Michelle, thank you very much.
thank Conference participating Call. and Quarter our everyone Earnings XXXX morning, you in for First Good
Vice Accounting On Johnstone, Vice of our our call President Executive and today's with Officer. VP Operations; me and Chief Dan our Tom Wirth, Officer; are Financial George President Executive Chief Palazzo,
during certain law. constitute call forward-looking the statements Prior to our of securities beginning, within federal information discussed may the meaning
anticipated give results are believe be based these on assurance estimates that we assumptions, we the Although, statements cannot will achieved. reflected reasonable in
For on results, that as impact please and file could reference recent well we quarterly most further as with factors information our the reports that our anticipated press our SEC. annual release
labor has While a by our than a attack rates only several call. further costs, Russia near-term changed on since ago. created Ukraine constructional in different of increase bit have and an quite chains the all global supply a sovereignty, unpromoted The world interest last baseline disruption dramatic increased record months inflation outlook
events. more Even much quality work COVID leading occupancy. high our mandates have Our macro well concerns their higher removal pragmatic state and portfolio XX% below due portfolio have of our tenant are we forward In physical stronger the those these leases our rollover development, of to and of our business in evidenced increases to low also from in the portfolio for federal expense market protection the net leases land on preponderance somewhat environments. and triple we counterbalanced position interest of by encouraging, by including basis levels options, seen approach to structure, stability our us
trends development executions and negotiations remain line. positive a well. portfolio pipeline and lease existing trend our on levels, tour position very extremely deal Our Those
comprised looking buildings. fact, tenants XX% upgrade portfolio quality lower amenitized our of to from less pipeline is of operating In
will first some quarter first George and after then Dan, an on of recent we'll remarks, update the frame may And Tom I our and 'XX out assumptions plan you results, balance activity. color any available our questions guidance. quarter key 'XX results, the Tom are During business our for provide have. review and prepared review driving on that our
has line start. our to very 'XX solid The business with a first in are plan. Results off gotten quarter
During feet XXX,XXX the XXX,XXX quarter, feet executed leases, new square including we leases. square of of
GAAP the For XX.X% a on posted we of cash on basis basis. a first mark-to-market XX.X% quarter rental and
Our basis. full-year a and XX% remain is mark-to-market range on basis XX% between to on cash GAAP XX% and a X%
XX% quarter, was had our tenancies quarter been scheduled has As XXXX on in scheduled known we outlined plan move-outs of XX% our of basis. operating looking and on move-outs occupancies second backfilled our through a range. GAAP outperformed impact mark-to-market quarters in with or re-let feet XXX,XXX in Rome's quarter. subsequent Blank rolled negative square a XXXX those on the space last occurring out known basis absorption the that cash on that we that The occur Approximately and these our keeping first at and plan fourth place. business numbers, same such renewal range In of while quarterly XX% -- as of rent cash we're known free and full-year to store
lease end our City, which first line NOI. our XX%, up projection our and at with retention CBD, and range. portfolio interesting the for note, and portfolio line of Pennsylvania when and within but business Costs below in the also are slightly full-year covers with look quarter. as in the Capital with suburbs filled look leased our XX.X% the was you Austin, ended occupied, operating We quarter XX.X% targets quarter at University It's other to plan, which Core our again, bottom our XX% forecast, maintaining at ranges. were Occupancy First were was our the we of metrics,
are or of million million square achieved. $XX XX% with the to We and which million we million Spec XX.X midpoint $XX XX.X% leasing, Spec leased of X.X range, the million approximately occupied. XX% feet X in or are XX.X% remains Revenue complete. Revenue combined range represents
projected last was From our Over years, increased have the of activity, On which rollover we exposure of and this, leasing portfolio through based metrics quarter Tom our forward below Further, of spend, an an in of our standpoint, range exposure range average amplify indicate to a couple maintaining stability. per X.Xx both first we consensus. XXXX EBITDA annual $X.XX upon redevelopment of the are we posted will basis, these FFO FFO an higher reduced $X.XX clearly X.Xx. the rollover EBITDA XXXX share, above in is through X.X%. develop to core and XX XX%
is we As we is last metrics and of this EBITDA from development of out quarter, EBITDA more on joint The activity. debt much X.Xx portfolio. transitional, majority of and development primarily core core framed To between manage leverage the measure our core segment this coming and our increase our eliminating projects our SIP, we our of purely combine. attribution accurate active by the and venture a range portfolio joint to core on X focuses point X.Xx page our venture through how amplify
activity. leasing to Turning
XX%. up almost first activity. the total the We was the encouraged on-the-ground fourth from by fourth be to which a pace quarter quarter square continue by over again XXXX XXX,XXX of Tours XX% XXXX results. of tours, increasing our feet, quarter of had outpaced in We virtual XXXX of inspecting
projects. conversion in on prospects Deal rate ago, square advanced only feet stands quarter. XXX,XXX to of stages trailed has square pipeline feet curve. down feet square XX% first as square between The in our increased square our $X.X mentioned our approximately Our leasing of single-digits. I feet of broken with, development by pre-pandemic overall $X.X negotiations feet, operating the projects the that on existing was our development portfolio moment $X.X QX levels or pipeline quality from million the pipeline XXX,XXX consisting of move and leasing pipeline $X.X looking quarter million during $X.X on on million million up million XX% square first and up The a at feet portfolio
So quite quarters. to of a tenants accelerate do We close their the starting see last decision couple timeline. in
year-end quarter cycle deal have this term the two weeks two levels. our looking available Even median and within time excellent with dividend or as the credit anticipate now financing having of And dividend line is targeted have by will apps sources, first underway 'XX. The development of at payout on well our payout improved pre-pandemic liquidity. we coverage During anticipate capital we And FFO $XXX weeks is development both and redevelopment we on, a we XX%. other ratio past leases and of with made projects of the on and line in coverages, covered several spend progress that future at renew stabilize. liquidity Tom million allocation efforts to redeployment our significantly touch as fronts. our a From on CAD quarter standpoint, commence We and improving the of XX% credit loan. and
selling non-core land continue parcels. We
feet into XX% we in During quarter land sold in and one parcel sale Cira will district for million, end, a the property City. parcel stake $X.X gain which that adjacent for Schuylkill deployed we of to University of million and DC generating proceeds Yards our in We January South $X.X land equity our $XX.X recognize million, the million sold these gain second located a quarter. Riverfront generated we the $XXX,XXX XXX,XXX in Projects Square, is Cira $XX.X to square an subsequent
a further generated a You post as XXXX University a range market $XX that gain. property sell, this well-below mid-X property was single-tenant cap and That we purchased The office of sold Federal $XXX million, GAAP presented for of decide the million million redeveloped years a $XXX $XXX square so it may acquired range. ago position. owner government, us replacement feet sold in solidify with the for opportunity cash we to an recall former unplanned cap that rate at of number and project rate X% cost a for north and to City per property our to
project family no and wealth has rate rights stake, renewal expiration. XXX% GSA office. below The existing of fund by Our GSA occupied two XX% owning sovereign at wealth our rates through XX% lease partners, existing The upon and a least each is XXXX. the is a market August the
mid-teens sold Science generate you rather, University will in Life Market least between a all property considerably XXXX. and ranging we for Life of at Xx. Science a since as The XXth renewal acquisition, University this Xx really equity or as strengthened such evaluated Science mark-to-market Market and into this Street Market, City on it's a multiples to at to City gateway we material a profit repositioning proxy the either Based Train a current As facility either a significant or IRR Science adjacent has Life assumptions Station. and know at opportunity conversion
profit square also the minimize at other high-quality and we in Colorado make with half property and Austin, quarter. out remain stake in in repositioning of mid during preeminent over And and executed our investment for development leased An transaction. and neutral between rates partners this downtown and packages to the feet and acquiring at our forma. be effectively for a quarter. a LOI Rental So leverage leased. in floor, direct looking concession XX% we The opportunity held during bring opportunity created XXX our ownership project much leases signature SIP, for pro this second a XX% so two leases somewhere line signed in the now stands expect an XX% do additional very XX% full-floor at strong XX,XXX 'XXs
with and the of the XXX of to delays Pennsylvania suburbs, time shifted and Austin we first Road on is 'XX. project Prussia permitting stabilization these on of the our timing submarket, the Radnor budget. Given the occupancies, In King City have of several quarter
over past having of lease of now leases Life are quarter. XX,XXX signed We Science -- this pre-leased, square XX% feet
in pipeline of including is lease current feet square square negotiations. feet Our north XX,XXX XXX,XXX
feet Center, this recall more may our first which of of Life delivery the region's submarket. will You performing than Radnor in in square consist Science Science best our XXX,XXX space project Life is
approximately It's incubator at and at and tenant 'XX. feedback, out feet square XX based the do plan of Cira demand to Center, between feet on another in is 'XX to square year-end of time Our and XX% tower ATX, development and on West, a XX,XXX totaling very Life square our Yards residential this success, budget Based looking delivery. of Schuylkill a opened through incubator that, office mid-tour anticipate in Life feet XXX,XXX XXX,XXX In XX,XXX on another do of B.Labs to space by that add is second The the Science we well the capable of delivery space is project square Cira XX the plans And we feet to underway months. addition tenants leased in target to square Floor project. January XX Yards X next in these of feet 'XX. floor, on and QX XX,XXX are quarter Schuylkill Uptown our companies. doing add to of some for Center Science
square we We expect pipeline active Life from construction progress quarter the an that's for pipeline continue totaling components. Science about move office and And XXX,XXX feet, the continues -- the forward. up previous have that's the to to as for both that to significantly
Our is in investment equity is made of that million first 'XX. partners' the funded entire $XX.X project of second equity fully occurring quarter into in with currently construction commitment the loan being funding and our
Yards. science continue Schuylkill life Our does at push
XXX,XXX XXXX As feet before, And be fixed buildings million million our anticipate of Market we designed feet square do Street, price. square between $X $X and Science feet start space. Life noted next Science fully a can dedicated will Life building, we've develop square we and
remain a is XXX,XXX that from last feet project feet XXX,XXX square have of in up about next our start on quarter which does project, to couple pipeline and goal square about We of quarters. leasing the that
our service phase year Construction use XXX later quarter feet. XXX,XXX to we're in attention in 'XX anticipate downtown of $XX quarter. million the be units the residential A, occur F, first quarter million groundbreaking, the ATX residential opening development direct CapMetro We quarter of of anticipate that to second had the the 'XX. component completion a and for Turning $X is on we've is further Important that funded of that XX,XXX Block to access which note retail. remaining of floor will we is second will Uptown has which to in down have square Austin XXX here capacity equity expecting XX-acre the balance third is approaching Block $X Uptown, underway which 'XX. component our to the be apartment as SIP feet units well, community, starting where of office which of close third the as commitment of XXXX. in only ground south train to The in the and million, station, We provide be will mixed in that identified Office, a square feet Brandywine square
about comment development our we conditions. believe do create can pipeline opportunities also given general us, shareholder of a Yes, ahead tremendous development macro significant we have have Just flexibility. we But value. forward that significant
Our land us opportunity obviously at only know profit below the land there had those our is verbal milestone via Uptown [FAR] is land And based with affords that on so extension holdings. carry take through the you is in very minimizing well And carry we schedule land significant Schuylkill costs control Yards, options, options. cycle. as base foot, down on $X to few on which also for but value, is the which a about market not development land
significant So both and market demand real a to estate provide flexibility with of develop us drivers. these capital facts
point pipeline of is of to supp. square in that the feet with X,XXX dedicated X product the development ability on and XX% highlighted Life X only million footage pipeline million and about can office that that million to as units. ability the forward key XX.X Science feet feet Of square in is second do space we is the apartment build, our page incorporating of we diversity our The between square XX the do square
mix of overlay future on So a meet flexibility approvals further, demand adjust further to sites, further give drivers. of us degree our market both those that to
low demand flexibility. and driver carrying low takeaways, option, cost basis land key under So
Looking at plan do or being the any additional the, acquisitions, does incorporate dispositions but these on anticipate market, investment 'XX our not we at active fronts.
self-select continue thus parcels. have land to As we done far, year anticipate this do we non-core
office we cap underway low believe rate several the With we sales. profits opportunities have harvest with recovery to
out activities growth our ventures of of properties these appropriate dollars existing generated the higher pipeline, we'll joint and where to redeploying also use We anticipate reduce and select sales from fund development our leverage opportunities.
provide So, overview now will Tom financial results. our of an
