Office Properties Income Trust (OPI) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust's First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kevin Barry, Director of Investor Relations. Please go ahead.

早安，歡迎參加 Office Properties Income Trust 2022 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係總監凱文·巴里 (Kevin Barry)。請繼續。

Thank you, and good morning, everyone. Thanks 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 in the first quarter of 2022, followed by a question-and-answer session with sell-side analysts.

謝謝大家，大家早安。感謝您今天加入我們。與我一起參加電話會議的是 OPI 總裁兼營運長 Chris Bilotto；財務長兼財務主管馬特布朗。稍後，他們將提供有關我們的業務和 2022 年第一季業績的詳細信息，然後與賣方分析師進行問答。

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, Friday, April 29, 2022, 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.

首先，我想指出的是，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。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。這些前瞻性聲明是基於 OPI 截至今天（2022 年 4 月 29 日星期五）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。

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.

有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會 (SEC) 提交的文件中，您可以透過我們的網站 opireit.com 或 SEC 網站存取該文件。投資者應注意不要過度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, adjusted EBITDA 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.

此外，我們將在本次電話會議中討論非 GAAP 數據，包括標準化營運資金或標準化 FFO、可用於分配的現金或加幣、調整後的 EBITDA 和現金制淨營業收入或現金制 NOI。這些非公認會計準則資料與淨利潤的對帳可在我們的補充營運和財務資料包中找到，這些資料包也可以在我們的網站上找到。

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，我們也將就本次電話會議提供指導，包括標準化 FFO 和現金制 NOI。作為我們指導的一部分，我們不會提供這些非公認會計原則措施的調節，因為如果沒有不合理的努力，就無法獲得此類調節所需的某些信息，例如損益或與處置實際資產相關的減值費用。財產。

I will now turn the call over to Chris.

我現在將把電話轉給克里斯。

Thank you, Kevin, and good morning, everyone. Welcome to the first quarter earnings call for Office Properties Income Trust. Since the beginning of 2021, we continued to see gradual improvement across office fundamentals supported by growing utilization, improved leasing volumes, moderation of sublease space, and the general sentiment around tenants starting to reengage on overall office needs. Evolving events around rising inflation and the current interest rate environment are also in focus and we believe that the progress OPI has made over the past few years, to reshape our portfolio and strengthen our balance sheet, better positions us for stability and growth during transitionary periods.

謝謝你，凱文，大家早安。歡迎參加辦公地產收入信託第一季財報電話會議。自 2021 年初以來，我們繼續看到辦公大樓基本面逐步改善，這得益於利用率的提高、租賃量的增加、轉租空間的減少以及租戶開始重新滿足整體辦公需求的普遍情緒。圍繞通膨上升和當前利率環境的演變事件也是關注的焦點，我們相信OPI 在過去幾年中取得的進展，重塑了我們的投資組合併加強了我們的資產負債表，使我們能夠更好地為過渡時期的穩定和成長做好準備。

Specific to this are the $1.1 billion of senior notes issued in 2021, extending our overall debt maturity and reducing our interest expense. Our purchase of 2 core properties in both the Chicago CBD Fulton Market and Atlanta, Georgia, the more than 1 million square feet of new leasing activity over the past 4 quarters, and continued execution on our capital recycling program with a particular focus on reducing capital exposure, and improving our portfolio geography footprint and operating fundamentals.

具體來說，就是 2021 年發行的 11 億美元優先票據，延長了我們的整體債務期限並減少了利息支出。我們在芝加哥中央商務區富爾頓市場和喬治亞州亞特蘭大購買了 2 個核心物業，過去 4 個季度新增租賃活動面積超過 100 萬平方英尺，並繼續執行我們的資本回收計劃，特別注重減少資本曝光，並改善我們的投資組合地理足跡和營運基本面。

Turning to the quarter. Yesterday, OPI reported first quarter results that reflect continued momentum across many parts of our business. Normalized FFO increased compared to the first quarter of 2021 and came in above the high end of our guidance. We signed 21 deals for 572,000 square feet of new and renewal leasing with a weighted average roll up in rent of 5.1% and a weighted average lease term of more than 10 years.

轉向季度。昨天，OPI 公佈了第一季業績，反映出我們業務許多領域的持續成長動能。與 2021 年第一季相比，標準化 FFO 有所增加，高於我們指導的上限。我們簽署了 21 份 572,000 平方英尺的新租賃和續約協議，加權平均租金上漲 5.1%，加權平均租賃期限超過 10 年。

Currently, at 91%, same-property occupancy was essentially flat over the prior quarter and decreased nominally by 50 basis points over the prior year. Our current leasing pipeline remains strong with a healthy mix of new and renewal deals, and mark-to-market growth potential of close to 8%. While the pace of tenant reentry plans continues to evolve, we are encouraged by conversations with tenants across our national portfolio that indicate a growing appetite to consider office space as part of the long-term plan.

目前，同物業入住率為 91%，與上一季基本持平，名義上比上年下降 50 個基點。我們目前的租賃管道仍然強勁，新交易和續租交易保持健康組合，按市場計算的成長潛力接近 8%。雖然租戶重新進入計劃的步伐不斷發展，但我們對與全國各地租戶的對話感到鼓舞，這些對話表明人們越來越有興趣將辦公空間視為長期計劃的一部分。

We remain committed to our capital recycling program to enhance the portfolio with a focus on growing markets with sustained NOI growth, newer buildings with less capital requirements, and for the use of proceeds to manage leverage levels, and to strengthen our portfolio through our active development projects.

我們仍然致力於我們的資本回收計劃，以增強投資組合，重點關注NOI持續增長的成長型市場、資本要求較低的新建築，以及利用收益來管理槓桿水平，並透過我們的積極開發來加強我們的投資組合項目。

During the quarter, we sold or agreed to sell 6 noncore properties for aggregated proceeds of $67.8 million that contain over 800,000 square feet at an average age of 20 years and an average cap rate of 6%. For the full year 2022, we are maintaining our guidance for dispositions to be in the range of approximately $400 million to $500 million in total proceeds.

本季度，我們出售或同意出售 6 處非核心房產，總收益為 6,780 萬美元，這些房產面積超過 80 萬平方英尺，平均樓齡 20 年，平均上限率為 6%。對於 2022 年全年，我們維持將處置收益總額維持在約 4 億至 5 億美元範圍內的指引。

Turning now to the first quarter in more detail. As we've highlighted earlier, we completed 572,000 square feet of new and renewal leasing activity during the quarter with a weighted average lease term of 10.7 years and a 5% (inaudible) on rent. This marks the fourth consecutive quarter with new leasing activity in excess of 230,000 square feet, bringing total new activity over the prior 4 quarters to an excess of 1 million square feet or close to 460 basis points of occupancy.

現在更詳細地討論第一季。正如我們之前所強調的，我們在本季度完成了 572,000 平方英尺的新建和續租租賃活動，加權平均租賃期限為 10.7 年，租金率為 5%（聽不清楚）。這標誌著連續第四個季度新增租賃活動超過 230,000 平方英尺，使前 4 個季度的新增活動總量超過 100 萬平方英尺，或入住率接近 460 個基點。

Government agencies accounted for approximately 40% of our total leasing volume, followed by tenants in the manufacturing and transportation industry, as well as real estate and financial sectors. We ended the quarter with investment-grade rated tenants, representing approximately 64% of our annualized rental revenue.

政府機構約佔總租賃量的40%，其次是製造業和運輸業以及房地產和金融業的租戶。本季結束時，我們擁有投資級評等租戶，約占我們年化租金收入的 64%。

Turning to a few highlights of our first quarter leasing transactions. We completed 4 lease renewals with the GSA for approximately 233,000 square feet for a weighted average lease term of 10.7 years and a rent roll-up of 5.5%. As previously communicated, in Plantation, Florida, we signed a lease for 64,000 square feet of space that the GSA will vacate in mid-2022. This building is now fully leased to a single tenant for a 14-year term and the pace at which we were able to fully backfill the property is reflective of the creativity from our managers real estate team.

轉向我們第一季租賃交易的一些亮點。我們與 GSA 完成了 4 次續租，面積約為 233,000 平方英尺，加權平均租期為 10.7 年，租金上漲為 5.5%。正如之前所傳達的，我們在佛羅裡達州種植園簽署了 64,000 平方英尺空間的租約，GSA 將於 2022 年中期騰出該空間。該建築現已完全出租給單一租戶，租期為 14 年，我們能夠完全回填該物業的速度反映了我們管理房地產團隊的創造力。

In San Jose, California, we executed 2 new full building leases for a combined 126,000 square feet, which include a 27% roll-up in rent and a combined 8.9-year term.

在加州聖何塞，我們簽署了兩份新的整棟建築租賃合同，總面積為 126,000 平方英尺，其中包括 27% 的租金累計和 8.9 年期限。

Now looking ahead to OPI's upcoming lease expirations. In 2022, 5% of our total annualized revenue is scheduled to expire. We are managing through a limited number of known vacates that represent 2% of our annualized revenue. Our tenant located in Greater Denver, Colorado, remains our largest known vacate for the year, representing 168,000 square feet and 90 basis points of annualized revenue, with an August 2022 expiration. The property is the BOMA 360 award recipient and is well positioned within a heavily amenitized submarket, including its access within walking distance to the public light rail station.

現在展望 OPI 即將到期的租約。到 2022 年，我們年化總收入的 5% 預計到期。我們正在管理數量有限的已知空缺，這些空缺占我們年化收入的 2%。我們位於科羅拉多州大丹佛的租戶仍然是我們今年已知的最大空置面積，面積為 168,000 平方英尺，年化收入增長 90 個基點，將於 2022 年 8 月到期。該物業榮獲 BOMA 360 大獎，地理位置優越，位於設施齊全的子市場內，步行即可到達公共輕軌站。

We are investing in the property to offer additional on-site amenities, collaborative areas and move-in-ready space, which is fielding healthy interest from a variety of prospects looking to lease portions of the building. Currently, we have close to 50,000 square feet or 30% of the property, who have signed letters of intent at rent roll-ups in excess of 10%.

我們正在投資該物業，以提供額外的現場設施、協作區域和可入住的空間，這引起了許多希望租賃建築物部分的潛在客戶的濃厚興趣。目前，我們擁有近 50,000 平方英尺或 30% 的房產，已簽署租金上漲意向書超過 10%。

We also remain focused on lease expirations in the coming years as approximately 15% of OPI's portfolio is scheduled to roll in each of 2023 and in 2024. Our real estate services and asset management teams are proactively engaging with tenants to evaluate early renewals and maintain positive tenant retention trends. With our active asset management discipline, we view OPI's expiration schedule as an attractive opportunity to rightsize rents during the current inflationary environment. At the same time, we have broad mechanisms embedded in our leases to protect us from inflation risk. Approximately 90% of OPI's rent contains either annual lease bumps or escalations tied to an inflation index.

我們也繼續關注未來幾年的租賃到期情況，因為OPI 投資組合的約15% 計劃在2023 年和2024 年每年滾動。我們的房地產服務和資產管理團隊正在積極與租戶合作，評估早期續約並保持積極的態度租戶保留趨勢。憑藉我們積極的資產管理紀律，我們認為 OPI 的到期時間表是在當前通膨環境下調整租金的一個有吸引力的機會。同時，我們的租賃中嵌入了廣泛的機制，以保護我們免受通貨膨脹風險。 OPI 約 90% 的租金包含年度租金上漲或與通貨膨脹指數相關的上漲。

Looking at our current leasing pipeline, we're tracking more than 3.6 million square feet of activity, of which 1.2 million square feet is attributable to leasing. Nearly 1 million square feet of our pipeline is in advanced stages of negotiation, which includes over 300,000 square feet of positive net absorption. Based on the continued strong interest from our tenants, as well as signs across our nationwide portfolio that office fundamentals are improving, we are reaffirming our expectations for year-end 2022 occupancy of 89% to 90%, along with our expectation for rent roll-ups of 5% to 7%.

看看我們目前的租賃管道，我們正在追蹤超過 360 萬平方英尺的活動，其中 120 萬平方英尺可歸因於租賃。我們近 100 萬平方英尺的管道正處於談判後期階段，其中包括超過 30 萬平方英尺的正淨吸收量。基於我們租戶的持續強烈興趣，以及我們全國範圍內辦公室基本面正在改善的跡象，我們重申對 2022 年底入住率達到 89% 至 90% 的預期，以及對租金滾動的預期。上漲5%至7% 。

Turning to our developments. We are making steady progress on our redevelopment efforts in Washington, D.C., and Seattle, Washington. Both projects are on schedule to deliver in early 2023, and our pre-leased dialogue with prospective tenants has been positive. As we have discussed on prior calls, our development at 20 Mass Ave in D.C. is currently 54% pre-leased to Sonesta International Hotels Corporation, which expects to begin welcoming guests in the spring of 2023. At our Life Science redevelopment project in Seattle, construction commenced during Q1 with anticipated delivery in the spring of 2023.

轉向我們的發展。我們在華盛頓特區和華盛頓州西雅圖的重建工作正在穩步取得進展。這兩個項目均按計劃於 2023 年初交付，我們與潛在租戶的預租對話非常積極。正如我們在之前的電話會議中討論的那樣，我們位於華盛頓特區20 Mass Ave 的開發項目目前已預租給Sonesta International Hotels Corporation 54%，該公司預計將於2023 年春季開始接待客人。在我們位於西雅圖的生命科學重建計畫中，第一季開始施工，預計於 2023 年春季交付。

The market continues to show strong signs of growth within the lab sector including a growing pipeline of tenants in the market and year-over-year asking rent increases of close to 29%. This momentum has supported strong activity for our development, and we are in advanced leasing discussions for approximately 30% of the property.

實驗室行業市場繼續顯示出強勁的成長跡象，包括市場上租戶的不斷增加以及租金要價同比增長近 29%。這一勢頭支持了我們的強勁開發活動，我們正在就約 30% 的房產進行高級租賃討論。

Finally, we are extremely proud of the progress we continue to make to strengthen OPI's corporate governance. Earlier this month, we welcomed Mark Talley as the newest member of our Board of Trustees. Mark has more than 25 years of commercial real estate industry experience with an extensive background in office real estate. We look forward to drawing on his perspective as we continue our work to create value for OPI's shareholders.

最後，我們對我們在加強 OPI 公司治理方面不斷取得的進展感到非常自豪。本月早些時候，我們歡迎馬克·塔利 (Mark Talley) 成為我們董事會的最新成員。 Mark 擁有超過 25 年的商業房地產行業經驗，在辦公室房地產領域擁有豐富的背景。我們期待借鑒他的觀點，繼續為 OPI 股東創造價值。

I will now turn the call over to Matt Brown to provide details on our financial results. Matt?

我現在將把電話轉給馬特布朗，以提供有關我們財務業績的詳細資訊。馬特？

Thanks, Chris, and good morning, everyone. Normalized FFO for the first quarter was $62.7 million or $1.30 per share, which exceeded the high end of our guidance range by $0.01. This compares to normalized FFO of $58.1 million or $1.20 per share for the fourth quarter of 2021. The increase on a sequential basis was driven by the factors that we highlighted on last quarter's earnings call, consisting mainly of termination fees recognized in the first quarter, which enabled the commencement of our Seattle redevelopment project, and a strategic full building lease in San Jose, California. The increase was also attributable to lower G&A expense, primarily due to a state franchise tax refund received in the quarter.

謝謝克里斯，大家早安。第一季標準化 FFO 為 6,270 萬美元，即每股 1.30 美元，超出我們指導範圍的上限為 0.01 美元。相比之下，2021 年第四季的標準化FFO 為5,810 萬美元，即每股1.20 美元。環比增長是由我們在上季度財報電話會議上強調的因素推動的，主要包括第一季度確認的終止費、這使得我們的西雅圖重建計畫得以啟動，並在加州聖荷西獲得了策略性的整棟建築租賃。這一增長也歸因於一般管理費用的減少，這主要是由於本季度收到的州特許經營稅退稅。

CAD increased 20% on a sequential quarter basis to $51 million or $1.06 per share for the first quarter. Our dividend is well covered with a rolling 4-quarter CAD payout ratio of 67%.

第一季加元環比成長 20%，達到 5,100 萬美元，即每股 1.06 美元。我們的股息得到了充分支付，第 4 季的滾動加幣派息率為 67%。

Turning to property level results for the quarter. Same property cash basis NOI was essentially flat compared to the first quarter of 2021, which was in line with our guidance range. Our results were positively impacted by increases in cash rents related to free rent that rolled off during 2021, offset by increases in expenses related to increasing building utilization levels and cost pressures on rates for utilities and cleaning.

轉向本季的房地產水平結果。與 2021 年第一季相比，相同房地產現金基礎 NOI 基本持平，這符合我們的指導範圍。我們的業績受到與 2021 年免費租金相關的現金租金上漲的正面影響，但被建築利用率提高以及公用事業和清潔費率成本壓力相關的費用增加所抵消。

Looking ahead to our normalized FFO and same-property cash basis NOI expectations in the second quarter. We expect normalized FFO to be between $1.11 and $1.13 per share. The key drivers compared to our Q1 results are the following: $0.15 due to termination fee income in the February lease expiration of F5 during the first quarter, and $0.03 due to increased G&A, mainly attributable to trustee compensation expense in Q2.

展望第二季我們標準化的 FFO 和同物業現金基礎 NOI 預期。我們預計標準化 FFO 將為每股 1.11 美元至 1.13 美元之間。與我們第一季業績相比，主要驅動因素如下：第一季F5 2 月租約到期時的終止費收入導致0.15 美元，一般管理費用增加導致0.03 美元，主要歸因於第二季度的受託人補償費用。

This guidance takes into account our planned disposition activity and includes a range of $26 million to $27 million of interest expense and $7.2 million to $7.3 million of G&A expense during the second quarter. Our G&A expense forecast in the second quarter includes expected annual trustee share-based compensation that occur in conjunction with our annual Board meeting in June. We expect same property cash basis NOI to be down 2% to 4% as compared to the second quarter of 2021, mainly driven by expense increases resulting from improving utilization levels and cost increases.

該指導考慮了我們計劃的處置活動，包括第二季 2,600 萬至 2,700 萬美元的利息支出和 720 萬至 730 萬美元的一般管理費用。我們第二季的一般管理費用預測包括與 6 月的年度董事會會議同時發生的預期年度受託人股份薪酬。我們預計，與 2021 年第二季相比，相同房地產現金基礎 NOI 將下降 2% 至 4%，這主要是由於利用率提高和成本增加導致費用增加。

Turning to capital expenditures in the balance sheet. We spent $11.4 million on recurring capital and $37.5 million on redevelopment capital during the first quarter. Consistent with last quarter's call, we continue to expect 2022 recurring capital to be elevated as compared to 2021 as a result of our plans to drive strong leasing activity this year, and increased redevelopment spend to support our 20 Mass Ave and Seattle redevelopment projects.

轉向資產負債表中的資本支出。第一季度，我們在經常性資本上花費了 1,140 萬美元，在重建資本上花費了 3,750 萬美元。與上季的預測一致，我們繼續預計 2022 年經常性資本將高於 2021 年，因為我們計劃今年推動強勁的租賃活動，並增加再開發支出以支持我們的 20 Mass Ave 和西雅圖再開發項目。

From a financing perspective, we believe we are in great shape. The actions we took last year to refinance higher rate debt, strengthened our balance sheet, reduced our weighted average cost of fixed rate debt, and provides us with ample liquidity to pay off our $300 million of senior notes maturing in July, and to fund our capital spend ahead of market conditions that are meaningfully less favorable today. These refinancings largely resulted in a decrease in interest expense of $1.4 million or approximately 5% year-over-year. 100% of our $2.6 billion of outstanding principal balance is fixed at a weighted average interest rate below 4%.

從融資角度來看，我們相信我們的狀況良好。我們去年採取的行動為高利率債務再融資，強化了我們的資產負債表，降低了固定利率債務的加權平均成本，並為我們提供了充足的流動性來償還7 月份到期的3 億美元優先票據，並為我們的融資提供資金。在當前市場條件明顯不利的情況下進行資本支出。這些再融資很大程度上導致利息支出減少 140 萬美元，比去年同期減少約 5%。我們 26 億美元的未償本金餘額 100% 固定在低於 4% 的加權平均利率。

Our exposure to the rising interest rate environment is limited to our revolving credit facility, which was undrawn at March 31, and we ended the first quarter with nearly $850 million of total liquidity. In April, we repaid $25 million of mortgage debt with cash on hand, resulting in less than 3% of our debt being secured. Beyond our July notes, we have no senior notes maturing until May 2024, leaving us well positioned in this environment.

我們面臨的利率上升環境僅限於我們的循環信貸額度，該額度於 3 月 31 日尚未提取，第一季末我們的流動性總額接近 8.5 億美元。 4 月份，我們用手頭現金償還了 2,500 萬美元的抵押貸款債務，導致我們的債務只有不到 3% 得到擔保。除了 7 月的票據外，我們沒有在 2024 年 5 月之前到期的高級票據，這使我們在這種環境中處於有利地位。

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。我們已準備好接受提問。

(Operator Instructions) And our first question will come from Bryan Maher of B. Riley FBR.

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

Chris, Matt, thanks for those comprehensive prepared comments. That's very helpful. A couple of questions, if I might. On the assets that you plan to sell in 2022, is there any common denominator or characteristic on those properties that we should be thinking about when we look at the total portfolio? I would guess it's tough with nearer lease term expirations and/or higher CapEx needs, but is there anything else?

克里斯、馬特，感謝您精心準備的評論。這非常有幫助。如果可以的話，有幾個問題。對於您計劃在 2022 年出售的資產，當我們查看總投資組合時，這些房產是否有任何共同點或特徵是我們應該考慮的？我猜想，隨著租賃期限臨近和/或資本支出需求增加，這會很困難，但還有其他什麼嗎？

No. I mean that's really kind of what the focus is. As we've talked about for our disposition program, it's really to kind of get out of markets where we don't feel like we can grow NOI or those that are going to kind of have larger capital burden for various circumstances. And so as you look at kind of the weighted average lease term or the average building age and other things, those are all kind of, I think, where we're focused.

不，我的意思是這確實是焦點所在。正如我們在處置計劃中所討論的那樣，這實際上是為了退出那些我們認為無法增加 NOI 的市場，或者那些在各種情況下會承受更大資本負擔的市場。因此，當你查看加權平均租賃期限或平均建築年齡和其他因素時，我認為這些都是我們關注的重點。

And I think occupancy too is something that most of what we're selling also has kind of some occupancy challenges as well. And so we kind of look at or seeing that occupancy range kind of in the 80-ish percent. And so as we sell out of these properties, those are really the primary factors we're looking at.

我認為入住率也是如此，我們銷售的大部分產品也都面臨一些入住率挑戰。因此，我們觀察或看到入住率範圍在 80% 左右。因此，當我們出售這些房產時，這些確實是我們正在考慮的主要因素。

Got it. And then as it comes to receiving those proceeds, how should we think about redeployment? Is it going to be a combination of delevering and capital recycling into new properties or is it mostly going to be geared towards the redevelopment projects in Seattle and Mass Ave? How should we be thinking about those proceeds?

知道了。那麼在收到這些收益時，我們該如何考慮重新部署？是去槓桿化和資本循環到新房產的結合，還是主要針對西雅圖和 Mass Ave 的重建項目？我們該如何考慮這些收益？

Bryan, it's a good question, and it's a little bit of everything that you just highlighted. As I did mention in prepared remarks, we have $300 million of notes coming due in July. We'll use our liquidity position and additional asset sales to pay those off when they become due without penalty in June. And then it's continued focus on our redevelopment projects and we do continue to look at acquisitions, but really, the focus is more on the redevelopment.

布萊恩，這是一個好問題，它包含了您剛才強調的所有內容。正如我在準備好的發言中提到的，我們有 3 億美元的票據將於 7 月到期。我們將利用我們的流動性頭寸和額外的資產出售來償還六月到期的債務，而不會受到罰款。然後繼續關注我們的重建項目，我們確實繼續考慮收購，但實際上，重點更放在重建上。

And just 2 more quick ones for me. How much of an impact did the F5 termination and move to redevelopment in Seattle impact occupancy in the quarter?

對我來說還有兩個更快的。 F5 終止並轉向西雅圖重建對本季的入住率有何影響？

Well, I think that if you look at it from -- it was 2% of annualized revenue that burned off. And if you look at it from an occupancy standpoint, I mean, it was really nominal in the sense that, that building was 300,000 square feet, and at the same time, we did just over 230,000 square feet of new leasing. And so I think kind of the net impact to occupancy was really nominal, which is a testament as to why kind of our same occupancy trends didn't really have much of an impact quarter-to-quarter.

嗯，我認為如果你從以下角度來看——年化收入的 2% 就被燒掉了。如果你從入住率的角度來看，我的意思是，這確實是名義上的，因為該建築面積為 300,000 平方英尺，而與此同時，我們新租賃的面積剛剛超過 230,000 平方英尺。因此，我認為對入住率的淨影響實際上是名義上的，這證明了為什麼我們相同的入住率趨勢並沒有真正產生太大的季度影響。

Okay. And just last for me. Matt, I think you talked a little bit about the CapEx numbers. I don't think I caught you mention -- catch you mention a 2022 full year CapEx estimate. Do you have that, that you can share?

好的。對我來說只是最後一次。馬特，我想你談到了資本支出數字。我想我沒有聽到您提到 2022 年全年資本支出估算。有那個可以分享嗎？

Yes. It's consistent with last quarter. I would say it's around $100 million for the full year, plus or minus $10 million.

是的。與上季一致。我想說全年大約是 1 億美元，上下浮動 1000 萬美元。

(Operator Instructions) And our next question will come from Ronald Kamdem of Morgan Stanley.

（操作員說明）我們的下一個問題將來自摩根士丹利的 Ronald Kamdem。

First is just a big picture question on the return to office. Just if you can update us there, sort of what are you hearing from clients? What are you hearing from tenants in terms of that process?

首先是關於重返辦公室的大局問題。如果您能向我們通報最新情況，您從客戶那裡聽到了什麼？就這一過程而言，您從租戶那裡聽到了什麼？

Yes. So thanks, Ron. This is Chris. I think, first, we've -- last quarter, we kind of talked about utilization being in the high 30s, and that just continues to improve. I think we feel we're kind of north of that 40% utilization now and really kind of with additional return to office occurring over the next several months and even the next quarter. And so I think we'll continue to see that trend progress and that's consistent with a lot of what tenants are telling us.

是的。所以謝謝，羅恩。這是克里斯。我認為，首先，上個季度，我們談到了利用率在 30 多歲左右，而且這一情況還在繼續改善。我認為我們感覺現在的利用率已經超過了 40%，並且在接下來的幾個月甚至下個季度還會有更多人重返辦公室。因此，我認為我們將繼續看到這種趨勢的進展，這與租戶告訴我們的許多內容是一致的。

And even when you kind of look at maybe more at the government level, given our GSA portfolio, you're seeing kind of a lot of guidance out there across these agencies where return to office, whether in portion or in full, really kind of starts to evolve, let's just say, kind of starting March, April and making its way into kind of mid-summer. And so that trend progresses and we're consistent, I think, overall, with the national average in what we're seeing for reentry.

即使你更關注政府層面，考慮到我們的 GSA 投資組合，你也會看到這些機構提供了很多指導，無論是部分還是全部重返辦公室，都確實是一種指導。可以說，從三月、四月開始，一直到仲夏。因此，這種趨勢不斷發展，我認為，總體而言，我們在重返市場方面與全國平均水平保持一致。

Great. And then I think -- obviously, there's sort of development and redevelopment projects going on. Just can you give us a sense what's after that? How are you guys thinking about sort of future opportunity for new development, redevelopment as you're thinking about the portfolio?

偉大的。然後我想——顯然，正在進行一些開發和再開發項目。你能讓我們了解一下之後會發生什麼事嗎？當你們考慮投資組合時，你們如何看待未來新開發、再開發的機會？

So I think redevelopment is something and development is something we'll continue to do across the portfolio. I mean as you know, some of these projects can take time to evolve and really what our focus is, is on opportunities within our existing portfolio today. I mean you've heard on prior calls over the last year plus about assemblage we've done in Downtown Boston. We think there's kind of good prospects long term there. We've looked at other opportunities across markets for potential conversions, whether it be to life science or other alternative uses. And those are all kind of active discussions in the queue.

所以我認為重建是一件事情，開發是我們將在整個投資組合中繼續做的事情。我的意思是，正如您所知，其中一些項目可能需要時間來發展，而我們真正的重點是當今現有投資組合中的機會。我的意思是，您已經在去年的電話會議中聽說過我們在波士頓市中心進行的集會。我們認為從長遠來看，那裡有良好的前景。我們研究了市場上的其他潛在轉換機會，無論是生命科學還是其他替代用途。這些都是隊列中的積極討論。

I mean, ideally, if we can retain a tenant and renew them and it looks favorable, I mean, that's a focus of ours. And -- but I think kind of given the makeup of our portfolio and a lot of the kind of diversity across geographies, we tend to kind of have varying levels of opportunity for repositioning or development, which we think is kind of a good opportunity for the portfolio over the medium and long term.

我的意思是，理想情況下，如果我們能夠留住租戶並續約，而且看起來很有利，我的意思是，這就是我們的重點。而且 - 但我認為考慮到我們投資組合的組成以及跨地區的多樣性，我們往往有不同程度的重新定位或發展機會，我們認為這是一個很好的機會中長期投資組合。

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

我們的問答環節到此結束。我想將會議轉回總裁兼營運長 Chris Bilotto 發表閉幕詞。

Well, thank you, everybody, for joining us, and we look forward to seeing many of you at the upcoming NAREIT and other meetings.

好的，謝謝大家加入我們，我們期待在即將舉行的 NAREIT 和其他會議上見到你們。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。