所討論的，這些資本重組的目標（包括優先股投資的完全退出）是將高品質的穩定資產納入我們的資產負債表，這將帶來高品質的現金流，提高收益，降低整體槓桿率，並為我們在這些資產上開闢額外的資本選擇。

Due to several factors, including the slower stabilization of several projects and slower-than-anticipated interest rate decreases, these recaps are occurring a quarter or two behind schedule. As such, the full impact will not occur really until 2026. As a result of that, our revised FFO range as we outlined in our press release is $0.51 to $0.53 per share.

由於多種因素，包括幾個項目的穩定速度較慢以及利率下降速度低於預期，這些重新融資比計劃晚了一個季度或兩個季度。因此，全面影響要到 2026 年才會真正顯現。因此，我們在新聞稿中概述的修訂後的 FFO 範圍為每股 0.51 美元至 0.53 美元。

Optimizing value in these development projects remains a top priority. With 3025 Avira and Solaris both 99% leased and stabilized, our joint venture development pipeline is really down to one Uptown and 3151 JFK. The leasing pipeline on these projects is up 700,000 square feet from last quarter.

優化這些開發項目的價值仍然是重中之重。由於 3025 Avira 和 Solaris 的出租率均已達到 99% 且已趨於穩定，我們的合資開發管道實際上已縮減至一個 Uptown 和 3151 JFK。這些項目的租賃儲備面積比上一季增加了 70 萬平方英尺。

But as you noted in the supplemental package, even with this increase, given the uncertain timing of lease executions, the time to complete tenant space plans and the corresponding build-out timelines, we have slid the stabilization dates on both of those properties.

但正如您在補充方案中指出的那樣，即使有這樣的增長，考慮到租賃執行時間的不確定性、完成租戶空間計劃的時間以及相應的建設時間表，我們已經推遲了這兩處房產的穩定日期。

Looking at Schuylkill Yards 3025, that commercial component is now 92% leased. We have a very good pipeline for the remaining space in the building. With leasing in place, the commercial component will stabilize in Q1 '26, immediately after our major tenant takes occupancy. Avira, as I noted a moment ago, is 99% leased and achieved full economic stabilization during the quarter. We're also experiencing that project a very good renewal rate with average double-digit rate increases thus far this year.

看看 Schuylkill Yards 3025，商業部分目前已出租 92%。我們針對建築物的剩餘空間擁有非常好的管道。隨著租賃的到位，商業部分將在 26 年第一季度，即我們的主要租戶入住後立即穩定下來。正如我剛才提到的，Avira 的租賃率達到 99%，並且在本季度實現了完全的經濟穩定。我們也發現該專案的續約率非常好，今年到目前為止平均續約率成長了兩位數。

3151 was substantially delivered in the first quarter of this year and will be in a capitalization phase for the balance of '25. The pipeline on this project has increased to 1.7 million square feet, broken down to 60% office prospects and 40% life science prospects. They range in size from 25,000 to 200,000 square feet. Discussions with many of these prospects are active. Tour activity remains robust, and the project has been very well received.

3151 已於今年第一季基本交付，並將在 25 年剩餘時間內進入資本化階段。該項目的建設規模已增至 170 萬平方英尺，其中 60% 為辦公大樓，40% 為生命科學大樓。它們的面積從 25,000 到 200,000 平方英尺不等。與許多潛在客戶的討論都很活躍。旅遊活動依然活躍，該項目受到了熱烈歡迎。

The life science market, as I noted, remains very much in a recovery mode. It's impacted by a challenging fundraising climate and public policy uncertainty, although we are seeing an increased traffic coming from that sector. Despite the strong increase in both Austin life science traffic, as I noted, we did slide the stabilization date just to be conservative on when leases will actually commence.

正如我所指出的，生命科學市場仍然處於復甦模式。儘管我們看到來自該領域的流量增加，但它還是受到了嚴峻的籌款環境和公共政策不確定性的影響。儘管奧斯汀生命科學產業的客流量強勁成長，但正如我所指出的，我們確實推遲了穩定日期，只是為了保守地確定租賃的實際開始時間。

At Uptown ATX, we're 40% leased, but have another 15% of the project in the final stages of lease negotiations. The remaining pipeline remains strong with tenant sizes ranging from -- between 4,000 to 100,000 square feet, including ongoing discussions with several full floor users. We're also nearing completion on building out some spec space on one of the floors to accommodate the accelerated move-in for several smaller prospects. Solaris, which opened about a year ago, has achieved stabilization during this quarter. So very successful on that with the renewal program well underway.

在 Uptown ATX，我們的租賃率為 40%，但另有 15% 的項目處於租賃談判的最後階段。剩餘的通路依然強勁，租戶規模從 4,000 到 100,000 平方英尺不等，其中包括與幾家全樓層用戶的持續討論。我們也即將完成在其中一層樓建造一些規格空間的工作，以適應幾家規模較小的潛在客戶的快速入住。Solaris 大約在一年前開業，本季已穩定。因此，更新計劃進展順利，並且取得了巨大成功。

As noted last quarter, our '25 business plan anticipated $50 million of asset sales. We have sold $73 million of properties at an average cap rate of 6.9% and an average price per square foot of $212. At this time, we're obviously not factoring any more sales closings during '25, but we'll certainly identify a target as part of our 2026 guidance. In general, though, from what we're seeing, the investment market continues to improve, both in terms of velocity and pricing.

正如上個季度所指出的，我們的 25 年商業計畫預計資產銷售額為 5,000 萬美元。我們已售出價值 7,300 萬美元的房產，平均資本化率為 6.9%，平均每平方英尺價格為 212 美元。目前，我們顯然沒有考慮 25 年期間的任何銷售成交，但我們肯定會確定一個目標作為 2026 年指導的一部分。但總體而言，從我們所看到的情況來看，投資市場無論是在速度或定價方面都在持續改善。

The pricing increase is notable because many asset trades are still on lower quality or underleased assets. For example, over the last 12 months, there have been about $475 million of sales in suburban Austin at prices per square foot ranging from $75 to $470 per square foot, an average occupancy of 67% and cap rates ranging from the low single digits to upwards of 12%.

價格上漲是值得注意的，因為許多資產交易仍然是針對品質較低或租賃不足的資產。例如，在過去 12 個月中，奧斯汀郊區的銷售額約為 4.75 億美元，每平方英尺的價格從 75 美元到 470 美元不等，平均入住率為 67%，資本化率從個位數低點到 12% 以上不等。

Likewise, in the PA suburbs, there were $242 million of sales at cap rates that range from 7% to 11% and an average occupancy of 85%. So buyers, including institutional buyers are continuing to reemerge. So we anticipate the investment climate will continue to improve into 2026.

同樣，在賓州郊區，銷售額為 2.42 億美元，資本化率在 7% 至 11% 之間，平均入住率為 85%。因此，包括機構買家在內的買家正在不斷重新出現。因此，我們預計到 2026 年投資環境將持續改善。

On the dividend, as noted, our Board decided to -- or previously announced, our Board decided to lower our dividend from $0.15 per share to $0.08 per share. We believe this revised dividend is sustainable and represents a CAD payout ratio much more in line with our historical averages.

關於股息，如上所述，我們的董事會決定 - 或先前宣布，我們的董事會決定將股息從每股 0.15 美元降至每股 0.08 美元。我們相信，此次調整後的股利是可持續的，並且代表著加元派息率與我們的歷史平均水準更加一致。

To the extent we continue to experience progress on the developments and cash flow growth from our operating properties, continued low capital cost and reduced borrowing costs to increase CAD, we'll certainly reassess our dividend going forward. But the idea was to set a good solid floor, give ourselves a position to generate $50 million of internal capital that we can use for reinvestment back into our properties.

如果我們繼續在營運物業的開發和現金流成長方面取得進展，持續降低資本成本並降低借貸成本以增加加元，我們肯定會重新評估我們未來的股息。但我們的想法是設定一個良好的堅實基礎，讓我們能夠產生 5000 萬美元的內部資本，用於重新投資我們的房地產。

So with that, let me turn the floor over to Tom to review our financial results for the third quarter and an outlook for the balance of the year.

因此，請容許我把發言權交給湯姆，讓他回顧我們第三季的財務表現以及今年剩餘時間的展望。

Thank you, Jerry, and good morning. Our third quarter net loss stood at $26.2 million or $0.15 per share. Our third quarter FFO totaled $28 million or $0.16 per diluted share and $0.01 per share above consensus estimates. Some of the general observations for the third quarter, our FFO from our unconsolidated joint ventures totaled a loss of $6 million or $1 million higher than our $5 million forecast, partially due to the delayed recapitalization activity during the quarter.

謝謝你，傑瑞，早安。我們第三季的淨虧損為 2,620 萬美元，即每股 0.15 美元。我們第三季的 FFO 總計 2,800 萬美元，即每股攤薄收益 0.16 美元，比普遍預期高出 0.01 美元。對第三季的一些總體觀察是，我們來自非合併合資企業的 FFO 總計虧損 600 萬美元，比我們預測的 500 萬美元高出 100 萬美元，部分原因是本季資本重組活動延遲。

G&A expense was below our reforecast by $600,000, primarily due to timing and other income was $600,000 above our reforecast due to various items. Other forecasted quarterly results were generally in line. Looking at our debt metrics, third quarter debt service and interest coverage ratios were 2.0, consistent with the second quarter.

一般及行政費用比我們重新預測的低 60 萬美元，主要是因為時間安排，而其他收入由於各種因素比我們重新預測的要高 60 萬美元。其他季度業績預測基本符合預期。從我們的債務指標來看，第三季的債務償還率和利息覆蓋率為 2.0，與第二季一致。

Our third quarter annualized combined core net debt to EBITDA was 8.1 and 7.6, respectively. Both metrics were within or below our business plan range. From a core portfolio composition during the third quarter, we made one adjustment to our projections. We had forecasted 250 King of Prussia Road becoming a stabilized core property during the third quarter. However, due to a tenant delay in occupancy, the stabilization date has been moved back to 1Q '26.

我們第三季的年度化合併核心淨負債與 EBITDA 比率分別為 8.1 與 7.6。這兩個指標均在我們的業務計劃範圍內或之下。從第三季的核心投資組合構成來看，我們對預測進行了一次調整。我們曾預測普魯士國王路 250 號將在第三季成為穩定的核心資產。然而，由於租戶入住延遲，穩定日期已推遲至 2026 年第一季。

As Jerry highlighted, we completed a successful five-year bond issuance that closed in early October, which generated gross proceeds of $296 million. Proceeds were used to pay our $245 million secured CMBS loan, which was due in 2028. Both transactions closed in early October. It is important to highlight that in June of '25, we executed an unsecured bond cap of $150 million at 7.04%.

正如傑瑞所強調的，我們成功完成了五年期債券發行，該債券於 10 月初結束，總收益為 2.96 億美元。所得款項用於償還我們 2.45 億美元的 CMBS 擔保貸款，該貸款將於 2028 年到期。兩筆交易均於十月初完成。值得強調的是，25 年 6 月，我們以 7.04% 的利率發行了 1.5 億美元的無擔保債券。

And the recent issuance represents a 13% decrease in our unsecured borrowings since that June offering. In addition, the coupon on our recent bond issuance is slightly below our pro forma 6.26% weighted average effective rate. So we feel the significant increases to our interest expense from future refinancing should come down.

最近的發行表明，自 6 月發行以來，我們的無擔保借款減少了 13%。此外，我們最近發行的債券的票面利率略低於我們預期的 6.26% 加權平均有效利率。因此，我們認為未來再融資導致的利息支出大幅增加應該會下降。

We continue to maintain a strong liquidity position and use further sales and refinance proceeds to reduce unsecured debt and to improve our credit profile. We have time to work on this improvement with no unsecured bonds maturing until November '27. Giving effect to the CMBS loan prepayment at the end of the quarter, our wholly owned debt was 100% fixed with a weighted average maturity of 3.5 years. This excludes the 3025 construction loan, which will now be consolidated and matures in July of 2026.

我們繼續保持強勁的流動性狀況，並利用進一步的銷售和再融資收益來減少無擔保債務並改善我們的信用狀況。我們有時間致力於這項改進，因為直到 2027 年 11 月都沒有無擔保債券到期。考慮到本季末的 CMBS 貸款預付款，我們的全資債務 100% 固定，加權平均期限為 3.5 年。這不包括 3025 建設貸款，該貸款現將合併並於 2026 年 7 月到期。

As highlighted, we adjusted and narrowed our guidance for 2025. The midpoint reduction is 10% and is comprised of $0.07 reduction from the transaction costs associated with the repayment of the $245 million CMBS loan, a reduction of $0.04 per share is primarily due to the delays in recapitalizing our development projects, which we expected to generate some benefit to our third and fourth quarter results. There is some negative carry from the bond issuance and the CMBS redemption, and we did have a delay in the stabilization of 250 King of Prussia.

正如所強調的，我們調整並縮小了 2025 年的指導範圍。中點減少量為 10%，包括與償還 2.45 億美元 CMBS 貸款相關的交易成本減少 0.07 美元，每股減少 0.04 美元，主要是由於我們開發項目的資本重組延遲，我們預計這將對我們的第三季和第四季業績產生一些好處。債券發行和 CMBS 贖回帶來了一些負面影響，而且我們確實推遲了 250 King of Prussia 的穩定性。

Looking at fourth quarter guidance, in connection with the October buyout and consolidation of 3025 JFK, the impact to our fourth-quarter results will be an increase to GAAP NOI of $1.9 million, an increase to interest expense of $2.9 million through the consolidation of the construction loan and $2.7 million improvement in our loss from unconsolidated joint ventures and a reduction in interest income of about $600,000 to our reduced cash on hand balances.

回顧第四季度的業績指引，由於 10 月份對 3025 JFK 的收購和合併，對我們第四季度業績的影響將是 GAAP NOI 增加 190 萬美元，透過合併建築貸款增加利潤支出 290 萬美元，非合併合資企業的損失減少 270 萬美元，利息收入減少現金餘額。

While that is muted to our fourth quarter, the opportunity to buy out our higher-priced capital partner ahead of a final stabilization gives us flexibility entering 2026.

雖然這對我們第四季度的影響不大，但在最終穩定之前收購價格更高的資本合作夥伴的機會為我們進入 2026 年提供了靈活性。

The $8 million of annualized NOI for the fourth quarter will increase to over $20 million in the first quarter and grow from there. With the property now wholly owned, we have the flexibility to refinance the above-market debt with lower-priced unsecured, secured or agency debt, and we assess -- as we also can assess the opportunity to find a common equity partner and potentially reduce our equity stake.

第四季的 800 萬美元年度化淨營業收入將在第一季增至 2,000 萬美元以上，並且還會繼續成長。現在，我們完全擁有該房產，因此可以靈活地用價格較低的無擔保、擔保或代理債務對高於市場的債務進行再融資，並且我們還可以評估尋找共同股權合作夥伴的機會，並可能減少我們的股權。

Turning to the rest of the fourth quarter. Property level operating income will total about $71 million and will be similar to the last quarter results with 3025 being included in the fourth quarter, but lower NOI primarily due to a known move-out in Austin as well as the pushback of $250. Our FFO contribution from our joint ventures will total a negative $2 million, which is sequentially lower than the third quarter, primarily due to the fourth quarter consolidation of 3025, higher NOI at both Solaris and Avira and partially offset by a higher loss at 3151.

回顧第四季的剩餘部分。物業層面的營業收入總計約為 7,100 萬美元，與上一季的結果相似，因為第四季度包含了 3025 家酒店，但 NOI 較低，主要是由於奧斯汀已知的搬出情況以及 250 美元的推遲。我們從合資企業獲得的 FFO 貢獻總計為負 200 萬美元，環比第三季度有所下降，這主要是由於第四季度合併了 3025，Solaris 和 Avira 的 NOI 均有所增加，並且被 3151 的較高損失部分抵消。

G&A expense for the quarter will total about $8 million, representing a full year expense of $42.6 million and within our 2025 business plan range. Our interest expense will approximate [$38.5 million], sorry, and the capitalized interest will be about $2.5 million. Sequential increase in the interest expense is primarily due to the consolidation of 3025, lower projected capitalized interest and the negative carry impact of the $300 million of unsecured bonds, offset by the $245 million of CMBS loan repayment.

本季的一般及行政費用總計約為 800 萬美元，全年費用為 4,260 萬美元，且在我們 2025 年業務計畫範圍內。我們的利息支出約為 3850 萬美元，抱歉，資本化利息約為 250 萬美元。利息支出的連續增加主要是由於 3025 的合併、預計資本化利息的降低以及 3 億美元無擔保債券的負面利差影響，但被 2.45 億美元的 CMBS 貸款償還所抵消。

Termination fees and other income will total about $2 million and net management and development fees will also be about $2.5 million. We anticipate no property disposition activity for the balance of the year. We anticipate no ATM or buyback activity, and our share count will be roughly 179.5 million shares.

終止費用和其他收入總計約 200 萬美元，淨管理和開發費用也約為 250 萬美元。我們預計今年餘下時間不會有任何財產處置活動。我們預計不會有 ATM 或回購活動，我們的股票數量將約為 1.795 億股。

Turning to our capital plan. Our capital plan for the balance of the year totals $388 million and is fairly straightforward, but with some adjustments based on the recent capital markets activity. Our 2025 FFO payout ratio for the third quarter was 93.8%. And then looking at the larger uses, the repayment of the CMBS loan is $245 million.

談談我們的資本計劃。我們今年剩餘的資本計畫總額為 3.88 億美元，相當簡單，但根據最近的資本市場活動進行了一些調整。我們 2025 年第三季的 FFO 股利率為 93.8%。然後從更大的用途來看，CMBS 貸款的償還額為 2.45 億美元。

We used just over $70 million to acquire the preferred equity interest at 3025. Our development spend will total $24 million, which includes 165 and 250 King of Prussia Road. Our food hall at One Drexel Plaza is also in those numbers, and we have $14 million of common dividends, $8 million of revenue maintaining capital and $12 million of revenue creating capital.

我們花了超過 7000 萬美元收購了 3025 的優先股權。我們的開發支出總計 2,400 萬美元，其中包括普魯士國王路 165 號和 250 號。我們位於德雷克塞爾廣場一號的美食大廳也達到了這樣的水平，我們有 1400 萬美元的普通股股息、800 萬美元的收入維持資本和 1200 萬美元的收入創造資本。

The funding sources are the $300 million unsecured bond issuance, $25 million of cash flow after interest payments and $5 million of a proposed and expected King of Prussia construction loan for our hotel. Based on the capital plan, we are anticipating an incremental $58 million of our cash being used and balance end of the year of roughly $17 million with no outstanding balance on our $600 million unsecured line of credit.

資金來源包括發行 3 億美元的無擔保債券、支付利息後的 2500 萬美元現金流以及我們酒店擬議和預期的 500 萬美元普魯士國王建設貸款。根據資本計劃，我們預計現金使用量將增加 5,800 萬美元，年底餘額約為 1,700 萬美元，且 6 億美元無擔保信用額度沒有未償餘額。

While our 2025 business plan net debt-to-EBITDA range is between 8.2 and 8.4 due to the consolidation of 3025 JFK, we project this, will temporarily increase to 8.8x at the end of the fourth quarter. However -- and that is the 8.8x is generated by the consolidation of 3025 or about 0.4 of a turn. However, when 3025 JFK income stabilizes in 2026, that ratio will decrease by 0.3 of a turn for only a net increase of 0.1 of turn increase.

雖然由於 3025 JFK 的合併，我們的 2025 年業務計劃淨債務與 EBITDA 之比範圍在 8.2 至 8.4 之間，但我們預計，到第四季度末，這一數字將暫時增加到 8.8 倍。然而——8.8 倍是透過 3025 或大約 0.4 倍的轉變產生的。然而，當 3025 JFK 收入在 2026 年穩定下來時，該比率將下降 0.3 個轉彎，淨增加的轉彎僅為 0.1 個。

Our net debt to GAV will approximate 48%. Our core net debt to EBITDA will also be impacted temporarily by the same EBITDA adjustments we just made for 3025. We anticipate our fixed charge and interest coverage ratio will be negatively impacted by the financing activity and the consolidation of 3025 and will reduce our fixed charge to about 1.8. With incremental income from the development projects, we anticipate that leverage will then begin to improve as we get into 2026.

我們對 GAV 的淨債務約為 48%。我們的核心淨債務與 EBITDA 比率也將暫時受到我們剛剛針對 3025 所做的相同 EBITDA 調整的影響。我們預計，融資活動和3025的合併將對我們的固定費用和利息覆蓋率產生負面影響，並將使我們的固定費用降至約1.8。隨著開發案收入的增加，我們預計槓桿率將在2026年開始改善。

I will now turn the call back over to Jerry.

我現在將電話轉回給傑瑞。

Tom, thank you very much. Well, to wrap up, the operating platform remains in very solid shape, very limited rollover the next couple of years. We're growing effective rents in many of the submarkets, accelerated some of our leasing programs to make sure that we are doing everything we can to take advantage of both the recovering market and the reduction in our competitive base.

湯姆，非常感謝你。總而言之，操作平台仍然保持非常穩固的狀態，未來幾年的延期將非常有限。我們正在許多子市場提高有效租金，並加快一些租賃計劃，以確保我們盡一切努力利用復甦的市場和競爭基礎的減少。

We continue to have as a priority focus for the company, stabilizing all these development projects. And while we have great success thus far, we have work to do, and that pipeline has not completely translated to quarterly earnings growth yet. But as Tom outlined, even using 3025 as an example, there's tremendous levels of NOI coming into the balance sheet and P&L over the next year or so.

我們將繼續把穩定所有這些開發項目作為公司的首要任務。儘管我們迄今為止取得了巨大的成功，但我們還有很多工作要做，而且這些努力還沒有完全轉化為季度獲利成長。但正如湯姆所概述的，即使以 3025 為例，在未來一年左右的時間裡，資產負債表和損益表中也會有大量的淨營業利潤。

So the groundwork has been laid, and we're building on the continued momentum to drive long-term growth. The operating platform, as I noted, remains stable with very limited rollover and our liquidity is in excellent shape, and we're well positioned to take advantage of continued market improvement.

因此，基礎已經奠定，我們正在利用持續的勢頭推動長期成長。正如我所指出的，操作平台保持穩定，展期非常有限，我們的流動性狀況極佳，我們已做好準備，充分利用持續的市場改善。

So Jonathan, with that, we're delighted to open up the floor to questions. As we always do, we ask that in the interest of time, you limit yourself to one question and a follow-up.

喬納森，我們很高興開始回答問題。正如我們一貫的做法，為了節省時間，我們要求您只提出一個問題並進行後續跟進。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

This is Lauren on behalf of Seth. Could you go over in more detail how we should think about the timing and process of the recapitalizations?

我是塞斯的代表勞倫。您能否更詳細地闡述我們應該如何考慮資本重組的時間和流程？

Sure. We'd be happy to. In fact, it's a great question because I know the recapitalizations and the timing of them is a big impact. So let me spend a few moments to answer your question. By way of quick background, those preferred structures were put in place as bridge capital for us that would preserve all the upside of these properties accruing to Brandywine.

當然。我們很樂意這麼做。事實上，這是一個很好的問題，因為我知道資本重組及其時機會產生很大的影響。因此，請允許我花一點時間來回答您的問題。簡單介紹一下背景，這些優先結構是作為我們的過橋資本而設立的，可以保留這些資產為 Brandywine 帶來的所有收益。

They were fixed payment structures with cost of capital from the high single digits to the teens. The financial reporting treatment of those structures was that we needed to recognize as a current period of expense, the accrued but not paid in cash return on that capital.

它們採用固定支付結構，資本成本從高個位數到十幾位數不等。這些結構的財務報告處理是，我們需要將該資本的應計但未支付的現金回報確認為當前費用期間。

And those structures were always designed to have the accrued unpaid return paid out of a capital event, which is exactly what just happened on 3025. And as we look at the development pipeline, as I think you all know because many of you have visited the properties, they're all very high-quality, extremely well-positioned assets in two mixed-use master planned communities.

這些結構的設計初衷是讓應計未付回報從資本事件中支付，而這正是 3025 年發生的事情。當我們查看開發管道時，我想大家都知道，因為你們中的許多人都參觀過這些房產，它們都是兩個混合用途總體規劃社區中質量非常高、位置極其優越的資產。

Two are now stabilized with 3025, which includes both the Avira and the office component. That took about 24 months from completion to stabilize. Solaris has stabilized. We delivered that in the late third, early fourth quarter of '24, and that stabilized about a year later. So good progress on that.

目前，兩個版本已穩定在 3025 版本，其中包括 Avira 和 Office 元件。從完成到穩定大約需要 24 個月的時間。Solaris 已經穩定下來。我們在 2024 年第三季末、第四季初實現了這一目標，大約一年後就穩定下來了。在這方面進展良好。

The pipeline on 3151 and an Uptown is big enough where we have a clear path to stabilization, albeit with some uncertainty regarding the timing of when those leases will actually kick in place. But while the approach for each of the ones may vary a bit, the goal is to bring on as much NOI as possible onto our P&L and/or recover significant capital.

3151 和 Uptown 上的管道足夠大，我們有一條明確的穩定路徑，儘管對於這些租約何時真正生效還存在一些不確定性。但是，儘管每種方法可能略有不同，但目標都是將盡可能多的淨利潤計入我們的損益表和/或收回大量資本。

And as we look at the different options, as Tom touched on a little bit, those recaps can be financed with noncore asset sales, lower cost financings, pari-passu ventures on some assets. So we have a fairly wide range of options on each one. But just spend a moment looking at each one, let me walk through.

當我們考慮不同的選擇時，正如湯姆稍微提到的，這些重新融資可以透過非核心資產出售、低成本融資、某些資產的同等投資來融資。因此，我們對每個問題都有相當廣泛的選擇。但請花一點時間來看看每一個，讓我來介紹一下。

So 3025. We recapped at our highest cost of capital partner there. By the expensing of those preferred returns, we were going to incur in 2026, just shy of $10 million of preferred charges or about $0.04 a share. So that buyout eliminates that drag on earnings. And then the capital options we have are very robust. I mean the rate on the current construction loan is just shy of 8%. So if we did an unsecured financing to take out that construction loan, we can save close to 200 basis points or about $4 million in interest.

所以是 3025。我們回顧了那裡資本成本最高的合作夥伴。透過將這些優先股回報費用化，我們將在 2026 年承擔略低於 1,000 萬美元的優先股費用或每股約 0.04 美元。因此，收購消除了對獲利的拖累。我們的資本選擇非常豐富。我的意思是，目前建築貸款的利率略低於 8%。因此，如果我們透過無擔保融資來獲得該建築貸款，我們可以節省近 200 個基點或約 400 萬美元的利息。

And if we actually do an agency level financing on the residential piece, that overall cost of debt could be even lower. We also are looking at exploring a pari-passu joint venture, we could recover some capital. And then obviously, always considering whether we sell the residential component or not. So 3025, now with that buy behind us, take away highest cost of capital in the rearview mirror, full control by Brandywine. With the debt coming due, we think we have some positive refinancing outcomes at a very straightforward level.

如果我們實際上對住宅部分進行代理級融資，那麼整體債務成本可能會更低。我們也在考慮建立同等權益的合資企業，這樣我們就可以收回一些資本。然後顯然，我們總是考慮是否出售住宅部分。因此，3025，現在有了那次收購，我們就可以消除後視鏡中最高的資本成本，完全由 Brandywine 控制。隨著債務到期，我們認為我們在非常簡單的層面上會取得一些正面的再融資成果。

Solaris is stabilized, but cash flow and the NOI is still recovering. As we noted on previous calls, we -- to accelerate the lease-up in that market, we did give concessions burning off. We did give concessions to get that original lease-up achieved at the rate that we did. Right now, the capital markets aren't giving full credit to concession level rents.

Solaris 已經穩定下來，但現金流和 NOI 仍在恢復中。正如我們在之前的電話會議中提到的那樣，為了加速該市場的租賃，我們確實做出了優惠。我們確實做出了讓步，以便以原來的速度實現租賃。目前，資本市場尚未充分認可優惠租金。

So we're now in the first wave of our renewals and very pleased with that progress. Our renewal rate on that project is 64%. We're getting about an 8% increase in rates. We're giving out no or very limited concessions on renewals and very limited concessions on new leases. Based on the expensing of that preferred in '26, we had about $4 million or about $0.02 a share of charges on that.

因此，我們現在正處於更新的第一波階段，並且對這一進展感到非常滿意。該項目的續約率為 64%。我們的利率將上漲約 8%。我們對續約不給予任何優惠或給予非常有限的優惠，對新租約給予非常有限的優惠。根據 1926 年優先股的費用，我們為此支出了約 400 萬美元或每股約 0.02 美元。

So the approach on that project is we're already exploring a recap. That could be a sale or a joint venture on the existing asset. The current debt is just shy of 7% today. So again, agency debt on that would be somewhere in the very high 4s or low 5s. And our target really is in the first half of '26 to kind of achieve that recap once the concessions burn off on the lease schedule, on the renewals and the marketplace recognizes the net effective rents that we're generating on an ongoing basis.

因此，該專案的方法是我們已經在探索回顧。這可能是對現有資產的出售或合資。目前負債率略低於 7%。因此，機構債務的比率將再次處於 4% 的高點或 5% 的低點。我們的目標實際上是在 2026 年上半年實現這一目標，一旦租賃計劃和續約中的優惠措施消失，並且市場認可我們持續產生的淨有效租金。

For One Uptown, we've clearly some leasing work to do there. We have about 75,000 square feet under advanced lease negotiations that would take that project to 55% to 60% and a really good pipeline behind it. Right now, we're projecting, if we do nothing with that about a $0.025 per share preferred expense charge in '26. And our approach there is get a little more leasing done to more visibility.

對於 One Uptown，我們顯然有一些租賃工作要做。我們有大約 75,000 平方英尺的空間處於提前租賃談判中，這將使該項目的租賃率達到 55% 到 60%，背後還有非常好的管道。現在，我們預計，如果我們不採取任何措施，26 年每股優先股費用將達到 0.025 美元。我們的方法是增加租賃量，以提高知名度。

We are already talking to several potential partners about a pari-passu recap. We have our lead tenant there has an expansion right in midyear that we'll see if they exercise or not. So One Uptown is most likely a late first half, early second half recap event.

我們已經在與幾個潛在合作夥伴討論同等重述的事宜。我們的主要租戶在年中擁有擴建權，我們將看看他們是否行使。因此，One Uptown 很可能是上半場末、下半場初的回顧活動。

Looking at 3151, that's our second highest cost of capital. And we're obviously dealing with the challenge of getting that property leased up. The project has been very well received based on the pipeline by a number of select investors and several debt sources. So as the second highest cost of capital in our development ventures, we have about $8 million in expense charges on that property in 2026, just from the preferred.

從 3151 來看，這是我們第二高的資本成本。顯然，我們正在應對將該房產出租的挑戰。該項目已獲得多家精選投資者和多家債務來源的熱烈歡迎。因此，作為我們開發案中第二高的資本成本，到 2026 年，光是優先股費用我們就需要為該房產支付約 800 萬美元。

So with the process we have underway, we think that a partner buyout is a near-term event. That could be financed through other sales or much lower cost financing. We own that property without any debt on it. So our hope is to get 3151 across the finish line no later than the first quarter of '26. So hopefully, that road map is helpful.

因此，根據我們正在進行的流程，我們認為合作夥伴收購是近期發生的事情。這可以透過其他銷售或成本低得多的融資來融資。我們擁有該房產，且沒有任何債務。因此，我們希望最遲在 26 年第一季讓 3151 人完成任務。所以希望該路線圖能夠有所幫助。

That was a very helpful overview. Thank you.

這是一個非常有用的概述。謝謝。

You're welcome. Thank you.

不客氣。謝謝。

Manus Ebbecke, Evercore ISI.

Manus Ebbecke，Evercore ISI。

Just wondering if you could touch on a little bit more on Uptown ATX. It was obviously good to hear that the pipeline is up and you have some lease in the later-stage negotiation pass. Could you maybe clarify like out of the total leasing prospects that you see at the asset, how much is for spec suites versus like [indiscernible] users? What type of tenants those are, if those are real net growth in the market or just kind of like relocation tenants?

我只是想知道您是否可以更多地談論 Uptown ATX。顯然，聽到管道已經通暢，並且在後期談判中獲得了一定的租約，這是一件好事。您能否澄清一下，在您看到的資產總租賃前景中，規格套房和 [音訊不清晰] 用戶分別佔了多少？這些租戶是什麼類型的？他們是市場上真正的淨成長租戶還是只是搬遷租戶？

And then on the second one, just like on the broader scope of the development land out there, what should we maybe expect in terms of starts in '26? I assume, obviously, like another commercial part is more kind of further out as we are leasing up the Block A first. But maybe I know there's contemplations for additional residential or hotel projects. So kind of maybe give us an idea in terms of time line or what to expect in '26 there as well.

然後關於第二個問題，就像更廣泛的開髮用地範圍一樣，我們應該對 26 年的開工情況抱有怎樣的期待？我認為，顯然，另一個商業部分更遠一些，因為我們首先租賃的是 A 座。但也許我知道他們正在考慮增加住宅或酒店項目。因此，也許您可以從時間軸或 26 年的預期方面為我們提供一個想法。

Okay. Great question. Thank you. And a couple of overview comments as you look at Austin. Look, I mean, Austin clearly has a disequilibrium, particularly in the CBD marketplace. I mentioned the number of tenants in the market looking and the increase in third quarter leasing activity. Any how, about 85% of that leasing activity in the market is being captured by Class A buildings.

好的。好問題。謝謝。當您看到奧斯汀時，我會給出一些概述性的評論。我的意思是，奧斯汀顯然存在不平衡，特別是在 CBD 市場。我提到了市場上租戶的數量以及第三季租賃活動的增加。無論如何，市場上約 85% 的租賃活動都被 A 級建築佔據。

But when you drill down to the Uptown Domain submarket, which is really our competitive set right now since 405 Colorado downtown is fully leased, that's about 3.7 million square feet. That submarket is about 96.3% occupied. You've got about 68,000 square feet of sublease space in two domain buildings in two blocks of 35,000 square feet or so, which is down dramatically from just a year.

但是，當你深入 Uptown Domain 子市場時，這確實是我們現在的競爭對手，因為市中心的 405 Colorado 已經全部出租，面積約為 370 萬平方英尺。該子市場佔用率約為 96.3%。您在兩個區域建築中擁有約 68,000 平方英尺的轉租空間，這兩個建築分為兩個街區，面積約為 35,000 平方英尺，與一年前相比大幅下降。

One tenant indeed did put 100,000 square feet on the market for sublease in one of the domain tower buildings. So you've got about 168,000 square feet of sublease space in that submarket. So that's about 7% vacancy.

一位租戶確實將其中一棟域名塔樓中的 100,000 平方英尺空間投放到市場上進行轉租。因此，該子市場有大約 168,000 平方英尺的轉租空間。空置率約為 7%。

So a fairly tight market. Also, the train station, which we noted in the supplemental package, did, in fact, start construction. That has spurred a lot of additional interest because now it's delivered in the first half of '27. CapMetro through this -- these are their numbers, not ours, projects us to be the second busiest train station along that red line, a real people mover that dramatically improves labor pool accessibility. So we think that's a nice catalyst to get some additional activity.

因此市場相當緊張。此外，我們在補充方案中提到的火車站確實已經開始建造。這引起了人們更多的興趣，因為它將於 27 年上半年交付。CapMetro 透過這個——這些是他們的數字，而不是我們的數字——預測我們將成為紅線上第二繁忙的火車站，一個真正的旅客運輸工具，大大提高勞動力資源的可及性。因此我們認為這是一個很好的催化劑，可以帶來一些額外的活動。

And the other factor is that we have a number of tenants who are in our pipeline who are downtown or doing market-wide searches and we're really amplifying the fact through our team that there's a $23 cost difference between being downtown or being in Uptown. Most of that is -- there's a $5 stone in rent, $10 in expenses. So it's a very solid economic decision.

另一個因素是，我們有許多租戶正在市中心或進行市場範圍的搜索，我們透過我們的團隊真正強調了這樣一個事實：市中心和住宅區之間的成本差異為 23 美元。其中大部分是——租金為 5 美元，費用為 10 美元。所以這是一個非常明智的經濟決策。

So with that background, and sorry for all that detail, but I want to set the table for why we're still very optimistic about One Uptown success. We have a number of tenants in the pipeline. We have a number, frankly, that are kind of in-market relocations are kind of in the 4,000 to 10,000 square foot range that are kind of spec suite tenants prospects.

因此，在這樣的背景下，我很抱歉說了這麼多細節，但我想說明為什麼我們仍然對 One Uptown 的成功感到非常樂觀。我們有許多租戶正在籌備中。坦白說，我們有許多市場內搬遷面積在 4,000 至 10,000 平方英尺的範圍內，這些是規格套房租戶的前景。

And then we have a couple of tenants in the 80,000 to 100,000 square foot range. There are multiple floor tenants that have toured the property, and we're in discussions with them. And then we have one full floor tenant that is a lease under negotiation at this point. George, any other color you want to add to that?

我們還有一些租戶，面積在 80,000 到 100,000 平方英尺之間。有多個樓層的租戶參觀了該房產，我們正在與他們進行討論。然後我們有一個整層樓的租戶，目前正在協商租約。喬治，你想添加其他顏色嗎？

Yes. I think we've got, like Jerry said, the one -- we have one floor dedicated to spec suites, and we've got either leases in late stages of negotiation and other pipeline prospects for that floor and then a lease out for another full floor user. And then, of course, we have the underlying expansion rights with NVIDIA, who signed last quarter.

是的。我認為，就像傑瑞所說的那樣，我們有一層樓專門用於規格套房，並且我們要么在談判的後期階段獲得租約，要么為該樓層獲得其他渠道前景，然後租給另一個整層樓的用戶。當然，我們擁有與 NVIDIA 簽訂的底層擴展權，NVIDIA 已於上個季度簽署了協議。

So again, I think we feel good about the pipeline, the composition of it, the spec suites have been well received. If the market continues to shift in the spec suite direction, we've kind of done that now with 2 floors and are prepared to shift quickly as needed.

所以，我再次認為我們對這個管道、它的組成以及規格套件感到滿意，並受到了好評。如果市場繼續朝著規格套件方向轉變，我們現在已經用兩層樓完成了這一轉變，並準備根據需要快速轉變。

Thanks George. And then to answer the second part of your question, look, we're -- major folks at Uptown, make no mistake, is lease One Uptown and recap both projects. So that's number-one absolute top shelf priority. Recognize, I think, the value we have long-term at our Uptown development, we have a number of discussions underway with large users who would be interested in doing build-to-suits at that location. They are still early stage and are not detracting from our core mission of getting One Uptown leased.

謝謝喬治。然後回答你問題的第二部分，看，我們是 Uptown 的主要人員，毫無疑問，是租賃 One Uptown 並回顧這兩個項目。所以這是絕對的首要任務。我認為，認識到我們在 Uptown 開發項目中的長期價值，我們正在與有興趣在該地點進行客製化建設的大型用戶進行大量討論。它們仍處於早期階段，並且不會影響我們租賃 One Uptown 的核心使命。

We are also, as we've noted in the SIP, moving forward with the planning of Block B to the objective there to be submitting site plan -- for site plan approval by the end of the fourth quarter of this year with hopefully getting approvals in late '26. Block B consists of a multifamily property rental, a large retail base and a hospitality component, i.e., a hotel and obviously, parking.

正如我們在 SIP 中提到的那樣，我們還在推進 B 座的規劃，目標是在今年第四季末提交場地規劃，以獲得場地規劃批准，並希望在 26 年底獲得批准。B 區由一處多戶型物業出租、一個大型零售基地和一個酒店部分組成，即一家酒店，當然還有停車場。

We are working with a retail and hospitality partner as we think through the design components of that. And as those plans get finalized and priced, we will be looking for the right capital answer to facilitate that project moving forward. Obviously, with the partners we have involved, they have capital resources. Brandywine has significant embedded value in the land that, that project will sit on. So we think that's a very viable option for us in terms of equity contribution with land value.

我們正在與零售和酒店合作夥伴共同思考其中的設計要素。隨著這些計劃的最終確定和定價，我們將尋找正確的資金答案來促進該專案的推進。顯然，我們的合作夥伴擁有資本資源。該項目所在的土地對 Brandywine 來說具有重大的內在價值。因此，我們認為，就土地價值的股權貢獻而言，這是一個非常可行的選擇。

So we're looking at a number of other, as I mentioned, build-to-suits, but again, very low priority compared to mission-critical of recapping these development projects and getting One Uptown leased. But certainly happy to provide any color on that as the quarters go by.

因此，正如我所提到的，我們正在考慮許多其他的客製化項目，但與重新完成這些開發項目和租賃 One Uptown 的關鍵任務相比，這些項目的優先順序非常低。但隨著季度的推移，我們當然很樂意提供任何相關資訊。

(Operator Instructions) Dylan Burzinski, Green Street.

（操作員指示）迪倫·伯津斯基 (Dylan Burzinski)，綠街。

Yeah, thanks for taking the question. Maybe just first one on -- can you explain why you all decided to issue the unsecured notes and then take out the CMBS debt. If my recollection is correct, I thought the CMBS debt didn't -- wasn't too pricey in terms of the rate. So just curious you guys' thoughts on how you guys approach that.

是的，感謝您提出這個問題。也許首先要問的是——您能解釋一下為什麼你們決定發行無擔保票據，然後拿出 CMBS 債務嗎？如果我沒記錯的話，我認為 CMBS 債務的利率並不太高。所以我只是好奇你們對於如何處理這個問題的想法。

John, Dylan, this is Tom. I think the way we approach this is that we've been looking at the CMBS loan and thought about actually prepaying a couple of assets and bringing them out as unsecured for a couple of reasons, one for leasing, one potentially to do something with them on the capital market side.

約翰，迪倫，這是湯姆。我認為我們處理這個問題的方式是，我們一直在研究 CMBS 貸款，並考慮實際預付幾項資產，並出於幾個原因將它們作為無擔保資產，一個用於租賃，一個可能在資本市場方面對它們做些什麼。

So we were already thinking about it. When the rates came in as much as they did and the differential in rate was only a quarter -- 25 basis points, basically, we thought, let's unencumber the assets. It helps our [UAP], it helps all of our unleveraged ratios, and we thought that was a good execution.

所以我們已經開始考慮這個問題了。當利率達到如此高水平，且利率差異僅為四分之一（25 個基點）時，我們基本上認為，我們應該解除資產負擔。它有助於我們的 [UAP]，它有助於我們所有的無槓桿比率，我們認為這是一個很好的執行。

We knew there was the charge, $10 million of cash that went out the door with that. But it also thought it was also a good way to reset our rates with the debt capital markets. So the 7.04% we had done -- the 7.04% cap we did in June was at a very high premium. I think it was close to 107% of face. And I think that really was hurtful in us getting that rate any lower. I think doing something at par, bringing our rate down into the lowest kind of helped reset that bar.

我們知道有這筆費用，1000 萬美元的現金隨之流失。但它也認為這也是利用債務資本市場重置利率的好方法。因此，我們在 6 月設定的 7.04% 的利率上限溢價非常高。我認為它接近臉部的 107%。我認為，降低利率確實對我們有害。我認為採取一些同等措施，將我們的利率降至最低水準有助於重新設定這項標準。

Since it was issued, it's been trading fairly well, right around par. So we thought that was also a consideration as well.

自發行以來，它的交易情況一直相當良好，接近票面價值。所以我們認為這也是一個考慮因素。

Maybe just a broader one. I know there's a few assets on the market in downtown Philadelphia. I'm not sure if you guys are sort of interested in buying assets. But I guess just -- as you guys think about your cost of capital today, just sort of long-term plans as it relates to how you think you can close the disconnect between where share trades versus where an NAV estimate might be, especially ours? And maybe you can sort of tie in just longer-term leverage targets and that it might be helpful.

也許只是一個更廣泛的。我知道費城市中心市場上有一些資產。我不確定你們是否有興趣購買資產。但我想，當你們考慮今天的資本成本時，你們會制定一些長期計劃，因為這與你們認為如何縮小股票交易與資產淨值估計值之間的差距有關，尤其是我們的估計值？也許你可以將其與長期槓桿目標結合起來，這可能會有所幫助。

Yeah, Dylan, Jerry. Thanks for the question. Yes. Look, I think the -- we think we have a couple of really good ingredients to start to turn that perception around fairly quickly. And that is the leasing up of the development projects and proving out their value proposition and then recapitalizing kind of, i.e., changing the capital stack of those projects that really does remove the earnings overhang.

是的，迪倫，傑瑞。謝謝你的提問。是的。聽著，我認為——我們認為我們有幾個非常好的因素可以很快地扭轉這種看法。這就是租賃開發項目並證明其價值主張，然後進行資本重組，即改變這些項目的資本結構，真正消除盈利過剩。

I mean if you really take a look at -- if you took the existing preferred structures without being touched, I mean, there's a significant impact to earnings because of the financial reporting treatment we have on those.

我的意思是，如果你真的看一下——如果你採用現有的優先結構而不受影響，那麼由於我們對這些結構的財務報告處理，收益將受到重大影響。

So simply by clearing up those recaps, getting control of those assets and then pursuing better cost of capital outcomes for those I think, really winds up putting us in a great position with -- as I look at '26 into '27. So I think that's going to be a very key ingredient for us.

因此，只要清理這些回顧，控制這些資產，然後追求更好的資本成本結果，我認為，這最終會讓我們處於有利地位——正如我展望 26 年到 27 年時所見。所以我認為這對我們來說是一個非常關鍵的因素。

Look, the operating portfolio continues to perform very well. We have -- as with any portfolio, there are some soft spots. But I think we're very encouraged with what's happening in each of the different submarkets we're in that really give us some significant ability to continue to drive effective rents across the board.

瞧，營運組合繼續表現良好。就像任何投資組合一樣，我們也存在一些弱點。但我認為，我們對所處的每個不同子市場的情況感到非常鼓舞，這確實給了我們很大的能力來繼續全面推動有效租金。

We do have some assets that we have on the market and we will put on the market in '26 that we feel are not great growers for us and actually adversely impact some of our growth objectives going forward. And as we have done in the past, we look at those assets from a net present value standpoint and determine at what point in time we should sell those.

我們確實有一些資產在市場上，我們將在 26 年將其投放市場，但我們認為這些資產對我們來說並不是很好的成長點，實際上會對我們未來的一些成長目標產生不利影響。正如我們過去所做的那樣，我們從淨現值的角度看待這些資產，並確定何時應該出售這些資產。

So I think the major issue we're focused on right now is proving out the value thesis for these development projects. I think it's generally recognized in the private markets that the land holdings and the approvals we have in place at Uptown and at Schuylkill Yards are incredibly valuable long-term value generators.

所以我認為我們現在關注的主要問題是證明這些開發項目的價值論。我認為私人市場普遍認為，我們在 Uptown 和 Schuylkill Yards 擁有的土地和獲得的批准是極其寶貴的長期價值創造因素。

Our challenge, given our public cost of capital is to determine from a market timing standpoint, when we should move forward with the next phase, but more importantly, how we finance those. I think the objective we had going to this round of development was we did the preferred structures, which had an incrementally higher cost of capital, but left all the residual value to Brandywine.

考慮到公共資本成本，我們面臨的挑戰是從市場時機的角度確定何時應該進入下一階段，但更重要的是，我們如何為其融資。我認為我們進行這一輪開發的目標是採用優先的結構，其資本成本逐漸增加，但所有剩餘價值都留給了 Brandywine。

I think as we look forward at some of the future development starts, assessing different capital structures there, I think, will be very important because the ultimate objective is for us to get back to investment grade. We think we have a clear path to do that as we look at the numbers going forward.

我認為，當我們展望未來的一些發展開始時，評估那裡的不同資本結構將非常重要，因為我們的最終目標是回到投資層級。從未來的數據來看，我們認為我們有一條清晰的途徑來實現這一目標。

And one of the impediments for us getting to investment grade has really been the impact on our fixed charge coverage. And the reality, our fixed charge coverage has been impacted because our debt costs have almost doubled in the last 4 years.

我們獲得投資等級評級的障礙之一實際上是對我們的固定費用覆蓋率的影響。事實上，我們的固定費用覆蓋率受到了影響，因為過去四年我們的債務成本幾乎翻了一番。

That's why as I even noted in the comments, when I look at the existing bond pricing, as Tom touched on our bonds are pricing -- are trading pretty well. We have two bonds outstanding, $900 million at rates north of 8%. So we think the refinancing opportunities there as the time is right, bring a lot of those financial and operating metrics back into a very good position.

這就是為什麼正如我在評論中指出的那樣，當我查看現有債券定價時，正如湯姆所提到的，我們的債券定價 - 交易相當不錯。我們有兩筆未償還債券，總額為 9 億美元，利率超過 8%。因此，我們認為現在正是再融資機會的正確時機，這將使許多財務和營運指標恢復到非常好的狀態。

So I think the takeaway point, we got some near-term hurdles in terms of getting these development projects leased. We've got to prove out to the marketplace that we can effectively recap these properties and create long-term value, continue driving the operating results of the company as well as we have for the next few years into an ever-improving market and then really focus on how we overall reduce leverage to hopefully improve our overall cost of public capital.

所以我認為，關鍵在於，我們在租賃這些開發項目方面遇到了一些短期障礙。我們必須向市場證明，我們能夠有效地重新利用這些資產並創造長期價值，繼續推動公司的經營業績，就像我們在未來幾年進入不斷改善的市場一樣，然後真正專注於如何整體降低槓桿率，以期改善我們的總體公共資本成本。

Upal Rana, Keybanc.

Upal Rana，Keybanc。

Great, thank you. Could you provide some detail on the Board's decision to reduce the dividend? How should we be thinking about timing of the cash flow ramping up in '26 in order to maintain a CAD payout ratio that's a little more sustainable?

太好了，謝謝。您能否提供一些有關董事會減少股利決定的細節？我們應該如何考慮 26 年現金流增加的時機，以維持更永續的 CAD 派息率？

Yeah. Look, I think as we took a look at and recommended to the Board a couple of things. One is, as I've outlined before, the Board really looked at what the operating cash flow was, what our refinancing requirements were, when we would expect the development projects to ramp up and what capital was really required for the recaps.

是的。看，我認為我們已經研究過並向董事會提出了幾件事。一是，正如我之前概述的那樣，董事會真正關注的是經營現金流是多少，我們的再融資需求是多少，我們預計開發項目何時會增加，以及再融資真正需要多少資本。

And when they took a look at all of that and we looked at the '25, '26 and '27 landscape, the theory was, after we had done some preliminary work on recapping some of the joint ventures, it became very clear that the cost of outside capital was a lot more than our internally generated capital. And the opportunity for the company to save $50 million of cash flow at a time when, as I mentioned with Dylan, our public cost of capital is prohibitive. It simply seem to make a lot of sense.

當他們審視所有這些情況，並且我們審視 25、26 和 27 年的情況時，我們的理論是，在我們對一些合資企業進行了一些初步回顧之後，很明顯，外部資本的成本遠高於我們內部產生的資本。正如我和迪倫提到的那樣，我們的公共資本成本過高，而公司卻有機會節省 5000 萬美元的現金流。這看起來很有道理。

As we looked at the numbers, where we've reduced the dividend to, we feel, as I mentioned in my script, is very sustainable. We do believe that as we start to bring more NOI on to the P&L, we have an opportunity to grow that dividend.

當我們查看數字時，我們覺得我們已經將股息減少了，正如我在腳本中提到的那樣，這是非常可持續的。我們確實相信，隨著我們開始將更多的淨利潤計入損益表，我們就有機會增加股利。

And then most importantly, as the last point, we talk to a lot of shareholders. We ask them their opinion on how they view the capital landscape, how they viewed the challenges the office sector faces. And I think a lot of our shareholders are very supportive of a dividend reduction as a pragmatic conservation of capital. So all those factors went into the Board's decision.

然後最重要的是，最後一點，我們與許多股東進行了交談。我們詢問他們如何看待資本格局，如何看待辦公部門面臨的挑戰。我認為很多股東都非常支持減少股息，認為這是務實的資本保護措施。因此，所有這些因素都影響了董事會的決定。

We had a good discussion and validated that the level that we cut it to is certainly, we think, a floor from which we can grow. And hopefully, as the market conditions improve, the debt markets get more constructive, we can generate more liquidity that we'll be in a position to go back to raising that dividend.

我們進行了很好的討論，並確認我們所削減的水平肯定是我們可以成長的底線。希望隨著市場狀況的改善，債務市場變得更加積極，我們可以產生更多的流動性，以便能夠重新提高股息。

Okay. Great. That was helpful. And then do you have any updates on the strategy to deal with the IBM move-out in Austin coming in '27?

好的。偉大的。這很有幫助。那麼，對於 IBM 將於 27 年遷出奧斯汀，您有什麼應對策略更新嗎？

We actually do. Look, IBM is going to be vacating spaces between the end of the -- well, really beginning of the second quarter and through the third quarter of '27. The impact on '27 after factoring what we think will be expense savings because that lease -- we're getting reimbursed for expenses, many of which are variable. So we think it will be about a $12 million hole we need to fill.

我們確實這麼做了。你看，IBM 將在 2027 年第二季末至第三季之間騰出空間。在考慮到我們認為的費用節省之後，對 27 年的影響是因為租賃——我們將獲得費用報銷，其中許多費用是可變的。因此我們認為我們需要填補的缺口約為 1200 萬美元。

We're going down a couple of different paths. One is when we take a look at the existing leasing in place in our development projects, excluding 3151, we think the year-over-year growth in that income stream will more than amply cover that '27 loss of revenue.

我們正在走幾條不同的路。一是，當我們查看我們開發項目中現有的租賃情況時，除了 3151 之外，我們認為該收入流的同比增長將足以彌補 27 年的收入損失。

But more importantly, we are spending time looking at renovating the 902, 904 and 906 buildings at Uptown, which is about 500,000 square feet. We have plans underway. Our base in those buildings is very attractive. We are in the throes of pricing those renovation programs through, including thinking through the additional infrastructure that's required.

但更重要的是，我們正在花時間考慮翻新 Uptown 的 902、904 和 906 號樓，面積約為 50 萬平方英尺。我們正在進行計劃。我們在這些建築中的基地非常有吸引力。我們正在為這些改造項目定價，包括考慮所需的額外基礎設施。

And as it stands right now, we think we're in a very good position to deliver completely renovated buildings, they -- frankly, as you may recall, they have great super structures. It's really new facade, new mechanical systems that will be able to deliver these state-of-the-art newly renovated buildings at a significant pricing discount to existing office rents that we think can really accelerate the absorption there.

就目前情況而言，我們認為我們完全有能力交付經過徹底翻新的建築，坦白說，您可能還記得，它們擁有非常棒的超級結構。新的外牆、新的機械系統將能夠以比現有辦公室租金大幅折扣的價格提供這些最先進的新裝修建築，我們認為這可以真正加速那裡的吸收。

So one of our hopes if the plan progresses on schedule, is that we'll be able to deliver the first level of renovation in early '27, kind of dovetailing with one of the IBM vacations. And one of the reasons we're able to do that, you may recall, is we were very successful in getting some additional approvals from the city of Austin to increase the density at Uptown from 3.1 FAR to 12.1 FAR and increase the height limits on the buildings from 180 to 491 feet. We also have the ability to transfer density between blocks.

因此，如果計劃按計劃進行，我們的希望之一就是能夠在 27 年初完成第一階段的翻新工程，與 IBM 的假期相吻合。您可能還記得，我們​​之所以能夠做到這一點，原因之一是我們非常成功地獲得了奧斯汀市的一些額外批准，將上城區的密度從 3.1 FAR 提高到 12.1 FAR，並將建築物的高度限制從 180 英尺提高到 491 英尺。我們也能夠在塊之間轉移密度。

So by renovating those buildings, which are lower rise, we're not compromising any future growth density by doing that. And I mean, the maximum density under our zoning is well, well beyond what we're currently planning to build. But having that flexibility to respond to changing market conditions, particularly given that train station and the growth of residential neighborhoods in that marketplace, we think it is a very valuable commodity.

因此，透過翻新這些較低層的建築，我們不會對未來的成長密度產生任何影響。我的意思是，我們分區下的最大密度遠遠超出了我們目前計劃建造的範圍。但是，擁有這種應對不斷變化的市場條件的靈活性，特別是考慮到火車站和該市場中住宅區的增長，我們認為這是一種非常寶貴的商品。

So game plan is, I think we can bridge the gap with just incremental income coming through the NOI from these new development projects, again, excluding 3151 and the renovations coming online will help to all deliver better NOI for us looking into '28 and '29. Hopefully, that answers your question?

因此，遊戲計劃是，我認為我們可以利用這些新開發項目的 NOI 帶來的增量收入來彌補差距，同樣，不包括 3151 和上線的翻新工程將有助於為我們在 28 年和 29 年帶來更好的 NOI。希望這能回答您的問題？

Yeah, that was great. Thank you so much.

是的，太棒了。太感謝了。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Jerry Sweeney for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給傑瑞·斯威尼，以便他發表進一步的評論。

Jonathan, thank you very much. And thank you all very much for participating in our third quarter earnings call. Our next call for fourth quarter and '26 guidance will be in early February, and we look forward to talking to you at that time. So thank you very much.

喬納森，非常感謝你。非常感謝大家參加我們的第三季財報電話會議。我們下次發布第四季度和 26 年指引的電話會議將在 2 月初舉行，我們期待屆時與您交談。非常感謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。