Chief Tania, Vice everyone, Vice Chief Tom and President of in much. President are George Good and all with Dan President Executive today’s very our Financial XXXX Wirth, participating Vice our On quarter our Officer. thank for and second Palazzo, me Accounting call. call Operations; and Officer, Johnstone, thank Executive you you earnings morning, our Senior
Prior that to discussed information during our statements within call forward-looking beginning, certain law. may the federal constitute meaning of securities
Although, cannot statements give these we will are we the that reasonable anticipated results assumptions, reflected believe assurance estimates be based in achieved. on
results, most our as with further as well annual release, recent the please reference that For factors SEC. our on information we our press quarterly that and reports could file anticipated impact
review on the and and questions. and During plan. certainly our after Tom our are quarter assumptions of key for second prepared XXXX then George, Dan, that any results And quarter I available our driving comments, guidance will the business XXXX out for review the second balance financial year. progress Dan will Tom frame results
second the throughout saw So, our prepared moving to comment, continued momentum portfolio. leasing quarter our
we the During within quarter, a feet leases, wholly-owned including our XXX,XXX feet square portfolio. of executed XXX,XXX square leases of new
square new very achieved of a execution square XXX,XXX feet a XXX,XXX portfolio strong venture joined Our feet lease including leases. of
The were showed as Page these highest for are The four the volumes combined square SIP, operating our strong activity one combined of as metrics XXX,XXX And quarters. on totaled well. feet. leasing we past
GAAP and GAAP on a basis. XX.X% rental on posted For the X.X% we second rate basis a mark-to-market quarter, of
cash vary a X% the suburbs XX% at year, be and will PA at the by GAAP X% XX% a balance will and GAAP cash As we with positive. rate rental The CBD look increase. Philadelphia region mark-to-market our of positive
a and the market the a GAAP we current negative Austin, cash in on conditions. anticipate mark-to-market basis Our both given
stand occupied lease did square This XX.X% at based XX.X% quarter lease commencements. an of we four feet XX,XXX have XXX,XXX square currently and a the we have feet we absorption, positive on
More and the comprise portfolio, of XX.X% our which markets about University suburbs our view lease. Pennsylvania as our occupied at Philadelphia Austin, City, NOI XX% CBD, XX.X% importantly, we and or core
During forecast the quarter, maintaining quarter GAAP to second same-store XX% our also on end plan capital in retention are the existing at in cash between top both line tenant cost but were our business we our activity our XX%. outperformed above and with ranges, the our range full-year ranges, based and came of XX% plan business forecasted
square million is XXX,XXX Spec million $XX.X remain or $XX which XX% already million $XX at The square speculative X.X already million feet the range of revenue revenue completed. range with midpoint approximately represents to or XX% achieved. feet
Our operating an of exposure solid rollover a through outlook, to XXXX annual X.X%. is 'XX average reduced stable forward an and platform through with our of X.X% we to rate average further
point lease to volume the converging encouraging. seeing like points leasing continues remains intact been several curve key slow for velocity, starting our any remains frustratingly quality overall pickup thesis physical as definitely are is We with One, A activity, very the highlight cycle a improve. you. a tour to in to execution we has
flight XX% activity new by XX% the of a feet significant during basis, Second leasing On to a exceeded margin quarterly of result and by tours exceeded well. X%, our leases quarter quarter an as first the levels on XXXX quarter or were those by our of pre-pandemic exceeded XXX,XXX were also physical second quality. average the square wholly-owned
the to continue contractions tenant outweigh quarter. expansions during tenant saw also We
that stands at excludes evidence leasing XXX,XXX the is last which feet. And feet. portfolio total emerging up square venture also joint have by quarter our million square of last pipeline up XX% I from from million the is on think quarter X.X recovery, over feet and we its square further our market X.X
The and X.X our is which joint square wholly-owned project on feet development over quarter. pipeline is up from million broken portfolio the wholly-owned in square operating X.X again like feet million down last feet venture between square pipeline XXX,XXX our
portfolio pipeline, X.X looking portfolio approximately square pipeline in of our in prospects deals quality our The Also, million foot XXX,XXX operating to feet up negotiation. existing the square new includes of stage or lease curve. that advanced move XX%
XX campus Page ATX XXXX. from a receive did on during noted at XXst, we we our their package, state lease notice in the supplemental they effective taxes terminated of August quarter As of Uptown our that
of state state requirements a The state-owned of has a there anticipated lease. of occupies are still if into employed relocated assessing lease was the we with an in that The building, with date notice provided XXX% October their that the XX. building currently in one our of accordance expiration
or And while will that that we entitled any rent we not FFO August then we conservatively continue and have additional assessment, to rent remedy, are remove we from our make range. after to that determine as assume income receive we
the reduction XXXX. of over the over remaining rent and The total in $XX lease term in $X.X million in early XXXX termination $X.X about million as will a that forecast overall be of in and million impact in terms includes of
Plan the ultimately then our rent write it Plan need terminated on effectively out-of-service, it and addition, not would as approximately similar consists any did that taking to development In as that with re-leasing Master in extent would that building be that day program. ATX to available also for period we we plan XXX with $XXX,XXX building Master Uptown activity over our off lease straight-lining is determined in the in was accordance XX we'll
Turning to EBITDA. our
time, spend first million. quarter from up quarter to from second primarily development to $XX debt-to-EBITDA which net Our due increased X.X about the is X.X increase of
and in end attribution the our occurring prior-year fourth taking of ratio However, year this debt with to plan our the by second as increases million decrease NOI the the quarter. half of balance reduction of place the range, we asset during also XXXX, occupancy will and business $XXX anticipate sales in JV
As based end invested pipeline in ventures debt if of meaningful upon attribution we has spend investment been we note at at development million generating remove have SIP, point. quarter core to this our really leverage in and development of within our portfolio that NOI $XXX a JV And metric, be from higher our did X.X joint times the from ratio due capital $XX we debt our range. no this well million would investment X.X
Commerce also financing replace to on made the five-year $XXX On which $XXX financings a coupon, joint venture venture maturities front, joint the our a mortgage we in X.XXX% during million progress both our June, debt solid quarter. Square closed In secured with loan. million development liquidity
has Given flexibility fund higher June market, year costs. and after initially anticipated proceeds future XXXX for pre-payment and than state it earlier open the financing the that current of leasing the that and does additional rate loan in but of was provide some we
we very refinancing, dividend make our venture that interest, million contribution with costs, all to both connection joint the and a to to partners, In pay financial portion pay did preferred on $XX down equity of the solid footing. put venture closing equity accrued a preferred partner back on redeem fund but
$XXX joined strategy additional with time and venture million will on Owner lender through will Xst maturity is a XXXX, finalizing that work recapitalization to extension of October the quarter the MAP a to on take we end, Subsequent provide our both that current loan that lender that properties. leasehold our from Fee the short-term extension of
non-recourse our XXX also joint in loan advanced have of million stake we a operating are close range our We before Prussia that is our and will a next between we $XXX with million overall options other are on loan million that to Brandywine attributable construction On Road mortgages year exercised XX% August. got and in discussions ownership on any extension investment ventures, of $XXX King maturing project do of as million joint we XX%. of anticipate $XX $XXX
lenders the our maturities closely at and with all in loan expansions financings quarters. and our added coming Currently to on expect partners consolidated you October progress very until XX% We're of $XXX these or have bond, our would non-recourse bond. no debt and consolidated X.XX% efforts report XX additional refinancing working million fixed on
have have credit the line quarter on any also of cash unrestricted to the end unsecured on of we million million sheet. of the access $XX We balance balance no approximately our and at $XXX
based development on that by spend remaining noted we of projected our we XXXX. Page leasing will all plan, of year-end million funding of we on XX availability credit SIP, development line amplify project our on TI costs, have Tom spend, As full $XXX that fully and our after business and will
For the tier dividend, XX% per-quarter represented share mid-point ratio. at an XX% ratio quarter, are dividend per payout cap represented $X.XX and a a FFO our guidance
XXX% a we the coverage So, XX% our down such another XXX% as the as the to CAD range XX% SIP, new beat we newer great in anticipate quarter changing low-end a range. to capital controlling noted at from our to we're and spend
market activity business about dividend and our company and as as liquidity, will overall the capital moments, forward. I closely business plan going progress we additional levels a monitor XXX projects that have some few payout condition liquidity talk both plans of Board to Certainly progresses, million generate dividend the gain. sale million our XXX well will sales as market our as to a assess
into of XX% pipeline, our funding cost our plan. capital science million which lease office. This wholly-owned life $XXX its is aggregates development development and XX% million Looking $XX remaining our built are at developments and requirement XX% pipeline of wholly-owned with
majority spent tenant to and of would improvement is executions. attending for our be The commissioning leasing that that spend lease only costs
residential, share development venture $XXX pipeline joint of XX% science, is life Our office. full have XX% a at and million, cost Brandywine this XX%
SIP, rates, due contemplated, cost interest the and approximate $XX current for total we curve, on to higher the increase noted impact currently cost originally the cost, estimate we million. As based our in higher so will and will
and such page Brandywine noted on those increases preferred it's fund those be SIP. noted the the on anticipated those that joint structure required additional in the likely development of we will developments, costs venture to Based we
than we're and future whole stated so pipeline clarity on of in build-to-suit on rate. the other as well, leasing and saving the both I volatility our Further, existing quarter given capital capital cost and market cap opportunities, as more the leased on more obvious so last development, pending fully debt the
XX% ahead, Yards of is office, as we residential, life Looking use identified ATX pipeline of Schuylkill and primarily and mix hospitality. given forward Plan science, expected XX% nature Page and retail our Uptown X% the product XX% our entertainment at communities Master the SIP, on mixed support XX
over SIP, objective control is is grow footage Life identified of on back XX or we also our to square on own approvals And and our land Science currently implies. Page the currently our platform XX% of to based
quick funding. is on with million $XX XXXX Just of XX. remaining review pre-lease Page specific Dulles XX% Corner projects, a of
feet strong one a remaining that square of pipeline of that leased not remains science. of deals pipeline is change Prussia date pipeline, million upon XX% lease but in XX% do $XX King a project with did Road, which of XXX of have pipeline XXX,XXX we quarter. quarter-over-quarter about life funding we the by Based did XXX% slide of of that that stabilization that
pipeline a XX% up addition, is project In million take our you X.X quarter-over-quarter and stance feet. mentioned development look overall of earlier when at our development pipeline square I activity, at that as
Lease in with leases of pipeline of line. slow execution we are building number and in been have coming, finish even hard them across negotiation the various to and the get stages working have a
in JFK Giving the office mix one their Austin component in conditions quarters dynamic, market by date. slide XXXX by two activity on the date the given pipeline and stabilization Uptown one we slide quarter did in did stabilization
we first that, on touch an level and through up good the quarter last current deliver the the tour from continues of done pipeline our slightly activity life to science this several with of amazing component, block XXXX, to units for a of marketing ago. we've tours that underway launch office that's have a is activity residential quarter weeks active On number since project,
up under level. is is to the fifth project science life XXXX Our Schuylkill construction,
doing We there of leasing well. square net in feet and of there towards almost will pipeline have the a as all terms we're go number systems XXX,XXX core of
Turning Austin. to
construction, a from standpoint time is and on Block Our budget. Uptown A on construction ATX
XXX,XXX largest up pipeline That standard as office includes feet. as an On last leasing quarter. which low XXXX XXX,XXX as prospects ranging pipeline from our at to mix square from the of feet square feet square XXX,XXX is a square is component, feet
finishes building So, curtain uptick seeing and wall completed, there lobby as activity going we're well. being up as an the that the and in are is
plan expect is be next or B.Labs will Cira Center's The cost This floor an of the space completed the now a of total next nine there which underway. we full capital lab of Our a in cost space and million year, well conversion built our lease. are $XX the on we XX%. return first XX% gradual into quarter conversion on
the impacted office quick macro market. sales by a question challenging market is environment, office on been by rate sector commercial the no that on pullback Just a and itself. lenders the a has real-estate negative particularly There sales at financings look overtones
based we those noted of of spite at are anticipate sales announced plan, the to pre-marketing our maintaining second on target still we million sale In our $XXX half million we in this, XXXX we our originally the business the occurring efforts, did when year. $XXX as
have We $XXX in for Those D.C. about properties now. markets. do of in and our the sale million are properties market Pennsylvania mid suburban
several venture at market time the the joint on as have well. also properties We same
to in in expect on of the an This quarter, close $XX Austin weeks. sale certainty we asset did several the million gain next and sale that
of a financing. which short-term level negotiation, couple other assessed have some We contract through several a of seller main properties moving
good In the the solution. the at cost bidders, range come and the list general, work to to sense a value being to up acquisition good see both loan of continue we and a that for with try potential lenders primary buyer we challenge but financing buyers with their continue our make to getting
balance to plan coming really sell debt during our total I as in fossils joint venture through our the year. to continue And JVs is debt do the front, land to of of We allude non-core XX% attribution. from about the
or several We that the debt half multiple. $XXX improving with recapitalize like do goal attributed end certainly these of will EBITDA plan our during by of to our million reduce the to operating to be the second JVs additive year, a XX% from XXXX of our JVs approximately
from generated and those development leverage remaining activities used fund will our Dollars be liquidity. obviously and the commitment to reduce pipeline Company's improve
it turn of to provide now I'll financial results. an over overview to comments, those Tom With our
