Brandywine Realty Trust (BDN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Brandywine Realty Trust first-quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加 Brandywine Realty Trust 2026 年第一季財報電話會議。(接線員指示)

I would now like to turn the conference over to [Jerry] Sweeney, President and CEO. Please go ahead.

現在我想把會議交給總裁兼執行長 [Jerry] Sweeney。請開始。

Michelle, thank you very much. Good morning, everyone. Thank you for participating in our first-quarter 2026 earnings call. On today's call, with me are Dan Palazzo, our Senior Vice President, Chief Accounting Officer; and [Tom] Wirth, our Executive Vice President and Chief Financial Officer.

Michelle，非常感謝。各位早安。感謝各位參與我們 2026 年第一季財報電話會議。今天與我一同出席的有：資深副總裁兼會計長 Dan Palazzo，以及執行副總裁兼財務長 [Tom] Wirth。

Prior to beginning, certain information 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.

在開始之前，今天電話會議中討論的某些資訊可能構成聯邦證券法意義下的前瞻性陳述。雖然我們相信這些陳述所反映的估計係基於合理假設，但我們無法保證預期結果一定能達成。

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. During our prepared comments today, Tom and I will briefly review first quarter results and frame out the key assumptions driving our 2026 guidance. After that, Dan, Tom, and I are available for any questions.

關於可能影響我們預期結果的因素之更多資訊，請參閱我們的新聞稿，以及我們向 SEC 提交的最新年度與季度報告。在今天的預備發言中，Tom 和我將簡要回顧第一季業績，並說明推動我們 2026 年財測指引的關鍵假設。之後，Dan、Tom 與我將開放回答問題。

So to move into our presentation, here from an operating portfolio management and liquidity standpoint, the first quarter produced results very much in line with our business plan. As such, as noted in our supplemental package, all of our full-year operating and financial metrics remain unchanged from our original 2026 business plan.

接著進入簡報，從營運組合管理與流動性角度來看，第一季的結果與我們的營運計畫高度一致。因此，如同我們在補充資料中所述，我們全年所有營運與財務指標均維持不變，與原先的 2026 年營運計畫一致。

And while the first quarter was relatively quiet from the transaction announcement standpoint, it was very busy from an activity perspective. Quarterly highlights include: we've achieved 94% of our speculative revenue target at the midpoint of our guidance. Our first quarter FFO was $0.11 a share, which was in line with consensus and management guidance. We have narrowed our full-year FFO guidance while maintaining our $0.55 full-year midpoint.

此外，雖然第一季在交易公告方面相對平靜，但在活動面則非常忙碌。本季重點包括：我們已達成投機性收入（speculative revenue）目標的 94%（以指引中點計）。第一季每股 FFO 為 0.11 美元，符合市場共識與管理層指引。我們在維持全年每股 0.55 美元中點不變的同時，縮窄了全年 FFO 指引區間。

Our portfolio recycling and debt reduction program is progressing very much on schedule with approximately $305 million of potential sales under agreement and in various stages of due diligence with pricing right in line with our guidance. We expect, and we'll talk later, but we do expect the majority of these transactions to close in the second quarter.

我們的資產汰換（portfolio recycling）與降債計畫正按進度推進，目前約有 3.05 億美元的潛在出售案已簽訂協議，並處於不同階段的盡職調查中，定價與我們的指引大致一致。我們預期——稍後也會再談——其中多數交易將於第二季完成交割。

Looking more closely at first-quarter operations, solid operating metrics reinforced our strong market positioning and tenants continued to like the quality of properties. Our wholly owned core portfolio is 88.3% occupied, and 89.9% leased. Our year-end occupancy and leasing percentage will improve throughout the year as we anticipate having positive net absorption for actually the first time in several years, as further evidence of our improving markets.

更仔細看第一季營運，穩健的營運指標強化了我們在市場上的有利定位，租戶也持續青睞我們物業的品質。我們全資核心投資組合的入住率為 88.3%，出租率為 89.9%。隨著我們預期今年將出現正的淨吸納量（net absorption）——這其實是數年來首次——我們的年末入住率與出租率將在全年逐步改善，進一步證明市場正在好轉。

Forward leasing commencing after year-end total of 182,000 square feet with most taking occupancy in the next couple of quarters. We have achieved, as I noted, 94% of our spec revenue target, which is $16.4 million, which is running ahead of last year. Leasing activity for the quarter totaled 422,000 square feet, including 268,000 square feet in our wholly owned portfolio, and 153,000 square feet in our joint venture portfolio. The wholly owned leasing activity is our highest level since the fourth quarter of 2024.

年末後起算的前瞻出租（forward leasing）合計 182,000 平方英尺，多數將在未來幾個季度內進駐。如我所提，我們已達成投機性收入目標的 94%，即 1,640 萬美元，表現領先去年。本季租賃活動合計 422,000 平方英尺，其中全資投資組合 268,000 平方英尺，合資投資組合 153,000 平方英尺。全資投資組合的租賃活動量為自 2024 年第四季以來最高。

Tenant retention was around 45%, very much as expected since we know there will be a number of known move-outs throughout the course of the year. Capital ratio is below our targeted 6.4%, driven by a low [as is] no-capital deal within one of our portfolios, but our capital for the year will remain within our guidance range.

租戶續租率約為 45%，符合預期，因為我們知道今年將有若干已知的搬離（move-outs）發生。資本比率（capital ratio）低於我們目標的 6.4%，主要受某一投資組合中一筆低「現況」（[as is]）且無資本支出（no-capital）的交易影響；但我們全年資本支出仍將維持在指引範圍內。

Our GAAP mark-to-market was 4.1%. Cash mark-to-market decreased by 2.6%, both below our annual business ranges, but we anticipate improving results in the next three quarters and, as such, we're maintaining our full-year guidance range. Same-store results were a positive 0.8% on a GAAP basis and 3.3% on a cash basis, both above our current guidance ranges.

我們的 GAAP 市價調整（mark-to-market）為 4.1%。現金口徑的市價調整下降 2.6%，兩者皆低於我們年度營運區間，但我們預期未來三個季度將改善，因此維持全年指引區間不變。同店（same-store）表現方面，GAAP 口徑為正 0.8%，現金口徑為 3.3%，兩者皆高於目前指引區間。

Tours in the first quarter of 2026 exceeded the first quarter of 2025 by 80%, so continued uptick in overall leasing activity. We also continue to experience a good conversion rate from these tours. For the trailing four quarters, 53% of our tours converted to a proposal, and from proposal, 37% converted to an executed lease.

2026 年第一季的帶看（tours）較 2025 年第一季增加 80%，顯示整體租賃活動持續升溫。我們也持續看到這些帶看有良好的轉換率。過去四個季度中，53% 的帶看轉為提案（proposal），而在提案之後，有 37% 轉為已簽署租約。

Just a couple of additional comments regarding market dynamics. In Philadelphia, which includes our Central Business District and University City portfolios, we're now 94% occupied and 96% leased, with only 6% rolling through year-end 2028. Our Commerce Square Joint Venture property is now 93% leased, bringing our overall combined Philadelphia holdings to 95% leased. So overall activity levels in our core CBD and University City markets remain very strong, and we continue to outperform our market share.

再補充幾點市場動態。在費城（包含我們的中央商業區與 University City 投資組合），目前入住率為 94%、出租率為 96%，且至 2028 年底前到期（rolling）的比例僅 6%。我們的 Commerce Square 合資物業目前出租率為 93%，使我們在費城的整體合併持有資產出租率達到 95%。因此，我們核心 CBD 與 University City 市場的整體活動水準仍然非常強勁，我們也持續在市占表現上優於同業。

As noted in the last call, we've captured more than double our market share in each of the last five years, and this trend did continue in the first quarter of 2026, with 41% of all new leases signed in this market was at a Brandywine property.

如同上次電話會議所提，過去五年中我們每一年所取得的市占都超過市場的兩倍；而這個趨勢在 2026 年第一季仍持續，在該市場所有新簽租約中，有 41% 是在 Brandywine 的物業簽訂。

In the Pennsylvania suburbs, overall, we're about 90% leased, and we continue to see solid levels of pipeline prospects for the existing vacancies. Austin is 70% occupied; that continues to lag the rest of our portfolio and creates a 340-basis-point drop in overall company leasing levels. Tour volume, however, did increase 15% over prior quarters.

在賓州郊區整體而言，我們的出租率約為 90%，且針對現有空置面積，我們持續看到穩健的潛在客戶管線（pipeline prospects）。奧斯汀的入住率為 70%；該市場仍落後於我們投資組合的其他部分，並使公司整體出租率水準下降 340 個基點。不過，帶看量較前幾季增加了 15%。

The operating portfolio leasing pipeline is up again this quarter by 200,000 square feet from last quarter and remains solid at 1.7 million square feet. That does include about 314,000 square feet in advanced stages of negotiations. It does not include the leasing pipelines we have on either 3151 or our project at One Uptown. And we also believe our marketing position in Philadelphia will continue to improve as we monitor office to residential conversion projects.

本季營運投資組合的租賃管線較上季再增加 200,000 平方英尺，仍維持在 170 萬平方英尺的穩健水準。其中約 314,000 平方英尺已進入較深入的談判階段。此數字不包含我們在 3151 或 One Uptown 專案上的租賃管線。此外，隨著我們持續關注辦公轉住宅的改造專案，我們也相信在費城的行銷定位將持續改善。

We're currently monitoring more than 5 million square feet, or approximately 11% of the total office inventory in the CBD, converting from office to residential or other uses. That 5 million square feet is comprised of 1.2 million square feet that has recently been converted, 1.3 million square feet in active redevelopment, and 2.5 million square feet of price that have been announced during the planning phases.

我們目前正在追蹤超過 500 萬平方英尺，約占 CBD 辦公總存量的 11%，正從辦公用途轉為住宅或其他用途。這 500 萬平方英尺包括：近期已完成轉換的 120 萬平方英尺、正在積極重建開發的 130 萬平方英尺，以及在規劃階段已公告的 250 萬平方英尺。

From liquidity standpoint, we remain in solid shape with only $65 million outstanding on our balance on our line of credit and $36 million of cash on hand. As previously noted, our multiple-year plan is designed to return us to investment-grade metrics. As such, and you'll hear more from Tom, we plan to maintain minimal balances on our line of credit. The execution of our sales program will reduce overall levels of leverage. And as a point of note, almost 50% of our outstanding bonds have coupons north of 8%, which we also believe provide good refinancing opportunities for us over the next several years.

就流動性而言，我們仍維持穩健狀態，循環信貸額度（line of credit）僅有 6,500 萬美元動用餘額，且手上現金為 3,600 萬美元。如先前所述，我們的多年期計畫旨在讓我們回到投資級指標。因此——稍後也會由 Tom 進一步說明——我們計畫在循環信貸上維持最低餘額。我們出售計畫的執行將降低整體槓桿水準。另外值得一提的是，我們未償還債券中將近 50% 的票息高於 8%，我們也認為這在未來幾年為我們提供了良好的再融資機會。

In the second quarter, we will repay the 3025 JFK construction loan with a lower-priced seven-year financing that is approximately $100 million at a rate in the mid-fives. And that transaction, once accomplished, will be on the securing the residential component, but unencumbering the commercial component of that property for inclusion in our unencumbered asset pool.

在第二季，我們將以一筆利率約在5%中段、期限七年的較低成本融資（約1億美元）償還3025 JFK建築貸款。而該交易一旦完成，將以住宅組成部分作為擔保，同時解除該物業商業組成部分的抵押，以納入我們的無抵押資產池。

We're also in the process of extending our current unsecured line of credit and term loans and plan to complete those extensions in the next couple of quarters. And as we outlined in the next few moments, our active portfolio recycling program will have a majority of the sale proceeds being used to further improve all of our balance sheet metrics that Tom will walk you through. We do anticipate our CAD ratio continuing to improve during the second half of the year, after we fully burn off the remaining tenant improvement costs relating to leases done between 2020 and 2023.

我們也正在延長目前的無擔保循環信用額度與定期貸款，並計畫在未來幾個季度完成這些展期。此外，正如我們接下來將說明的，我們積極的資產組合汰換（循環）計畫，將使大部分出售所得用於進一步改善我們所有的資產負債表指標，Tom稍後會帶各位逐一說明。我們預期在今年下半年，待我們完全消化（攤銷/支付）2020年至2023年間簽訂租約所剩餘的承租人裝修（TI）成本後，我們的CAD比率將持續改善。

As a reminder on our 3151 project, we did acquire our partners' interest in the fourth quarter of 2025 that did have the temporary impact of raising our leverage leves. The pipeline on that project is up 200,000 square feet from last quarter and does stand at approximately 1.2 million square feet, and has roughly broken down 50% office and 50% Life Science. Discussions with a number of prospects are very active, with several key proposals outstanding. As a reminder, we don't have any real lease commencements or revenue generating from 3151 in our '26 business plan.

提醒各位關於我們的3151專案，我們已於2025年第四季收購合作夥伴的權益，這在短期內確實使我們的槓桿水準上升。該專案的洽談管線較上季增加20萬平方英尺，目前約為120萬平方英尺，約略為50%辦公、50%生命科學。我們與多個潛在客戶的討論非常積極，且有數項關鍵提案仍在等待回覆。再次提醒，我們在2026年的營運計畫中，3151並沒有任何實質的租約起租或收入貢獻。

At One Uptown, we're now at 63% lease, which is up from last quarter. The pipeline now stands at over 230,000 square feet, with tenant sizes ranging between 50 and 60,000 -- 5,000 and 50,000 square feet. We do have six proposals outstanding, aggregating just shy of 100,000 square feet, and we continue to see the pipeline and the velocity of decision-making accelerate at our One Uptown project.

在One Uptown，我們目前出租率為63%，較上季提升。目前洽談管線超過23萬平方英尺，承租面積規模介於5,000至50,000平方英尺，以及50,000至60,000平方英尺之間。我們目前有六份提案待定，合計接近10萬平方英尺；同時我們持續看到One Uptown專案的洽談管線與決策速度正在加快。

In addition, as we talked last quarterly call, in anticipation of our 2027 lease expirations at the existing buildings in our Uptown development, we will be commencing the redevelopment of one of those existing buildings. That building 902 is about 160,000 square feet. We're anticipating completing that renovation in the late second quarter or early third quarter of 2027. And since our marketing launch of those projects, we have generated approximately $1.2 million of additional square feet of prospects. We do expect to deliver pricing levels below the rents required for new construction.

此外，正如我們在上次季度電話會議所提到的，為因應Uptown開發案既有建物於2027年的租約到期，我們將啟動其中一棟既有建物的改造重建。該建物902約為16萬平方英尺。我們預期於2027年第二季末或第三季初完成該翻新工程。自我們對這些專案啟動行銷以來，已新增約120萬平方英尺的潛在客戶需求。我們預期可提供低於新建案所需租金水準的定價。

And also, as some of our larger prospective tenant requirements advance, if they do, we are also have planning underway for similar renovations for several other existing buildings.

另外，隨著部分較大型的潛在承租需求若持續推進，我們也正在規劃對其他幾棟既有建物進行類似的翻新。

From a capital market perspective, our business plan does project $280 million to $300 million of sales activity. We anticipate closing most of those sales within the next 60 to 90 days. We currently, as I noted earlier, have $305 million under agreement and in due diligence, and we also have several other properties in the market exploring sale exits.

就資本市場面而言，我們的營運計畫預估將有2.8億至3.0億美元的出售活動。我們預期在未來60至90天內完成其中大部分交易的交割。目前如我先前所提，我們已有3.05億美元的資產處於簽約並進行盡職調查中，另外也有數項物業正在市場上尋求出售退出。

We do plan to recapitalize both One Uptown and Solaris during the second half of the 2026. These recaps could provide a range from a complete sale to a pari passu joint venture where Brandywine retains a minimal stake and recovers significant capital to lower debt attribution and increased liquidity. And in fact, on Solaris Center, we're already in the marketplace exploring some potential refinancing options.

我們計畫在2026年下半年對One Uptown與Solaris進行資本重整（recapitalize）。這些重整可能涵蓋從完全出售，到同順位（pari passu）的合資架構；在後者情況下，Brandywine將保留極小持股並回收可觀資金，以降低歸屬負債並提升流動性。事實上，就Solaris Center而言，我們已在市場上評估一些潛在的再融資選項。

From a broad standpoint, the vast majority of our sale proceeds will reduce debt, continue to improve liquidity, and further strengthen all of our credit metrics. And also, while the clear priority is to lower leverage to return to investment grade metrics, we do anticipate, given where our stock price is, utilizing a portion of those sales to repurchase our sales, our shares, while lowering our leverage levers across the board.

從整體來看，我們絕大多數的出售所得將用於降低負債、持續改善流動性，並進一步強化我們所有的信用指標。此外，雖然明確的優先事項是降低槓桿、回到投資級指標，但考量目前股價水準，我們也預期會運用部分出售所得回購我們的股票，同時全面降低槓桿水準。

We do have that $82 million available under our existing share repurchase program, and we anticipate the debt reduction program will commence during the second quarter, concurrent with the receipt of sale proceeds.

在現行的庫藏股回購計畫下，我們仍有8,200萬美元的可用額度；我們預期減債計畫將於第二季開始，並與出售所得入帳同步進行。

The response from the market on assets listed for sales have been very strong. [Although] we have under agreement of sale, there's been considerable interest with the typical marketing process producing between seven to 10 qualified bids. All buyer types were engaged, including institutional investment managers, other institutional investors, and significant interest from private capital.

市場對於我們掛牌出售的資產反應非常強勁。[雖然]我們已有資產進入簽約出售階段，但在一般行銷流程中仍獲得相當高的興趣，通常可產生7到10個合格投標。各類型買方皆有參與，包括機構投資管理人、其他機構投資人，以及私人資本的高度興趣。

So with that, Tom will review financial results for the first quarter of 2026, and the outlook for the second quarter of the balance of the year.

接下來，Tom將回顧2026年第一季的財務結果，以及第二季與今年其餘期間的展望。

Thank you, Jerry. Good morning. Our first quarter net loss was $48.9 million or $0.28 per share. Our first quarter FFO totaled $20 million or $0.11 per share, in line with our fourth-quarter guidance and consensus estimates.

謝謝你，Jerry。各位早安。我們第一季淨損為4,890萬美元，或每股0.28美元。第一季FFO為2,000萬美元，或每股0.11美元，符合我們第四季所提供的指引以及市場一致預估。

Our net loss was impacted by one-time non-cash charges for property impairments, so only about $11.9 million or $0.07 a share. Some general observations from the first quarter, profit level NOI is $70.2 million, was $800,000 above our current reforecast due to better margins throughout the portfolio. G&A expense was above forecast by $300,000, primarily due to compensation expense.

我們的淨損受到一次性、非現金的資產減損費用影響；若排除此項影響，淨損約為1,190萬美元，或每股0.07美元。就第一季的一些整體觀察而言，物業層級NOI為7,020萬美元，較我們目前的重估預測高出80萬美元，主要因為整體資產組合的利潤率較佳。G&A費用較預測高出30萬美元，主要由於薪酬費用。

Other income and term fees were $2.2 million or $300,000 below budget, primarily due to lower income from our retail operations. And third-party fees were $2.6 million or $1.1 million above forecasts, primarily due to higher third-party leasing fees. Other forecasted results were generally in line.

其他收入與定期費用為220萬美元，較預算低30萬美元，主要因我們零售營運收入較低。第三方費用為260萬美元，較預測高出110萬美元，主要因第三方租賃費用較高。其他預測項目整體大致符合預期。

Looking at our debt metrics, first quarter debt service and interest coverage ratios were 1.7x, both incrementally below our fourth quarter results. The decrease is primarily due to lower interest capitalization from 3151, which did increase interest expense. Our first quarter annualized combined and core net debt to EBITDA were 9.1 and 8.3, respectively. Based on our forecasted sales and debt reduction, these leverage levers will decrease during the balance of the year.

就我們的負債指標而言，第一季的債務償付覆蓋倍數與利息覆蓋倍數皆為1.7倍，較第四季結果略為下降。下降主要因3151的利息資本化金額較低，進而使利息費用增加。第一季年化後的合併與核心淨負債對EBITDA分別為9.1倍與8.3倍。基於我們預估的出售與減債，這些槓桿指標在今年其餘期間將會下降。

Regarding our portfolio, during the fourth quarter, we did remove one property from our core portfolio that is being held for sale. That property totals 116,000 square feet. During the second quarter, we will add 250 King of Prussia Road, our 168,000 square foot life science property located in Radnor submarket that will be added to our core portfolio as we anticipate stabilizing that property in June at 100% occupancy.

關於我們的資產組合，在第四季我們已將一項物業自核心資產組合中移除，並列為待售。該物業總面積為116,000平方英尺。在第二季，我們將把位於Radnor次市場、面積168,000平方英尺的生命科學物業——250 King of Prussia Road——納入核心資產組合，因我們預期該物業將於6月達到100%入住率並趨於穩定。

From a liquidity standpoint, we continue to maintain a solid liquidity position with $36 million of cash and $65 million outstanding on the secured line of credit -- unsecured line of credit at the quarter end. From the sales activity, we are anticipating $290 million of wholly owned sales at the midpoint, which is weighted towards the first half of the year, and those cap rates continue to price at roughly 8% on a cash and a little above that on a GAAP basis.

從流動性角度來看，我們持續維持穩健的流動性部位，季末持有現金3,600萬美元，且在擔保信用額度項下有6,500萬美元未償餘額——以及無擔保信用額度。就銷售活動而言，我們預期全資資產出售在中位數約為2.90億美元，且較偏重於上半年；這些資本化率（cap rates）在現金基礎上仍約為8%，在GAAP基礎上則略高於此。

As Jerry touched on, we now have $305 million of potential sales in various stages of due diligence. And the anticipated proceeds will be used to reduce debt and continue our path towards investment grade. We also intend to use a portion of the proceeds to opportunistically buy back shares on an earnings-neutral basis.

如Jerry提到的，我們目前有3.05億美元的潛在出售案，正處於不同階段的盡職調查中。預期所得款項將用於降低負債，並持續朝投資級邁進。我們也打算將部分款項用於在不影響每股盈餘（盈餘中性）的前提下，伺機回購股份。

On financing activity, the $178 million -- at 3025 JFK, the $178 million consolidated construction loan matures in July of 2026. We plan to complete a secured financing on the residential portion of that property, totaling $100 million, and use the proceeds from that loan and the unsecured line of credit to unencumber the office portion of that portfolio. The $100 million, seven-year secured financing will be fixed at a rate -- all-in rate of roughly 5.7%.

在融資活動方面，位於3025 JFK的1.78億美元合併建築貸款將於2026年7月到期。我們計畫就該物業的住宅部分完成一筆擔保融資，總額1億美元，並使用該筆貸款的資金及無擔保信用額度的資金，解除該投資組合中辦公部分的抵押（unencumber）。這筆1億美元、7年期的擔保融資將以固定利率計價——全包利率約為5.7%。

On the credit facility, our unsecured line of credit has an initial maturity date in June 2026 with extensions through June 2027, and we are working with our bank group to amend and extend the facility ahead of its maturity.

就信用融資額度而言，我們的無擔保信用額度初始到期日為2026年6月，並可延展至2027年6月；我們正與銀行團合作，在到期前修訂並延長該融資安排。

Capitalization of the ATX joint ventures. As our joint ventures continue to lease up and cash flow improves, we anticipate recapitalizing those projects on a pari passu common equity joint venture basis during the second half of 2026, with our ownership decreasing to a minority stake or an outright sale. We announced our intent to extend two existing loans on those ATX projects, and while we still anticipate closing on those transactions in the second half of 2026, we felt extending the loans will allow us time to run the sales process without concern about the maturity dates.

ATX合資企業的資本結構調整。隨著我們的合資案持續出租、現金流改善，我們預期在2026年下半年以同順位（pari passu）的普通股權合資架構對這些專案進行再資本化，屆時我們的持股將降至少數股權，或直接出售。我們已宣布有意延長這些ATX專案的兩筆既有貸款；雖然我們仍預期在2026年下半年完成這些交易，但我們認為延長貸款可讓我們在不必擔心到期日的情況下，爭取時間推進出售流程。

The recapitalization of both projects to generate between $40 million and $50 million of cash that we will use to further reduce our wholly owned leverage and will be slightly accretive to earnings and improve leverage for the balance of the year. Due to the timing and change in ownership structure being later in 2026, we have not included any benefit of these transactions in our FFO guidance.

兩個專案的再資本化預計可產生4,000萬至5,000萬美元的現金，我們將用於進一步降低全資資產的槓桿，並將對盈餘略具增益（accretive），同時在今年剩餘期間改善槓桿水準。由於時點以及所有權結構變更將發生在2026年較晚時候，我們尚未在FFO指引中納入這些交易的任何效益。

We feel incrementally more positive about executing our land sales program this year, but we have not included any land gains or losses in our results.

我們對於今年執行土地出售計畫的信心略有提升，但我們尚未在業績中納入任何土地處分的收益或損失。

Focusing on the second quarter guidance, property level operating income will total about $72.3 million and will be about $1.3million above our first quarter. The incremental improvement is primarily due to increased NOI at our CBD portfolio, and the stabilization of 250 King of Prussia Road. These increases are partially offset by start-up costs at the Radnor Hotel project, which should open during this quarter.

聚焦第二季指引，物業層級營運收入合計約為7,230萬美元，較第一季約增加130萬美元。此一增量改善主要來自我們CBD投資組合的NOI增加，以及250 King of Prussia Road的穩定化。上述增幅部分被Radnor Hotel專案的啟動成本所抵銷，該專案預計於本季開幕。

FFO contribution from our joint ventures will be a negative $900,000 for the second quarter. The decrease primarily due to higher interest rates on some of the floating rate debt. G&A expense for the second quarter will total about $9.5 million. The sequential decrease is consistent with prior years and is primarily due to the timing of our deferred compensation recognition.

第二季我們合資企業對FFO的貢獻將為負90萬美元。下降主要是由於部分浮動利率債務的利率較高。第二季G&A費用合計約為950萬美元。此一季比下降與往年一致，主要是因遞延薪酬認列時點所致。

Our full-year range of $37 million remains intact. Our interest expense, including deferred financing costs, will approximately $43 million, which includes about $700,000 of capitalized interest. Termination and other income will total about $2.5 million. Net third-party fees will approximate $1.5 million. Interest income will be about $400,000 and our diluted share count will be about $180 million. Again, the second-quarter results and share count did not take into account any potential sales and share buybacks.

我們全年3,700萬美元的區間維持不變。我們的利息費用（含遞延融資成本）約為4,300萬美元，其中包含約70萬美元的資本化利息。解約及其他收入合計約為250萬美元。淨第三方費用約為150萬美元。利息收入約為40萬美元，而我們的稀釋後股數約為1.80億股。再次說明，第二季結果與股數並未考量任何潛在出售與股份回購。

Turning to our capital plan. Our capital plan for the balance of the year remains active and totals about $450 million. Our first-quarter 2026 CAD payout was 92.7%. However, our payout will remain within our business -- however, our payout ratio for the balance of the year will remain within our 70% to 90% range. As expected -- as we expect incremental improvement in the payout ratio as FFO improves during the balance of the year.

接著談我們的資本計畫。我們今年剩餘期間的資本計畫仍在積極推進，總額約為4.50億美元。我們2026年第一季的CAD配發率為92.7%。然而，我們今年剩餘期間的配發率將維持在我們70%至90%的目標區間內。如預期所示——隨著今年剩餘期間FFO改善，我們預期配發率將逐步改善。

Looking at the larger uses for the rest of the year, we will refinance 3025 JFK with the construction loan. Utilize $140 million of debt and share buyback. Development spend will be about $50 million. We have $42 million of common dividends. Our revenue maintain and revenue create will both be -- revenue maintain will be $25 million and revenue create will be $25 million, with $15 million of equity contributions to primarily fund tenant leasing at One Uptown and Solaris extension.

就今年剩餘期間較大的資金用途而言，我們將以建築貸款為3025 JFK進行再融資。動用1.40億美元用於償債及股份回購。開發支出約為5,000萬美元。普通股股利為4,200萬美元。我們的revenue maintain與revenue create各為2,500萬美元，另有1,500萬美元的股權投入，主要用於資助One Uptown與Solaris延伸案的租戶招租。

The sources are going to be -- the sources to offset those uses are going to be $80 million of cash flow after interest payments, speculative asset sales totaling $290 million, and $100 million of loan proceeds from our Avira residential project financing.

資金來源方面——用以抵銷上述用途的來源將包括：支付利息後約8,000萬美元的現金流、合計2.90億美元的投機性資產出售，以及來自我們Avira住宅專案融資的1億美元貸款資金。

Based on the capital plan, we anticipate having approximately $10 million of net outstanding on the line of credit. We anticipate net debt to EBITDA will be within the range of 8.4 to 8.8, and our fixed charge coverage will be about 1.8 to 2.0. Implicit in these ratios is the execution of our sales program and the recapitalization of the ATX developments.

基於該資本計畫，我們預期信用額度的淨未償餘額約為1,000萬美元。我們預期淨負債對EBITDA將落在8.4至8.8的區間，固定費用覆蓋倍數約為1.8至2.0。這些比率隱含我們將執行出售計畫並完成ATX開發案的再資本化。

These ratios will continue to be elevated until increased revenue comes online from our development projects, particularly 3151, which is now a $250 million wholly owned investment, which is currently producing operating losses. As these developments stabilize, our leverage decrease will further accelerate, and as we anticipate that those leverage metrics will improve as the year progresses.

在我們的開發專案帶來更多收入上線之前，這些比率仍將維持在較高水準，尤其是3151——目前為一項2.50億美元的全資投資，且目前仍在產生營運虧損。隨著這些開發案趨於穩定，我們的槓桿下降將進一步加速；我們也預期這些槓桿指標將隨著年度推進而改善。

I will now turn the call back over to Jerry.

我現在把電話會議交回給Jerry。

Great, Tom. Thanks very much. So as we look ahead, the operating platform enables us to capitalize on improving real estate market conditions to our plan for 2026 shows earning growth over 2025, and we expect further improvement in growth in 2027. And as we continue to push occupancy levels across the board, as Tom touched on, generate results coming out of our two remaining office and Life Science development projects, we certainly expect that there will be incremental NOI that will be available for strength in our balance sheet and for other uses.

很好，Tom。非常感謝。展望未來，我們的營運平台使我們能夠把握房地產市場狀況改善所帶來的機會；依我們2026年的計畫，獲利將較2025年成長，且我們預期2027年的成長將進一步改善。隨著我們持續全面推升入住率，並如Tom所提到的，從剩餘兩個辦公與生命科學開發專案中產生成果，我們確實預期將有額外的NOI可用於強化資產負債表及其他用途。

So the groundwork has been laid, and we'll continue to build on this momentum to drive long-term value. And with that, we are delighted 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.

因此，基礎已經奠定，我們將持續在此動能上再接再厲，以推動長期價值。接下來，我們很高興開放提問。一如往常，為了節省時間，請各位僅限一個問題並可再追問一題。

Michelle, we're happy to open the floor up for questions at this point.

Michelle，我們很高興現在開放提問。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Nick Joseph, Citi.

Nick Joseph，花旗。

Jerry, you talked about the active transaction market and lots of buyer interest in the bidder pool there. How does that inform additional asset sales from here beyond what's currently under contract?

Jerry，你談到活躍的交易市場，以及投標者池中有很多買方興趣。這對於在目前已簽約的交易之外，接下來進一步出售資產有何啟示？

I think it actually is very helpful for us, because we actually, by design, put a fairly broad range of product in the marketplace to test what we thought the investor segments or sentiments might be. And I think, certainly given the velocity we saw on each of these sales and the fairly competitive final bid processes we went through to generate the price we were targeting, I think we certainly, as I even touched on in my comment, have a number of other properties that we're thinking about -- that are in the market for sale, we're going through the underwriting to see what those POVs might be as we put those in the marketplace.

我認為這其實對我們非常有幫助，因為我們確實是有意在市場上投放相當廣泛的產品範圍，用來測試我們認為不同投資人族群或市場情緒可能會是什麼。而且我認為，尤其是考量到我們在每一筆出售上看到的成交速度，以及我們在相當具競爭性的最終投標流程中所經歷的一切、以達成我們鎖定的價格，我想我們確實——正如我在評論中也提到——還有一些其他物業正在考慮中；這些物業已在市場上待售，我們正在進行承銷分析，以便在把它們推向市場時了解可能的觀點（POV）。

But certainly, I think the breadth of response we got ranging from tier-one institutional investors to large private equity funds to traditional high-net-worth family offices to syndicators was a hoped-for result. We weren't sure with some of the properties we put in the market what the bid list would wind up being, and they wound up being a lot more robust than we thought they would be.

但我認為，我們收到的回應廣度——從一線機構投資人到大型私募股權基金、到傳統高淨值家族辦公室、再到聯合投資方（syndicators）——確實是我們期望看到的結果。我們原本不確定某些投放到市場的物業最終會形成怎樣的投標名單，但結果比我們預期更為強勁。

So I think certainly with the debt market showing some signs of stability depending upon the day of the week it is, I think that has given buyers, I think, a lot more comfort of underwriting some of the assets we put into the marketplace. So I think it was all good news from that front. Certainly, we're very happy to be sitting here where we are with this many properties under agreement, going through final due diligence. And with closing schedule for the next 60 to 90 days to help us execute the debt reduction and liquidity program we put in place. So I think another good sign of the office market recovering from different capital sources.

因此我認為，尤其是在債務市場依不同日子而定、顯示出一些穩定跡象的情況下，這讓買方在承銷我們投放到市場的一些資產時更有信心。所以我認為從這個角度看都是好消息。當然，我們也很高興能在目前這個位置上，有這麼多物業已達成協議、正在進行最終盡職調查。並且在未來60到90天內有結案時程，協助我們執行已制定的降債與流動性方案。所以我認為這也是辦公市場從不同資本來源角度復甦的另一個良好訊號。

And if you do lean into it more, how would you balance additional buybacks versus leverage reductions beyond what's currently contemplated?

如果你們確實更積極推進，對於在目前規劃之外的額外回購與降低槓桿，你們會如何取得平衡？

I think that the primary objective is both Tom and I touched on is to improve the credit metrics. That's by far the number one objective. As we talked last quarter, buying at our preferred partners' positions, the Schuylkill Yards project temporarily raised leverage. Our number one goal is to get those leverage levers back to what we've outlined in our business plan.

我認為首要目標——正如我和Tom都提到的——是改善信用指標。這絕對是第一優先。如同我們上季所談，買下我們優先合作夥伴在Schuylkill Yards專案中的持分，短期內提高了槓桿。我們的首要目標是把這些槓桿指標拉回到我們在營運計畫中所概述的水準。

And certainly, to the extent that pricing is better, we generate more sales velocity, and we see a clear path towards achieving those balance sheet metrics. I think then we certainly recognize where the stock price is, want to deploy some capital there, as Tom mentioned, on a leverage-neutral, earnings-neutral basis.

當然，在定價更好、我們能更快完成出售，且我們看到一條清晰路徑可達成那些資產負債表指標的情況下，我認為我們也確實會留意目前股價水準，並希望如Tom所提到，以槓桿中性、盈餘中性的方式在那裡部署部分資本。

Manus Ebbecke, Evercore.

Manus Ebbecke，Evercore。

Just wondering if you could expand a little bit on the interest that you're seeing for the 902 building in Uptown ATX. Just I guess the interest you've gathered so far is mainly new to market tenants or existing tenants in the market. Just help us understand maybe a little bit.

想請你們再多談一點你們在奧斯汀市中心（Uptown ATX）的902大樓所看到的興趣。我想問的是，到目前為止你們收集到的興趣主要來自新進市場的租戶，還是市場內既有租戶？請協助我們多理解一些。

Sure. Happy to walk through that. As we talked last quarter, we announced to the leasing marketplace that given the significant uptick in zoning capacity, we're able to achieve it One Uptown, and the pending departure of a large tenant, we really focused on how we could reposition several of those assets at a very attractive price point for the tenant market.

當然。很樂意說明。如同我們上季所談，我們向租賃市場宣布，鑑於我們在One Uptown可達成的分區容量大幅提升，以及一位大型租戶即將遷出，我們把重點放在如何以對租戶市場非常具吸引力的價格定位，重新改造其中幾項資產。

That approach was very well received from the marketplace. So we have a couple of very large prospects we're talking to, most of them are in market, but several of those have significant expansion requirements. Some of the newer tenants to the market that we're seeing, Manus, are really on the existing One Uptown pipeline. But the larger prospects we're talking to about the renovations of the 900 buildings are mostly in market, but a couple with significant expansion and/or consolidation opportunities.

這個做法在市場上反應非常好。因此我們正在與幾個非常大型的潛在客戶洽談，其中多數是在地市場內的，但其中幾個有顯著的擴張需求。Manus，我們看到的一些新進市場租戶，主要其實是在既有的One Uptown案源管線中。但我們就900系列大樓翻新所洽談的較大型潛在客戶，多數仍是市場內的，不過也有幾個具備顯著擴張及/或整併機會。

So I think we've been very happy with the response we're getting. I'd say there's a fairly high level of active substantive dialogue with several of these users. Who knows where that goes. But the signals are very positive, and we've really ramped up our planning efforts to make sure that if we do, in fact, get substantive results from these prospects, we can move forward with these renovations fairly expeditiously.

所以我認為我們對目前收到的回應非常滿意。我會說，我們與其中幾位使用者之間有相當高程度、積極且具實質內容的對話。未來會如何發展還很難說。但訊號非常正面，我們也大幅加快規劃工作，確保如果我們確實從這些潛在客戶取得實質成果，就能相當迅速地推進這些翻新工程。

And maybe a quick follow-up on Philly and the life science market there. Just was curious to hear if there is any update on how you just feel about like the life science leasing, which I know it's been challenging over the last year. If those tenants coming a little bit back now out again in 2026, or just was wondering how that's tying up?

另外想快速追問費城以及當地生命科學市場。想請教是否有任何更新：你們對生命科學租賃的感受如何？我知道過去一年一直很具挑戰。這些租戶是否在2026年開始有點回流、重新出來找空間？想了解目前的情況。

I think we are seeing the proverbial green shoots in the Life science Market. Capital flowing a little bit better. Of course, there's a macro-overhang of regulatory risk, but definitely an uptick in tone. And the pipeline, as I mentioned for 3151, we have a couple of larger institutions that we're talking to that are real in their requirement, but slow in their execution pace. And we have a number of smaller life science companies that we continue a very active dialogue with about making 3151 their home.

我認為我們確實在生命科學市場看到了所謂的「綠芽」跡象。資金流動稍微改善。當然，宏觀上仍有監管風險的陰影，但整體語氣確實轉為更正面。而且就我提到的3151而言，我們正與幾家較大型機構洽談，他們的需求是真實存在的，但執行節奏較慢。同時我們也與多家較小型的生命科學公司保持非常積極的對話，討論讓3151成為他們的據點。

And then, of course, we've seen an uptick in office tenant requirements, given the tightness of the Class A office market in Philadelphia. I mean, certainly when we're sitting in our Philadelphia trophy-class properties at 95% plus leased with really a dearth of available space for the next couple of years, we've been able to pivot some of those prospects over to look at 3151.

此外，鑑於費城甲級（Class A）辦公市場供給緊俏，我們也看到辦公租戶需求有所回升。我的意思是，當我們的費城頂級地標物業出租率達到95%以上，且未來幾年可用空間非常稀缺時，我們就能把其中一些潛在客戶轉而引導去看3151。

And the tone of those conversations is constructive as well. We are certainly looking forward to getting some leases executed there, as Tom touched on. Generating revenue coming out of 3151, certainly given the size of the pipeline we have, we see visibility on the near-term horizon, but it's a very important part of our balance sheet strengthening. Program as well.

而這些對話的氛圍也同樣具建設性。我們當然期待能在那裡簽下一些租約，正如Tom所提到的。讓3151開始產生營收——考量到我們目前的案源管線規模，我們對短期可見度是有把握的——但這同時也是我們強化資產負債表計畫中非常重要的一環。也是如此。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Just going back to the dispositions. Jerry, you mentioned that it's a mix of different assets. Are you able to share, like, percentage of assets that you guys are looking to sell as core versus non-core within the overall branding one portfolio?

回到資產處分的問題。Jerry，你提到這是一個不同資產的組合。你們能否分享一下，例如在整體Brandywine投資組合中，你們考慮出售的資產中，核心資產與非核心資產各占多少比例？

I think we have one asset that we would consider to be core that we're selling, and the rest are, I wouldn't say they are non-core, but they're less-than-core core. Our approach today on the sale program, as we outlined last quarter, was to put a variety of assets in the marketplace to really test the investor appetite across all different asset sizes, weighted average lease terms, age, submarket positioning, et cetera.

我認為我們有一項資產可被視為核心資產正在出售，其餘的我不會說是非核心，但屬於「不那麼核心的核心」。我們目前在出售計畫上的做法——如同上季所概述——是把多樣化的資產投放到市場上，真正去測試投資人對不同資產規模、加權平均租期、屋齡、次市場定位等各方面的胃納。

Because one of our objectives really was, as we get through this first phase of sales, was to really start to get some insights into how we view the investor marketplace for the next four to six quarters as we look forward to our business plan execution in 2027 as well. So by design, we put a wide range of properties out there, Dylan. And I think we've got the response on a previous question that we were hoping to achieve.

因為我們的其中一個目標，確實是當我們完成這第一階段的資產出售時，能真正開始獲得一些洞見，了解在展望未來四到六個季度、並同時放眼我們在2027年執行商業計畫時，我們如何看待投資人市場。因此，按設計，我們把範圍很廣的一系列物業都拿出去，Dylan。而且我認為，我們在前一個問題上得到的回應，正是我們希望達成的。

And then just going back to 3151 market, I see the yield still remains at 7.5% yield on cost. I don't think that's changed over the last several years, can I just talk about confidence in hitting that, given life science leasing costs are obviously much higher today? I know some of the (multiple speakers) but just curious.

然後回到3151這個案子，我看到成本收益率仍維持在7.5%。我不認為這在過去幾年有變化；鑑於生命科學的出租成本今天顯然高得多，我可以談談對達成該目標的信心嗎？我知道有些（多位發言者），但只是好奇。

I think as we go through the pro forma exercise and model in some of the existing deals we have in place, we still feel confident about hitting that target. The timing of that of getting leases actually has been really one of the more challenging aspects that we faced.

我認為，當我們進行備考（pro forma）推演並把我們已經在手的一些既有交易納入模型時，我們仍對達成該目標有信心。而真正更具挑戰的部分，一直是實際把租約簽下來的時點。

But we've had no real price resistance. And certainly, what we've been able to see, even with the softening of the life science market, are proposals that do reflect the higher level of tenant improvement costs show that we're able to get a higher going in rental rate, lower free rent concessions, and frankly, longer lease terms, which generate the effective rent targets that we're after.

但我們並沒有遇到真正的價格阻力。而且可以確定的是，即使生命科學市場轉弱，我們所看到的提案仍反映出較高水準的租戶裝修（TI）成本，並顯示我們能取得更高的起租租金、更少的免租讓步，坦白說，還有更長的租期，從而產生我們所追求的有效租金目標。

(Operator Instructions)

（接線員指示）

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

Jerry, you mentioned you have six proposals out on One Uptown that totals around 100,000 square feet. Do you have any sense on the probability of those getting done and any potential timing that you could provide on those proposals? If those were to get done, that could bring leased percentage up to over 90%, I just want to get your thoughts there.

Jerry，你提到你們在One Uptown有六份提案，合計大約10萬平方英尺。你對這些提案成交的機率有沒有概念？以及你能提供的任何可能時程？如果這些能成交，出租率可能會提高到90%以上，我想聽聽你的看法。

We certainly feel optimistic. And I think we're pragmatic in assessing that, so our hope is that we get at least half of those across the finish line and do another full floor at Uptown. As we talked about on previous calls, we have our anchor tenant has a call right on one of the remaining floors that is exercisable later this year, so we're tracking that very carefully.

我們當然感到樂觀。同時我們也務實地評估，所以我們希望至少能把其中一半推進到完成，並在Uptown再成交一整層。如同我們在先前電話會議中談到的，我們的主力租戶對其中一個剩餘樓層有一項可在今年稍晚行使的承租選擇權（call right），因此我們正非常密切地追蹤。

And then on the other floor, we're also given the success we had on doing spec suites in that building, we're also building out another floor as well. So I think we've got all the mechanics in place supported by the pipeline to show continued occupancy gains in that property quarter-over-quarter.

另外在另一個樓層，鑑於我們在該大樓打造投機型套房（spec suites）所取得的成功，我們也正在再裝修一個樓層。因此我認為，在管線的支持下，我們已具備所有運作機制，能夠顯示該物業的入住率將逐季持續提升。

And then, I appreciate your comments on the recapitalization of One Uptown and Solaris in your prepared remarks, but could you expand a little more on that and how demand has been there and anything that's shifted from what you had originally anticipated from earlier this year?

另外，我很感謝你在事先準備的發言中對One Uptown與Solaris再資本化的評論，但你能否再多展開說明一些：需求狀況如何？以及相較於你們今年稍早原先的預期，有哪些變化？

I'll start with Solaris, the residential project. I mean there, we really achieved a significant acceleration of lease-up in light of the fact that apartment market demand drivers and supply imbalance was fairly weak. So our approach was to accelerate people taking occupancy. And to do that, we actually provided some significant concessions to get that done. So the initial year one overall rental levels were below our target. So now, we're heavily into the renewal season and we're getting about a 16% uptick across the board on our renewals.

我先從Solaris這個住宅專案開始。在那裡，儘管公寓市場的需求驅動因素與供需失衡相當疲弱，我們仍真正實現了顯著加速的出租進度。因此我們的做法是加速讓住戶入住。為了做到這點，我們確實提供了相當可觀的讓步以促成。所以第一年整體租金水準低於我們的目標。現在我們正進入續租旺季，我們的續租租金整體約有16%的上調。

So that has been a very positive indicator on future NOI growth, and the retention rate has been fairly positive as well. So with those data points, we've already started the process of talking to a number of high-quality institutional investors about recapitalizing that project with us. So feedback there has been very supportive, and certainly, we expect to get that recap done sometime in the third quarter per our plan. And maybe even a little bit earlier, but that's kind of the plan at this point.

因此，這對未來NOI成長是一個非常正面的指標，而留住率也相當不錯。基於這些數據點，我們已經開始與多家高品質的機構投資人洽談，討論與我們一起對該專案進行再資本化。因此那邊的回饋非常支持；而且我們確實預期按計畫在第三季某個時點完成這次再資本化。也可能會稍微更早一些，但目前大致就是這個計畫。

One Uptown, look, we continue to get a lot of good activity in institutions that want to partner that project with us. From our perspective, though, and Tom touched on this, we want to get a couple of additional leases done, because that's really the value creation proposition for us. So we have no concerns at all about the ability for us to execute on the recap on either Solaris House or One Uptown, given the feedback we've gotten thus far, and frankly, on One Uptown, given the pipeline we have to get that project closer to the 80% to 90% lease range. Hopefully, that answers your question.

至於One Uptown，你看，我們持續獲得很多良好的機構端活動，這些機構希望與我們合作這個專案。但從我們的角度來看——Tom也提到過——我們希望再完成幾筆額外租約，因為那才是我們的價值創造主張。因此，基於迄今為止收到的回饋，以及坦白說，就One Uptown而言，基於我們的租賃管線能把該專案推進到更接近80%到90%出租率區間，我們對於在Solaris House或One Uptown完成再資本化的執行能力完全沒有疑慮。希望這回答了你的問題。

Thank you. And I show no further questions in the queue at this time. I will turn the call back to Jerry for closing remarks.

謝謝。我目前看到隊列中沒有其他問題。我將把電話交回Jerry作結語。

Great. Well, Michelle, thank you for your help today. And to all of you, thank you very much for participating in our first-quarter call. And we look forward to providing a further update on our business plan progress during the second-quarter call. Thank you very much and have a great day.

很好。Michelle，謝謝你今天的協助。也謝謝各位參與我們的第一季電話會議。我們期待在第二季電話會議中，進一步更新我們商業計畫的進展。非常感謝，祝各位有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以掛線。