Office Properties Income Trust (OPI) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到 Office Properties Income Trust 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Kevin Barry, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 Kevin Barry。請繼續。

Thanks, Gary, and good morning, everyone. Thank you for joining us today. With me on the call are OPI's President and Chief Operating Officer, Chris Bilotto; and Chief Financial Officer and Treasurer, Matt Brown. In just a moment, they will provide details about our business and our performance for the fourth quarter of 2022, followed by a question-and-answer session with sell-side analysts.

謝謝，加里，大家早上好。感謝您今天加入我們。和我一起接聽電話的是 OPI 總裁兼首席運營官 Chris Bilotto；首席財務官兼財務主管 Matt Brown。稍後，他們將提供有關我們 2022 年第四季度業務和業績的詳細信息，然後是與賣方分析師的問答環節。

First, I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on OPI's beliefs and expectations as of today, Thursday, February 16, 2023, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from our website, opireit.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements.

首先，我想指出，未經公司事先書面同意，禁止錄製和轉播今天的電話會議。另請注意，今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性陳述基於 OPI 截至今天（2023 年 2 月 16 日，星期四）的信念和預期，實際結果可能與我們預測的結果存在重大差異。公司沒有義務修改或公開發布對今天電話會議中所做的前瞻性陳述的任何修改結果。有關可能導致這些差異的因素的其他信息包含在我們提交給美國證券交易委員會 (SEC) 的文件中，可以從我們的網站 opireit.com 或 SEC 的網站訪問這些文件。提醒投資者不要過分依賴任何前瞻性陳述。

In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations or normalized FFO, cash available for distribution or CAD, and cash basis net operating income or cash basis NOI. A reconciliation of these non-GAAP figures to net income are available in our supplemental operating and financial data package, which also can be found on our website. In addition, we will be providing guidance on this call, including normalized FFO and cash basis NOI. We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all, such as gains and losses or impairment charges related to the disposition of real estate.

此外，我們將在本次電話會議期間討論非 GAAP 數字，包括標準化運營資金或標準化 FFO、可用於分配的現金或 CAD，以及現金制淨營業收入或現金制 NOI。這些非 GAAP 數據與淨收入的對賬可在我們的補充運營和財務數據包中找到，也可以在我們的網站上找到。此外，我們將就此次電話會議提供指導，包括標準化的 FFO 和收付實現制 NOI。我們沒有提供這些非 GAAP 措施的調節作為我們指導的一部分，因為這種調節所需的某些信息在沒有不合理的努力的情況下無法獲得或根本無法獲得，例如與房地產處置相關的損益或減值費用。

With that, I will now turn the call over to Chris.

有了這個，我現在將把電話轉給克里斯。

Thank you, Kevin. Good morning, everyone, and thank you for joining the call today. OPI reported fourth quarter results that reflect strong leasing momentum, solid financial results and further execution on our capital recycling plans. Amid continued economic uncertainty and challenging office sector fundamentals, we are pleased with our performance, advancing on core strategies aimed at enhancing OPI's operating performance. Normalized FFO of $1.13 per share exceeded the high end of our guidance range and the change in same-property cash basis NOI was in line with our expectations. We completed 705,000 square feet of leasing activity, primarily with tenant renewals, resulting in our highest quarterly retention activity in 3 years.

謝謝你，凱文。大家早上好，感謝您今天加入電話會議。 OPI 報告的第四季度業績反映了強勁的租賃勢頭、穩健的財務業績以及我們資本回收計劃的進一步執行。在持續的經濟不確定性和具有挑戰性的寫字樓行業基本面中，我們對我們的表現感到滿意，推進旨在提高 OPI 運營績效的核心戰略。每股 1.13 美元的標準化 FFO 超出了我們指導範圍的上限，同財產現金基礎 NOI 的變化符合我們的預期。我們完成了 705,000 平方英尺的租賃活動，主要是租戶續約，導致我們的季度保留活動達到 3 年來最高。

Our fourth quarter performance caps a year in which we achieved many of the operating targets that we set for OPI. During 2022, we completed 2.6 million square feet of leasing for a weighted average term of more than 9 years and a roll-up in rent of 5.6%, which was in line with the leasing spreads we had projected at the beginning of the year. New leasing included 588,000 square feet or 23% of our 2022 activity. We sold noncore properties for more than $210 million of aggregate gross proceeds and total portfolio occupancy increased approximately 110 basis points to 90.6%, trending well above the national office market average.

我們第四季度的業績達到了我們為 OPI 設定的許多運營目標的一年。 2022 年期間，我們完成了 260 萬平方英尺的租賃，加權平均期限超過 9 年，租金累計上漲 5.6%，這與我們年初預測的租賃利差一致。新租賃包括 588,000 平方英尺，占我們 2022 年活動的 23%。我們以超過 2.1 億美元的總收益出售了非核心物業，投資組合的總入住率增加了約 110 個基點，達到 90.6%，遠高於全國寫字樓市場平均水平。

Turning to capital recycling. Since the beginning of 2022, we sold 21 properties containing 2.4 million square feet for $216.4 million. Although we started the year with a more aggressive disposition outlook, we are pleased with our ability to close on these transactions during a very tumultuous year for capital markets and office real estate. In 2023, capital recycling will remain a principal strategy for OPI and cater toward ongoing portfolio enhancement opportunities, management of capital requirements and reducing leverage.

轉向資本回收。自 2022 年初以來，我們以 2.164 億美元的價格出售了 21 處房產，面積為 240 萬平方英尺。儘管我們以更積極的處置前景開始了今年，但我們很高興能夠在資本市場和寫字樓房地產非常動蕩的一年中完成這些交易。到 2023 年，資本回收仍將是 OPI 的主要戰略，並迎合持續的投資組合增強機會、資本需求管理和降低杠桿率。

We expect macroeconomic uncertainty in CRE financing to continue to weigh on the pace and magnitude of market activity. However, we are presently under agreement to sell two properties for approximately $7.6 million in gross proceeds, and we are in various stages of identifying and marketing additional properties for sale, most likely to transact in the back half of the year.

我們預計 CRE 融資的宏觀經濟不確定性將繼續影響市場活動的速度和規模。但是，我們目前同意以總收益約 760 萬美元的價格出售兩處房產，並且我們正處於確定和營銷其他待售房產的不同階段，最有可能在今年下半年進行交易。

We ended the year with 160 properties containing 21 million square feet with a weighted average lease term of 6.6 years. Approximately 63% of our annualized rental income was from investment-grade rated tenants, which we believe is one of the highest such percentages in the office REIT sector. Our balance sheet has nearly $570 million of liquidity with 92% of our debt at fixed rates, and we have no senior notes maturing until mid-2024.

截至年底，我們擁有 160 處房產，面積為 2100 萬平方英尺，加權平均租期為 6.6 年。我們約 63% 的年化租金收入來自投資級評級的租戶，我們認為這是寫字樓 REIT 行業中此類比例最高的之一。我們的資產負債表有近 5.7 億美元的流動性，其中 92% 的債務是固定利率的，而且我們沒有要到 2024 年中期到期的優先票據。

Turning to our fourth quarter leasing results. We entered into new and renewal leases for 705,000 square feet which is a 16% increase from the third quarter and a marginal improvement over the prior year. This activity resulted in a weighted average lease term of 10.1 years, and leasing concessions and capital commitments of $8.46 per square foot per lease year. Weighted average rent spreads for the quarter declined 6.7%, primarily due to a 337,000-square foot renewal for an 11-year term with the defense contractor located in Northern Virginia. We view this renewal as a strategic win with one of our largest tenant expirations in 2023 and recognition that our campus is part of a longer-term real estate plan for the tenant.

談談我們第四季度的租賃業績。我們簽訂了 705,000 平方英尺的新租約和續租租約，比第三季度增長 16%，比上年略有改善。該活動導致加權平均租賃期為 10.1 年，租賃優惠和資本承諾為每租賃年每平方英尺 8.46 美元。本季度加權平均租金差下降 6.7%，主要是由於與位於北弗吉尼亞州的國防承包商續約了 337,000 平方英尺，為期 11 年。我們將此次續約視為一項戰略勝利，我們最大的租戶之一將於 2023 年到期，並認識到我們的校園是租戶長期房地產計劃的一部分。

Additional highlights are primarily attributed to renewals with two GSA tenants inclusive a renewal for a 110,000-square foot mission-critical facility in Mississippi for a 20-year term. Generally speaking, we continue to see higher retention with the GSA agencies and mission-critical facilities along with willingness to consider longer lease terms. Mission-critical facilities within our portfolio contribute to roughly 11% of our annualized revenue or just over half of our total U.S. government portfolio.

其他亮點主要歸功於與兩個 GSA 租戶的續約，其中包括密西西比州 110,000 平方英尺的關鍵任務設施的續約，為期 20 年。一般來說，我們繼續看到 GSA 機構和關鍵任務設施的更高保留率以及考慮更長租期的意願。我們投資組合中的關鍵任務設施貢獻了我們年化收入的大約 11% 或略高於我們美國政府投資組合總額的一半。

Looking ahead to OPI's upcoming lease expirations. While overall leasing activity has been healthy, we believe 2023 will move at a gradual pace while tenants continue to evaluate real estate needs. We continue to actively manage through proactive re-leasing efforts, along with select alternative use strategies to further diversify our portfolio and to capitalize on compelling value-creation opportunities.

展望 OPI 即將到期的租約。雖然整體租賃活動一直健康，但我們認為 2023 年將逐步推進，同時租戶將繼續評估房地產需求。我們繼續通過積極的再租賃努力進行積極管理，並選擇替代使用策略，以進一步豐富我們的投資組合併利用引人注目的價值創造機會。

In 2023, lease expirations represent approximately 11% of our annualized rental income, a 280 basis point decrease from where we stood at the end of Q3. Annualized revenue for 2023 expirations is comprised of the following: Net known vacates for the year are trending between 5% and 6% of annualized rental income, nearly 80 basis points represents planned dispositions, and the balance of 5% to 6% is expected to renew, of which 2.2% has either signed subsequent to year-end or is in advanced stages of lease discussions.

到 2023 年，租賃到期約占我們年化租金收入的 11%，比我們在第三季度末的水平下降了 280 個基點。 2023 年到期的年化收入由以下部分組成：今年的已知淨空置率趨勢在年化租金收入的 5% 到 6% 之間，近 80 個基點代表計劃處置，5% 到 6% 的餘額預計續約，其中 2.2% 已在年底後簽署或處於租賃討論的後期階段。

We are currently tracking approximately 2.7 million square feet of activity in our pipeline, with more than 1.1 million square feet attributable to new leasing and 541,000 square feet of potential absorption. In light of the activity in our pipeline, combined with our property disposition plans, we are projecting year-end occupancy of 88% to 90%.

我們目前正在跟踪我們管道中大約 270 萬平方英尺的活動，其中超過 110 萬平方英尺歸因於新租賃和 541,000 平方英尺的潛在吸收。鑑於我們的籌備活動，結合我們的財產處置計劃，我們預計年底入住率將達到 88% 至 90%。

Turning to our developments. OPI currently has two redevelopment projects underway that we expect will enhance our competitive positioning in the market and provide significant value creation and growth opportunities. Our redevelopment at 20 Mass Ave in Washington, D.C. is on track to deliver during the second quarter of 2023. The property is currently 54% pre-leased to an anchor tenant, the Royal Sonesta Hotel, and we anticipate an opening date to take place at the end of the second quarter.

轉向我們的發展。 OPI 目前有兩個正在進行的重建項目，我們預計這將增強我們在市場上的競爭地位，並提供重要的價值創造和增長機會。我們位於華盛頓特區馬薩諸塞大道 20 號的重建項目有望在 2023 年第二季度交付。該物業目前有 54% 的預租給主要租戶皇家索內斯塔酒店，我們預計開業日期在第二季度末。

In Seattle, Washington, we continue to advance construction. However, our timing for completion has been moved out to Q4 2023 given supply chain impacts for delivery of certain equipment. The delay mostly defers the timing of a potential lease to start of our spec suites. However, we anticipate our anchor lab tenant leasing 28% of the project will continue to commence in Q4 as originally planned.

在華盛頓西雅圖，我們繼續推進建設。但是，鑑於供應鏈對某些設備交付的影響，我們的完成時間已推遲到 2023 年第四季度。延遲主要推遲了潛在租約開始我們規格套件的時間。然而，我們預計我們的主要實驗室租戶將按原計劃在第四季度繼續租賃該項目的 28%。

We're off to a good start with pre-leasing at both projects and maintain our outlook for lease-up to stabilization of 18 to 24 months following delivery. Our development leasing pipeline includes more than 170,000 square feet of active proposals across the two projects. Total cost of stabilization are $377 million of which $197 million or 52% has been spent through year-end 2022. We anticipate between $125 million to $135 million or up to 36% will be spent in 2023 with the balance incurred with future year lease-up. Upon stabilization, estimated stabilized yields for Washington, D.C. are 8% to 10% and for Seattle are 10% to 12%.

我們在這兩個項目的預租方面有了一個良好的開端，並維持我們對交付後 18 至 24 個月穩定租期的展望。我們的開發租賃管道包括兩個項目中超過 170,000 平方英尺的活躍提案。穩定的總成本為 3.77 億美元，其中 1.97 億美元或 52% 已花費到 2022 年底。我們預計 2023 年將花費 1.25 億美元至 1.35 億美元或最多 36%，餘額將在未來一年的租賃中產生-向上。穩定後，華盛頓特區的估計穩定收益率為 8% 至 10%，西雅圖為 10% 至 12%。

In conclusion, despite these achievements, tenants broader view on office needs and plans for reentry remain in a period of transition. Industry utilization continues to improve at a very gradual pace across most markets currently trending near 50% and consistent with what we are expecting across our national portfolio. While we continue to experience gradual improvements supporting tenant decisions within our portfolio, as highlighted with our leasing results or known vacates, concerns of an economic recession, discount reductions, along with cost-containment measures continue to weigh on office fundamentals.

總之，儘管取得了這些成就，但租戶對辦公需求和重返計劃的更廣泛看法仍處於過渡時期。大多數市場的行業利用率繼續以非常緩慢的速度提高，目前趨勢接近 50%，這與我們對全國投資組合的預期一致。雖然我們繼續逐步改進我們投資組合中的租戶決策支持，正如我們的租賃結果或已知的空置所強調的那樣，但對經濟衰退的擔憂、折扣減少以及成本控制措施繼續對辦公室基本面構成壓力。

Heading into 2023, we take comfort in the many initiatives undertaken over the past several years to position OPI as a landlord of choice when managing through transitionary periods. Representative examples include enhancements to our overall portfolio with our capital recycling program and major redevelopments are focused on providing an exceptional experience through our property management and engineering teams. Our many sustainability initiatives, including the company's recognition as a gold level green lease leader and steps taken to strengthen our balance sheet. We believe these and other factors will benefit OPI as we continue to navigate the headwinds facing the office sector.

進入 2023 年，我們對過去幾年採取的許多舉措感到欣慰，這些舉措旨在將 OPI 定位為管理過渡期時的首選房東。代表性的例子包括通過我們的資本回收計劃增強我們的整體投資組合，而主要的再開發項目則專注於通過我們的物業管理和工程團隊提供卓越的體驗。我們的許多可持續發展舉措，包括公司被公認為金級綠色租賃領導者以及為加強我們的資產負債表而採取的措施。我們相信，隨著我們繼續應對辦公部門面臨的逆風，這些和其他因素將使 OPI 受益。

I will now turn the call over to Matt to review our financial results.

我現在將電話轉給馬特來審查我們的財務業績。

Thanks, Chris, and good morning, everyone. Normalized FFO for the fourth quarter was $54.5 million or $1.13 per share, $0.03 above the high end of our guidance range. This compares to normalized FFO of $53.8 million or $1.11 per share for the third quarter. The sequential quarter increase was primarily driven by lower G&A and interest expense.

謝謝，克里斯，大家早上好。第四季度標準化 FFO 為 5450 萬美元或每股 1.13 美元，比我們的指導範圍上限高出 0.03 美元。相比之下，第三季度標準化 FFO 為 5380 萬美元或每股 1.11 美元。季度環比增長主要是由於較低的 G&A 和利息支出。

I'd like to highlight that OPI's fourth quarter income statement includes a decrease in expense reimbursements included in rental income and real estate tax expense of approximately $8.1 million and $8.2 million, respectively, related to a favorable real estate tax assessment received during the quarter for a property located in Chicago that OPI acquired in June 2021.

我想強調的是，OPI 的第四季度損益表包括租金收入和房地產稅費用中的費用報銷減少，分別約為 810 萬美元和 820 萬美元，這與本季度收到的有利房地產稅評估有關OPI 於 2021 年 6 月收購的位於芝加哥的一處房產。

G&A expense for the fourth quarter was $5.8 million as compared to $6.6 million for the third quarter and $6.7 million adjusted for the reversal of previously accrued incentive fees in Q4 2021. This sequential quarter decline was driven by Q3 share rents and a reduction in our business management fee as our share price has declined, illustrating the fee structure alignment between RMR and OPI shareholders.

第四季度的 G&A 費用為 580 萬美元，而第三季度為 660 萬美元，並根據 2021 年第四季度之前應計獎勵費用的沖銷調整後為 670 萬美元。本季度連續下降的原因是第三季度的股票租金和我們業務的減少管理費，因為我們的股價下跌，說明 RMR 和 OPI 股東之間的費用結構一致。

Same-property cash basis NOI decreased 1.4% compared to the fourth quarter of 2021, in line with our guidance range. The decrease was mainly driven by higher levels of free rent related to leasing activity over the past year and higher operating expenses.

與 2021 年第四季度相比，同物業現金基礎 NOI 下降 1.4%，符合我們的指導範圍。減少的主要原因是過去一年與租賃活動相關的免租金水平較高以及運營費用較高。

Turning to our outlook for normalized FFO and same-property cash basis NOI expectations in the first quarter of 2023. We expect normalized FFO to be between $1.10 and $1.12 per share. This guidance includes a range of $5.7 million to $5.8 million of G&A expense. Adjusted for the real estate tax and related impact on tenant reimbursement income in the fourth quarter noted previously, our estimated first quarter run rate for rental income is approximately $133.5 million and real estate tax expense is approximately $16 million. We expect same-property cash basis NOI to be down 2% to 4% as compared to the first quarter of 2022, mainly driven by increased operating expenses as a result of higher utilization levels and continued inflationary pressure.

轉向我們對 2023 年第一季度標準化 FFO 和同財產現金基礎 NOI 預期的展望。我們預計標準化 FFO 將在每股 1.10 美元至 1.12 美元之間。該指南包括 570 萬至 580 萬美元的 G&A 費用。根據前面提到的第四季度房地產稅和對租戶報銷收入的相關影響進行調整後，我們估計第一季度租金收入的運行率約為 1.335 億美元，房地產稅費用約為 1600 萬美元。我們預計與 2022 年第一季度相比，同物業現金基礎 NOI 將下降 2% 至 4%，這主要是由於更高的利用率水平和持續的通脹壓力導致運營費用增加。

Turning to the balance sheet. At quarter-end, our outstanding debt had a weighted average interest rate of 4% and a weighted average maturity over 5 years. With 92% of our debt at fixed rates, we remain well insulated from the rising cost of debt capital in today's environment. Our only variable rate debt is our revolving credit facility. And as Chris mentioned, OPI has no senior notes due until mid-2024. In November, we exercised our first option to extend our credit facility by 6 months until the end of July 2023, and we have one remaining option to extend the maturity date to January 2024.

轉向資產負債表。季度末，我們未償還債務的加權平均利率為 4%，加權平均期限超過 5 年。由於我們 92% 的債務採用固定利率，因此在當今環境下，我們仍能很好地免受債務資本成本上升的影響。我們唯一的可變利率債務是我們的循環信貸額度。正如克里斯所提到的，OPI 在 2024 年年中之前沒有到期的高級票據。 11 月，我們行使了第一個選擇權，將信貸額度延長 6 個月至 2023 年 7 月底，我們還有一個選擇權將到期日延長至 2024 年 1 月。

We plan to pay off our only remaining mortgage debt at its June 2023 maturity date, which has a $50 million principal balance at a 3.7% interest rate. This will leave OPI with a fully unencumbered balance sheet. We ended the quarter with $567 million of total liquidity including $555 million of availability under our credit facility.

我們計劃在 2023 年 6 月到期日償還我們唯一剩餘的抵押貸款債務，該債務的本金餘額為 5000 萬美元，利率為 3.7%。這將使 OPI 的資產負債表完全暢通無阻。本季度末，我們的總流動資金為 5.67 億美元，其中包括 5.55 億美元的信貸額度。

Turning to our investing activities. Since the beginning of the fourth quarter, we sold five properties for $20.5 million and are currently under agreement to sell two properties for an aggregate sales price of $7.6 million, including a vacant property with 107,000 square feet. We spent $42.1 million on recurring capital during the fourth quarter, bringing our full year recurring capital spend to $100 million, in line with our 2022 guidance.

轉向我們的投資活動。自第四季度初以來，我們以 2050 萬美元的價格出售了五處房產，目前正在協議以 760 萬美元的總售價出售兩處房產，其中包括一處 107,000 平方英尺的空置房產。第四季度，我們在經常性資本上花費了 4210 萬美元，使我們全年的經常性資本支出達到 1 億美元，符合我們 2022 年的指導方針。

Our redevelopment capital totaled $44.5 million during the fourth quarter and $159 million for the full year. Looking ahead to 2023, our recurring CapEx guidance remains unchanged at $100 million. Our redevelopment CapEx guidance is expected to approximate $150 million.

我們的重建資本在第四季度總計 4,450 萬美元，全年總計 1.59 億美元。展望 2023 年，我們的經常性資本支出指引保持在 1 億美元不變。我們的重建資本支出指導預計約為 1.5 億美元。

In January, we declared our regular quarterly dividend of $0.55 per share, resulting in a normalized FFO payout ratio of 49% and a rolling 4-quarter CAD payout ratio of 84%.

1 月份，我們宣布了每股 0.55 美元的定期季度股息，導致正常化 FFO 派息率為 49%，滾動 4 季度加元派息率為 84%。

Operator, that concludes our prepared remarks. We're ready to open the call up for questions.

接線員，我們準備好的發言到此結束。我們已準備好公開提問。

(Operator Instructions) Our first question is from Bryan Maher with B. Riley FBR.

（操作員說明）我們的第一個問題來自 Bryan Maher 和 B. Riley FBR。

A couple of quick questions for me. Can you talk a little bit more about the capital recycling plan? I mean we know what you've sold and have under LOI in the first quarter, but what are the -- what's the outlook for 2023 to sell? And maybe also the counter to that, what, if anything, are you looking to buy in a year where we're hearing there could be opportunities as owners have problems refinancing debt?

問我幾個簡單的問題。能否多談談資金回收計劃？我的意思是我們知道你在第一季度根據 LOI 出售和擁有的東西，但 2023 年的銷售前景是什麼？也許與此相反，如果有的話，你打算在我們聽說可能有機會的一年內購買什麼，因為業主在債務再融資方面遇到問題？

Yes, Bryan, this is Chris. Thank you for the question. I guess a couple of things. I think currently, where we stand today, we're more focused on our business plan, which is the leasing of vacancy, wrapping up these redevelopments and then continuing through capital recycling with a bigger focus on selling assets to just kind of manage leverage levels and to kind of fund other capital initiatives. And so I think that's where we sit today.

是的，布萊恩，這是克里斯。感謝你的提問。我猜有幾件事。我認為目前，我們今天所處的位置，我們更專注於我們的商業計劃，即空置租賃，完成這些重建，然後繼續進行資本回收，更側重於出售資產以控制槓桿水平並為其他資本計劃提供資金。所以我認為這就是我們今天所處的位置。

With regard to capital recycling and kind of the disposition focus, it's going to be somewhat muted in 2023. I think there's a lot of uncertainty around just kind of capital markets and financing, which is going to weigh on our ability to transact. If you kind of look back at 2022 and kind of selling north of $200 million, I think we would view that as a successful year and kind of showing some opportunity to transact in what was also, I think, a challenging market for capital markets.

關於資本回收和處置重點，到 2023 年它會有所減弱。我認為僅在資本市場和融資方面就存在很多不確定性，這將影響我們的交易能力。如果你回顧一下 2022 年的銷售量超過 2 億美元，我認為我們會認為這是成功的一年，並且在某種程度上展示了在我認為對資本市場來說也是一個充滿挑戰的市場中進行交易的機會。

I think what we're selling assets or have been, they're smaller in deal size. And so perhaps that's opened up kind of more window for owner-users and other groups, which is part of the reason why I think we ended the year where we did. But to put kind of a number to 2023 is difficult. I mean our plan over the last several years was to always focus on kind of that $100 million to $300 million in activity as part of kind of a longer-term strategy. I think we'd like to see that, but I would be a little bit cautious to say that we'll get there.

我認為我們正在出售或曾經出售的資產，它們的交易規模較小。因此，也許這為所有者用戶和其他團體打開了更多的窗口，這也是我認為我們以我們所做的方式結束了這一年的部分原因。但是很難將一個數字放到 2023 年。我的意思是，我們過去幾年的計劃是始終專注於 1 億至 3 億美元的活動，作為長期戰略的一部分。我想我們希望看到這一點，但我會有點謹慎地說我們會到達那裡。

I mean, I think in addition to the $7.6 million we've talked about, we have about another $15 million in the market. We're working through business plans now and kind of identifying other opportunities that we think might be ripe to bring to the market. But anything on that front is going to happen more towards the back half of the year.

我的意思是，我認為除了我們談到的 760 萬美元之外，我們在市場上還有大約 1500 萬美元。我們現在正在製定商業計劃，並確定我們認為可能已經成熟的其他機會推向市場。但在這方面的任何事情都會在今年下半年發生。

Okay. And I think in your prepared comments, it was hard keeping up, you mentioned, I think, 5% to 6% known vacates in 2023, maybe I have that wrong, and 80 bps of that was to be sold, maybe you can clarify that. But if those numbers are the case, what are you looking at prospect wise for the balance of the known vacates? Are any of those properties really likely to be re-leased? Or are they on the fence to be sold? Maybe a little bit more color there.

好的。我認為在你準備好的評論中，很難跟上，你提到，我認為，5% 到 6% 的已知空缺在 2023 年，也許我錯了，其中 80 個基點將被出售，也許你可以澄清一下那。但如果這些數字是這樣的話，你對已知空缺平衡的前景有何看法？這些房產中的任何一個真的有可能被重新出租嗎？或者他們在圍欄上出售？也許那裡有更多的顏色。

Yes. So I think when you think about the known vacates that's 5% to 6%, I think it's probably best to kind of wind back the clock a little bit and put ourselves kind of at last quarter. Now that we've renewed the 336,000 square feet with a larger tenant, that's kind of come out of the denominator. And so you're seeing kind of a larger spread on known vacates just given that we have less annualized revenue expiring because we've been able to successfully secure renewals. And so barring any disposition or leasing with some of those other known vacates, we would expect that, that number is going to continue to increase as those expirations near, which are mostly in the back half of the year as well.

是的。所以我認為，當你考慮已知的 5% 到 6% 的空缺時，我認為最好把時間倒流一點，讓我們自己在最後一個季度。現在我們已經用更大的租戶更新了 336,000 平方英尺，這有點超出了分母。因此，鑑於我們已經能夠成功確保續約，我們的年化收入到期的情況較少，因此您會看到已知空缺的範圍更大。因此，除非對其他一些已知的空缺進行任何處置或租賃，否則我們預計，隨著這些到期日臨近，這個數字將繼續增加，而這些到期日也大多在今年下半年。

There is various levels of activity on some of those known vacates. I think some examples we've talked about the building of Washington, D.C. representing about just over 2% of our annualized revenue. The tenant there was kind of -- it was on the fence about whether or not they stay, it looks like they're going to renew, but downsize. And so that will -- once that transact, that will kind of reduce or open up some additional vacancy. And then we have a project in Boston, where the tenant is going to leave or is expected to leave midyear. And I would say that there is some activity there, but nothing far enough along to speak to.

一些已知的空缺有不同程度的活動。我想一些例子我們已經談到了華盛頓特區的建設，占我們年收入的 2% 多一點。那裡的租戶有點——對於他們是否留下來持觀望態度，看起來他們要續約，但要縮小規模。因此，一旦交易完成，就會減少或打開一些額外的空缺。然後我們在波士頓有一個項目，那裡的租戶將要離開或預計將在年中離開。我會說那裡有一些活動，但沒有足夠遠的地方可以說話。

So it really depends. We have 10% vacancy across the portfolio. So there's going to be ebb and flow about whether or not we see leasing on the known vacates or kind of augmenting that over towards some of the vacancy. I think in general, we would expect to see leasing on both fronts. I think just as another kind of anecdotal piece, we have, I think, close to 200,000 square feet in advanced discussions of new leasing, some of which may hit this quarter. And so I think that will be kind of a path towards addressing or kind of countering some vacancy and again, with some activity around some of these known vacates.

所以這真的取決於。我們整個投資組合有 10% 的空缺。因此，關於我們是否看到已知空缺的租賃或某種程度上增加一些空缺，將會出現潮起潮落。我認為總的來說，我們希望在兩個方面都看到租賃。我認為就像另一種軼事一樣，我認為我們有近 200,000 平方英尺的新租賃高級討論，其中一些可能會在本季度出現。因此，我認為這將是解決或抵消一些空缺的一種途徑，並且圍繞其中一些已知的空缺開展一些活動。

Okay. And just really quick last for me. If memory serves me, you have cobbled together, I think, an entire city block in Downtown Boston for possible redevelopment. Is there any update there?

好的。對我來說真的很快。如果我沒記錯的話，我想你已經拼湊了波士頓市中心的整個街區以進行可能的重建。那裡有更新嗎？

On the redevelopment side, there's not. I mean, I think that it's something -- it's a great site. I think -- long term, I think we're optimistic about options there. But in Boston, in general, it's just a very lengthy process to work through potential development. And so I think where we sit today, it's still something we're focused on, but nothing to really speak to as far as progress. And so -- and I think to complement that, it's not a scenario in the near term where we would see any real significant capital spend in support of that project.

在重建方面，沒有。我的意思是，我認為這是一個很棒的網站。我認為 - 從長遠來看，我認為我們對那裡的選擇持樂觀態度。但總的來說，在波士頓，開發潛力只是一個非常漫長的過程。因此，我認為我們今天所處的位置仍然是我們關注的重點，但就進展而言，沒有什麼可說的。因此——我認為補充這一點，在短期內我們不會看到任何真正的重大資本支出來支持該項目。

(Operator Instructions) And the next question is a follow-up from Bryan Maher with B. Riley FBR.

（操作員說明）下一個問題是 Bryan Maher 和 B. Riley FBR 的後續問題。

Well, I guess that there's no questions, I'll throw in one more. When it comes to your dialogue with existing tenants, when their properties are coming up for renewal, can you give a little color on how those are going when it relates to the fact that they might think that they have a little leverage with the whole work-from-home scenario and the macro environment versus your argument that, "Hey, we have inflationary costs that we need to pass through?" Can you give us a little color on how those progress?

好吧，我想沒有問題了，我會再投入一個。當涉及到你與現有租戶的對話時，當他們的房產即將更新時，當涉及到他們可能認為他們對整個工作有一點影響力這一事實時，你能否稍微說明一下這些進展如何？ -在家的情況和宏觀環境與你的論點“嘿，我們有需要通過的通貨膨脹成本？”你能給我們一些關於這些進展的顏色嗎？

Yes. I think it's a couple of things. I think for tenants who find that it's important to control their space of the building. So let's just use single tenants -- single building occupied by single tenants, for example. In that particular case, I think it's really just a function of market because, in most cases, if the tenant wants to control the space, it's hard to negotiate something other than a downside because we all know they don't want to give back space.

是的。我認為這是兩件事。我認為對於那些發現控制建築物空間很重要的租戶來說。因此，讓我們只使用單個租戶——例如，單個租戶佔用的單個建築物。在那種特殊情況下，我認為這實際上只是市場的作用，因為在大多數情況下，如果租戶想要控制空間，除了缺點之外很難協商其他事情，因為我們都知道他們不想回饋空間。

But really, this is a function of just overall space needs. I don't know that there's a scenario where there's more leverage. I mean, I think, clearly, we want to be in a position where we can retain a tenant. And so we're going to focus on what our market deals and at the same time, recognize that there is a significant amount of value in retention versus the alternative with either a downsize or vacancy. And so some of that comes in the form of concessions. We can potentially maintain face rates, but we're seeing inflated free rent or other types of concessions to kind of support those needs. And I think that's reflected in some of kind of the impact with our capital spend related to leasing that has trended over the last several quarters. And so I think the shorter answer is more about -- less about just true leverage and more about just being creative to make it a win-win situation.

但實際上，這只是整體空間需求的函數。我不知道有沒有更多槓桿作用的情況。我的意思是，我認為，很明顯，我們希望能夠留住租戶。因此，我們將專注於我們的市場交易，同時認識到，與縮小規模或空缺的替代方案相比，保留有很大的價值。因此，其中一些以讓步的形式出現。我們可能會維持面子價格，但我們看到免費租金膨脹或其他類型的優惠來支持這些需求。我認為這在某種程度上反映了我們與過去幾個季度的租賃相關的資本支出的影響。因此，我認為較短的答案更多的是——與其說是真正的影響力，不如說是發揮創造力，使之成為雙贏的局面。

Okay. And maybe lastly, when it comes to the D.C. and Seattle redevelopment, I know you have the anchor tenants in each of those two projects. But can you give us a little more color on what the other discussions are for other tenants to fill out those space?

好的。也許最後，當談到華盛頓特區和西雅圖的重建時，我知道這兩個項目中的每一個都有主要租戶。但是你能給我們更多關於其他租戶填補這些空間的其他討論的顏色嗎？

So as we noted, we have about 170,000 square feet of activity across those two buildings, about 40% of that is for 20 Mass Ave and the balance is for Seattle. I'd say, for 20 Mass Ave, on the positive, there's been kind of a good influx of tour activity, which is expected given the project is nearing completion. And it's just -- it's easier to kind of walk through that and see the opportunity from a tenant's perspective. There's nothing far enough along to speak to as far as when or if those will transact. But I think in general, that activity is more catered towards tech tenants, law firms, nonprofits and similar type agencies, which is, I think, generally consistent with what we see in D.C.

因此，正如我們所指出的，我們在這兩座建築中擁有大約 170,000 平方英尺的活動空間，其中約 40% 用於 20 Mass Ave，其餘用於西雅圖。我想說的是，對於 20 Mass Ave，從積極的方面來看，旅遊活動大量湧入，鑑於該項目即將完工，這是意料之中的事情。而且它只是 - 從租戶的角度來看更容易瀏覽並看到機會。至於這些交易何時或是否會進行交易，目前還沒有足夠的消息可以說明。但我認為總的來說，這種活動更適合技術租戶、律師事務所、非營利組織和類似類型的機構，我認為這與我們在華盛頓特區看到的情況大體一致。

For Seattle, it's twofold. I think that with the anchor tenant, there's potential upside for them to take down additional space in the lab building. The activity that we have today at that project is mostly geared towards the office side of the project. Just as a reminder, two of the three buildings are lab and the third is office. And really, that's a function of -- on the second lab office, these are going to be spec suites, more movement-ready for smaller tenants, kind of partial-floor, full-floor tenants. And those conversations typically come later, closer to delivery, given that the tenants themselves just kind of have a near-term need.

對於西雅圖來說，這是雙重的。我認為，對於主要租戶來說，他們有可能在實驗室大樓中佔用額外的空間。我們今天在該項目中開展的活動主要針對項目的辦公室方面。提醒一下，三座建築中有兩座是實驗室，第三座是辦公室。實際上，這是一個功能——在第二個實驗室辦公室，這些將是規格套房，為較小的租戶、部分樓層、全樓層的租戶提供更多的移動準備。考慮到租戶本身只是有短期需求，這些對話通常會在更晚的時候進行，更接近於交付。

And so we did see a flurry of activity. I think it's somewhat muted on that side given kind of we pushed out our delivery date, but we would expect that there'll be more to talk about on more -- on specific spec suite lab opportunity in the upcoming quarters. But right now, that activity is catered towards the office building.

所以我們確實看到了一連串的活動。鑑於我們推遲了交付日期，我認為這方面有點沉默，但我們預計在接下來的幾個季度中會有更多關於特定規格套件實驗室機會的討論。但是現在，該活動是針對辦公樓的。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Chris Bilotto，聽取任何閉幕詞。

Well, thank you for joining us today and your interest in OPI, and we look forward to speaking with you again soon.

好吧，感謝您今天加入我們以及您對 OPI 的興趣，我們期待很快再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。