Johnstone, Crystal, you the for you Executive the call. may Palazzo, today’s to are our very Operations; President quarter much. thank securities President and information On George me beginning, federal and with everyone, our Vice morning, call Executive participating Dan earnings Vice of discussed Chief meaning constitute Chief Good and during XXXX thank our in second and Officer; President Accounting call forward-looking certain within statements Financial of Wirth, this Tom Vice Officer. law. Prior our
believe give statements are assurance we be based cannot anticipated reflected the we will results assumptions, Although in that achieved. estimates on these reasonable
reference recent For as the as further information and factors annual SEC. could on we please press our our well that file most impact reports results, quarterly that release with anticipated our
has begin call, So and a is to challenging hope pandemic comments, of sincerely foremost, and Brandywine to time. be we healthy at to and our us lives all increasingly duration during disrupt this the prepared On continue continues landscape as environment is a XX possible this in every expect business. our of safe, The for everyone, of you April our all mid-summer. by that unclear. we This crisis first yours engaged new did earnings including resulted workplace return and
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XXXX assessing this execute in continually to business COVID-XX’s every our of on confident our detailed components are We remain based on plan. of all business. we element our impact review, And ability
found our Pages COVID-XX this crisis supplemental X insert approach to our that outlined are on of to in details package. X our on is Additional
you review business and in We’ll on as we One our second our venture XXXX an review Two and prepared we’ll during update properties Commerce also plan. the So joint to our update outlook quarter announced do, to always results any comments, Square liquidity After then answer Tom and on that, summarize of position. our George the Dan, available and District will questions. Philadelphia. of certainly Business Tom, our your Central financial strong are I
So component of plan. XXXX looking execute at continue to business second we the every quarter, our
spec opening decline cash to renewal been on the we XX.X% with We revenue spec second parking rental and our a year. our activity, basis. for basis the strong about complete in feet of Philadelphia XX,XXX activity, and with of $X the million a only of NOI had delayed feet in For tracking square had XX.X% remaining with achieve revenue, a that $XXX,XXX XX% GAAP numbers good of leasing target both business XXX,XXX operations line square and quarter rate on mark-to-market new resulted the balance are for but Same-store our plan, from year.
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to our our We really returning those were the and note of from during $X.XX, embodies line this targeted that Tom will danger our for move-outs our on XXX,XXX this with to amplify his All will recommence our comments. which already same-store of both in is should company. last FFO opportunity removing looking call, by then plan, due also XX% XXXX. we and And points though, Commerce to part range end Most were do year. XX% of at crisis of And relet that known business expect XX% plan. occupancy as XX our basis XXXX about the our and we in talked has of or did post and I move-outs, occupancy known of consensus, decline of pool. importantly, Square about been
we of Our We to or forward institute any remain clear where to our do been with recap and seek all just And that effectively to and lease create early focused be assess on to margin investments whether opportunities mitigate plan of opportunities. – programs components. institutional priority improving lease our renewals, key anticipate by can growth risk quick has business working COVID-XX elements enhance plans execution, impact. a adverse rebidding partners
maintained, and with CDC our all guidelines, local We to state operations. doors-open-and-lights-on a building accordance approach have in
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X amplified our of our a on which platform Page of rent stability package. priority, of top particular on attention and rent the remains all with Secondly, operating collections supplemental deferrals, are
all top tenants. outreach One a priorities our of our real of has to strategic been
we close tenants, in providing transition extremely of all their our their objectives. are so can, wherever fully and understand we their with touch listening understanding we concerns, to So help plans
executing about part as mark-to-market X.X% tenants and These XX in of of totaling results while March focus XX tenant term those whose resulted leases and supplemental since a square discussions The tenants base, resulted we those to XX. our have on leases X% our reached capital such, spaces active on next entire in out of in has an to roll tenant date, are two framed about As that our years. been cash efforts particular of X program, with the that square have XXX,XXX feet Page out have a totaling XXX,XXX average months XX feet, ratio.
any front, overall additional circumstances in construction the are construction to year. markets construction cost, of construction not in a as as we’ve downward some on forward hard On soft all On and well pressure shrink. delays positive activities, pipeline this see we continues construction as select construction pullback costs our front, are to allowing activity the beginning programmed costs
about extensive leasing every but pipeline. XX% we’re stands early team progression in could million in execute deal call, that’s really feet, from and too actually our deals with current progressing, X.X quarter. change. Our been has tell during at have square that the we’ve now pipeline on again, pipeline pipeline touch noticeable Once prospect. had better-than-expected deals feet; square execution but uncertain, million Since due call. would days, the XX% XX of when the of XXX,XXX is XXX,XXX to actually and but advanced it, right targeting or the about deals or And – they square the as square that hold April’s feet COVID, X.X of many feet into of uncertain comprises to over more timing the next And progressing the follows: progressing, too XX% the breakdown which that to about early
are their space their slowly tenants beginning So attention refocus to office requirements. on
office venture we’re buildings Commerce On announce with delighted in joint the investors create on an of global Philadelphia. front, who’s high-quality Philadelphia joint demonstrates investment capital to our investors’ institutional Brandywine’s which, and from the really on to in validates to investor perception Two further is their perspective, Philadelphia, really Square value. venture first institutional One ability The extremely and our attractiveness our market a making
the X.X%. $XXX cap level as That million in which is of represents of value venture pricing. point simply is improves the requested the of of capitalization or the framework going-in a really our their but believe due has equity to the But the based strong that a we we exceptionally The per of value-creation data rollover, square and not investor upon rate point this general pending terms cap in investment vacancy key $XXX view Our XX% many time. rate do opportunity. foot, which many, an name venture’s preferred that disclose meets we at agreement million total objectives. certain of a $XXX It’s at
leases over does received to over So the as closing After on for next is XX basis the of terms, for while we venture of control XX% with added an the our right that months. now, rate million low The amplify, some is on joint transitional costs, Tom over return very liquidity decisions. providing and partner’s that in excellent which, specific net $XXX shared proceeds, share XX%, close digits. And transaction position. can will all-in of Brandywine to XX-XX can’t drop a we our double targeted payments
the for Brandywine a committed preferred of for to of view promote reposition partner that to a capital upon event capital re-tenant capital. very on our And preference, known It properties incremental have return we it upon provides event. vacancies. a as and equity a Both $XX in So level Brandywine effectively and million our preference significant with structure price the each liquidation capital receives same partner. returns
of to have between and property. does on manage a the feet the this transaction. and year. a will the by our recognize net Brandywine status square share the XXXX of end earnings note the will and due our and three The exposure the in Frankly, four structure. Very rollover price, forward leasing transaction wholly-owned turns debt-to-EBITDA about also transaction less reduce approximately ratio dilution, by million important on in $XXX to between million We And continue will portfolio. gain to will our X.X lease improve $X.XX the point minimal than now and
at of property, venture the with million existing near-term rollover the selling loan-to-value. and we place at this state profile debt $XXX closed in mortgage the Given the markets XX% the
their And continue higher a company plan progresses the recovery, excellent speaking and thereby our and of markets As shape, our to debt Page generate to of the package. on Brandywine another LTV, opportunity at refinance affording is partner supplemental outlined in we both liquidity, X as leasing liquidity.
to this million. an have liquidity increases that $XX $XXX million line million refinance we year, to year-end $XXX availability pay later if a than We rather of And are at projecting XXXX. off credit mortgage
We and XXXX. covered We generating XXXX, we debt anticipate a until that flow in no have only of dividend extraordinarily cash the matures of bond one $XX and unsecured after with XX% dividend remains half XX% And million service FFO ratio. payments mortgage XXXX. $XX payout million well CAD for have second maturities our free
items development So a let spend few if those me just set. moments on our addressed,
we’ve Four all and documented, Avenue and fully XXX individual near-term pre-leasing. fully complete quarters Radnor, King costs First ready previously, Garza go, production our as fully million. we in all Points their that’s six range of completions and can $XX in XXX of approved, Austin, that Prussia $XX all, assets, of subject Park are between in four to And identifying million within and are to to these noted
looking the almost didn’t anticipate there’s Colorado, and first significant In workplace. of of expect, look, XXXX begins at exciting of XXX,XXX return attractive the our of remains significant focus we crisis addition discussions on for XXX And might at development more some a really any on frankly, cash-on-cash quarter. on advancement in make X.X% these don’t yield. the you existing during track really to until very the any pipeline our in projects square advancement abate Austin’s this completion skyline quarter to major feet As to deal
square pipeline we to on begins a don’t to the have expect XXX,XXX production We But decision-making frankly, until any significant feet. noted after the assets, abate. of occur as I crisis
foot that’s report Yards. on stabilize in will renovation at now life and XXXX. The On we Market science placed property XX% in a is the service XX% XXXX Street -- leased. Bulletin that Schuylkill within fourth quarter been undertook latest the square Building, occupancy XX,XXX in of the schedule
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financing is design development commence will A, of final Broadmoor, development north Schuylkill plans year lease in XXX next our that expect office plan go through for position Schuylkill by have deliver science XXX,XXX we looking pre-leasing. QX Block continue pricing. be at and be square really year, master life We feet on in at of million Yards this we’ve life least very within third gotten the units, continue X%. strong ready quarter all very, a end a of space. Yards, And Schuylkill slightly that we Schuylkill a in yield to Broadmoor advancing the we’ll science Quickly push. Yards. and which provides and overall fully of Yards and square and to At X.X can subject to The apartment feet --
that establish really we the So mentioned life create to Building and really a to that have science to we of full ecosystem. Market do just the pivot tremendous XXXX part life view Bulletin science a conversions a opportunity first hub. I evidences
square life and design, the able assuming start to market building into marketing that science We by being process foot conditions of goal are for a QX XXX,XXX well permit. XXXX, also the with development
converting Finally, square current are Centre space. equity residential converted is is floors Cira Yards approved project of life to for go XXX,XXX and several XX,XXX pipeline feet we finalizing The to to Schuylkill our space debt structure. for ready, square and fully footage our use. West, our tower, we office and science that within have a subject that square accommodate feet, aggregate
some the modified to level the component accommodate also life have use. design science We office of of
and crisis quarter, the last the big and this mentioned I a place. mention As clearly the quarter, in of financing upon again had moving we’ll forward this project COVID-XX timing impact has getting
preferred equity the as debt crisis procuring do optimistic broad soon maintain the that but place equity of finalizing of continue the investors as piece, general, clearly equity to our to a the partner, We very this has both work line of institutional the some finish and cross dialogue to returns with with active continue a section slowed level as as firms. In private We and well we’ll we the situation across remain get normalcy. piece. do
on third they plan we announcement, In normally have other we discussions Broadmoor level addition XXXX both will during that One are on and certainly quarter our normally for capital Square provide return call, Schuylkill uncertain we that – Commerce ventures climate, capital cycle. we quarter Based press active pipeline. issuing continue earnings but current final explore and our ongoing earnings invested and is noted to is no guidance growth not in fourth forecast will quarter release, our encompass the asset continue – provided and as to we our and would development later XXXX Yards enhance liquidity provide our projects. joint than to our we part earnings cycle. on note provide These third improve both do business guidance of our our that
results. over to an provide Now who our of mic the turning Tom, will financial overview
