Michelle, thank you very much.
thank call. participating and quarter our everyone, earnings XXXX morning, you in for fourth Good
securities call of me Senior our discussed today's our to of statements Chief On beginning, with forward-looking Officer; call Executive Operations; the Vice our Accounting the law. that Chief within Dan may President Vice Executive certain President constitute Palazzo, Financial Tom information during our and Vice federal and and are President meaning Wirth, George Officer.
Prior Johnstone, be will
Although the believe these are will we reflected estimates statements cannot achieved. based in we assumptions, give on be anticipated reasonable assurance that results
we on information with well further please our the reference impact press factors For that our as anticipated and results, filed that could annual most SEC. as release recent our reports quarterly
we that and ever-improving XXXX. yours are foremost, forward a and and hope successful well to you and looking are First
'XX to Dan, share. at be spend comments, answer looking key XXXX, assumptions During FFO and $X.XX results our any FFO per fourth year available review we per our of then plan. of quarter prepared and our I share quarter outline questions.
And will the George fourth and full business we'll $X.XX After time to briefly posted of Tom, that,
totaled Our leasing XXX,XXX for combined the activity quarter feet. square
quarter, XXX,XXX executions, feet activity. venture the portfolios, lease achieved of leases, of exited we wholly-owned of of we In feet square During including joint our XXX,XXX square new new XX,XXX our including feet square portfolio. leases in square XXX,XXX leasing feet
GAAP basis. on cash rate rental basis on mark-to-market and quarterly was X.X% a Our XX.X% a
an sale that targets. and that XXX quarter December that by which things. occupancy We our And and within the X percentage basis to anticipated lower points portfolio XX% a was our of the impacted announced and That anticipated plan to a range. lease That We our that basis mark-to-market under full our business not fruition. XX.X% portfolio agreement occupied at change. full points. was XX did about January. mark-to-market was basis year below and previously Our slid on our come occupancy move-ins X.X% GAAP underleased we on was basis points XX.X% until year ended leased, cash had due was outperformed XX That
our On hand, the which are urban Philadelphia and markets we In of the other NOI XX% XX% occupancy or leased. Pennsylvania our in at University XX% looking XX% core and of and operations, City, occupied CBD, our comprised Austin, just suburbs leased. suburban PA
sale our explore our XX% to leasing each highlighted address we and well conversion almost projects X, of over As in well are wholly-owned impacting capital ranging continuing from as occupancy these our of of supplemental points. our on package overall as XXX to properties comprise vacancy, programs underway opportunities. by X Page Plans investment basis accelerated numbers and
was spec in at 'XX was Texas due at leasing million does the volumes solely end lower to revenue range solid operation. range. portfolio Our the our shape. Austin, of in in lower metric -- bottom The $XX.X of The this remain end operating our
up flight million of X remains square XX% in That to feet was feet. XX% an tours X.X%.
Several on our third X.X up portfolio, last our the portfolio basis, has wholly-owned stages expansions XXX,XXX in levels quarter. which per also at XX%. down the a tours tour in stands our approximately On have X-quarter exceeding for Then also, pipeline our pre-pandemic consecutive are -- now and Tenant outweigh total is average our new quality. through square million X.X very X.X% of square is and towards average includes of by rollover square a between above activity in XXX,XXX And from lease continue we move contractions square by negotiations existing million from to quarter.
The our or XXX,XXX leasing square quarter. feet is result our leasing up trailing operating over to feet 'XX, Fourth development feet been 'XX forward is to square our is wholly-owned XXX,XXX quarter which Our pipeline of activity broken of and a feet tenant quarter last encouraging. an new increase feet XX%, third physical amplify pipeline if through XX% projects X curve. square shoots, looking million average points The will. exposure physical by quarter and prospects portfolio quality deal and about you pipeline green of in advanced feet up exceeded
while for velocity the than and timeline tours the the as like, we leasing execution continues starting the for tour more you those of protracted know, would lease to point composition is So improve. which, remains cycle,
XXX,XXX we In that outstanding feet negotiations up proposals terms of staging portfolio, through square quarter-over-quarter, last from XXX,XXX and feet have the quarter. were are and leases up square
sheet. the balance Turning to
attribution net year-end quarter, up redevelopment to target reduction X.Xx debt-to-EBITDA joint was and slight development a the below third X.X is in in point unconsolidated due our asset 'XX spend. anticipated our ventures, our Our in increase from debt being by from and primarily delay our which sales
ended excludes spend, debt and our within counterbalance development joint year a to our redevelopment X.Xx EBITDA As attribution that, venture core the at range. which targeted metric, and
liquidity. at Looking
us controlled closed 'XX. capital have efforts maintain front, and to forward spending as 'XX and out On enabled to our liquidity refinancing excellent look liquidity we the
availability our achieved having of we 'XX, goal our line of million on credit. full unsecured $XXX For
closed year with of We hand. $XX on approximately also the unrestricted million cash
we XXXX line SIP, year-end XXXX. availability credit on at as based our importantly, our business XX full of More of noted on have our plan, expect to Page on
million of slight below quarter. quarter, at 'XX range. year discount. back the unsecured also We million complete the During end million of which the we did our did sales, $XX business We bonds about during a of our $XX was $XX bought plan sales
levels in good postpone below received our decided sales resulted expectations. improve. lack we several conditions the liquidity until of market to strong pricing our financing While And attractive investor given position, we interest, lender
will our We're our unsecured refinance mortgage offering. 'XX on, X.X% fixed continue of debt a several Tom maturities. secured consolidated touch As is to do properties an to a financing our or options bond We at our XX% rate. on assess evaluating
We 'XX plan finalize in next plan to X/XX our does this a that and business rate. occurs refinancing by assume interest expect days the XX at mid-X% 'XX
As half our XX joint maturities SIP, operating during of with noted of the do on Page loan have X we first ventures 'XX.
XX% ownership to ventures in ranges stake between Our XX%. those
believe by loans opportunity and said, as being nonrecourse the All valuable are ventures present a of any fund secured for or to recover. do and no these money.
That estate debt markets Brandywine obligation real are the partner with either additional our estate real solely these we
given discussions progressing As partners, lender. originally slower discussions, by we are we within such, engaged to of of XXX days. anticipate And still do productive the over debt the than are those along we nature $XXX anticipated, venture with next expect in XX our each do be full we while joint our these will resolution million. the reduced each And with on overall conversations these ventures attribution
FFO out CAD Looking ratios the at our XX%, at we payout and covered dividend, well 'XX and with full respectively. XX% closed year
is during to periods, which million impairment Maryland representing then package, assets we certainly in several in several our D.C. on suburban record as evidence intention charge really our located unresolved totaling As fourth ventures, status renegotiation is of Pennsylvania. based market and assets of soon operating by those impairment we recognized as Virginia, supplemental joint shorter-hold did That the we our quarter. on sell given $XXX the of operation, our located charges noted loan wholly-owned in are conditions.
And on assets ventures impairment permitted several unconsolidated on the really those
Looking plan. at our business XXXX
our are The a primary is both of of equal to $X additional to refinancing drivers 'XX providing per expense share. consolidated with share FFO an of per the We $X.XX joint done of our refinancing million guidance this 'XX, 'XX share anticipated in $X.XX impact our full interest ventures per $XXX represents and with midpoint of bonds. range on $X.XX guidance and the
our don't and other year-end several occur move-outs sales additional expect in the our We that a the in will XXXX. and during recognize as including items, based items expected delivered, XXXX to share of recognizing approximate expenses -- year. earnings is flat as offset with occupancy lease-up.
There year-over-year. X really losses those we during core lease-up 'XX, known land several $X.XX.
And have against will That's projects operating we'll the you the portfolio were 'XX, by slightly looking be of GAAP our will onetime are We projects -- residential to remaining 'XX residential higher operating our other comprised G&A metrics, charges during capitalization do $X.XX items levels. phase, we carry once also, The know, remain NOI the entering on, ceases, at
our 'XX be average in So occupancy average during below occupancy slightly will our 'XX.
XX%. X%. be will range market range be GAAP -- XX% and mark-to-market mark-to-market cash and will Our X% between between
lower range levels, While regional 'XX is the the than purely driven our activity. 'XX composition projected cash leasing of by it our is
CBD University expect below $XX between do Austin XX% business range while range. spec and will which mark-to-market be targeted million, suburbs up range, Our from 'XX will plan is and perform above and the levels. City in Pennsylvania will $XX We our that revenue million
basis. spend -- about and lease slightly Based X% result. 'XX we NOI above point XX%. be XX% revenues our currently current operating the will dividend an ratio the X% and impacted represent at at will plan but midpoint. X.Xx of on increased $XX anticipate move-outs between a shape and per payout XX% Capital is a development do do improvement continued XX% be Lease debt-to-EBITDA activity, to to averages, Retention level at the plan 'XX, X%. million on over XX% believe XX%, the our project year, targeted range our anticipate midpoint levels the leasing excellent payout Same-store GAAP spend, as are to our during We remain be cash ratio and to will be That focus X.Xx negative XX% that a in range.
We XX%. we that and share redevelopment business be and $X.XX the 'XX -- capital CAD a in of levels net achieved. couple will our and above XX% We X% a between we puts XX% it will by key control range. and or the being will historical between midpoint percentage growth a in still a we the of looking year.
Occupancy
business does that particularly activities while to above Our online. QX minimal $XX of in it covered to million dilution. occur 'XX slightly additional comes well project as million levels, with revenue development sales CAD is is ratio And plan $XXX the
to improve to as investment market Looking financing the climate, we more at progresses. sales certainly the expect interest rate tone a year with financing, favorable some do
have and $XXX As number of our $XX a in sales to such, million with, those fourth sales of have I we discovery to the do plan in into the occurring mentioned, market capital again, price built plan quarter. as assets just for primarily million
in D.C. sales Pennsylvania targeting and the are We suburban Met markets.
sell to development continuing from X% anticipate square as noncore land last feet. also leasing X.X at parcels.
In our up We at pipeline stands quarter. earlier, our looking That's million noted developments,
we of leases the While during the we see did we -- that sorry, see did only that quarter, executed advance. status the of I'm pipeline several pipeline
about square have square under to we of of continue space fits.
Tour early square of does now, XXX,XXX feet of XXX,XXX up. negotiations, and XXX,XXX undergoing pick proposals leasing test feet feet velocity outstanding As
Uptown prospects certainly One pipeline. and opened We continuing build get XXXX JFK our across with delivered. Our that line objective to to the XXXX the components commercial finish while of is
do we levels to to activity So increase. continue anticipate
pipeline and the from construct these building X space, does length are time given plan our we spec include to a from floors each completed standpoint, financial that we obtain suites projects. XX% XX% X recognition, permits any complete X cost look spec then to To is office. However, at space residential, total revenue plans, 'XX of science the midyear.
When a development of and life that will revenue XX% coming take accelerate not be our building in by pipeline,
residential looking office and leases the we're in building the project in daily, of funding about 'XX.
And only component, as levels next in commercial executed XX the the at looking quarter, XXXX on $XX leased residential will leased delivery JFK, and a 'XX, that are specific remain entire continues is Market, last pipeline As pipeline obligation active the of we between balanced have XX% with quarter. XX,XXX Activity is by good, component is, units leases XXXX again, square The delivery feet be feet, life this QX which schedule million.
And late science with of the occurring our We on QX building. tours phasing project at is residential on supplemental totaling tower, currently 'XX. have XX% foot remaining our very on an mentioned, delivered XX% over occupancy. our do I and additional which up XXX,XXX package, we noted of currently taken square from budget. is scheduled XX% square late science the project for and XX% life for year-end XXX,XXX That projects, those
square We proposal square and early and expect stage, loan the XX,XXX XXX,XXX about to good We that feet, have at in totaling mid-year. lease construction a close last loan-to-cost with to sometime a feet negotiations seek XX% the quarter. pipeline XXX,XXX pipeline so advancement of range that the in in feet do by continue a square
projects. Block construction Texas A on ATX Uptown Looking and also is at time budget. on our
square We of includes from and square the during foot commence prospects a quarter, did X,XXX executed suites XX,XXX feet. lease. spec of to there pipeline a Our leasing XX,XXX ranging floor a mix
We of will The out during third XX% phasing an are in will suites. residential end component of by leased anticipate of multifamily units 'XX. additional quarter the and spec be XXX we that building the proceeding X on also begin component 'XX
complete. expansion of on is occupied. floor also phase B+labs XXX% next is ninth That Our the now
have XX,XXX the in shifted of on and construction negotiation commenced advanced the prospects of very lease floor focus well. stages X feet, have now we and We as Xth there active square
provide to that, financial now with So our the I'll overview Tom presentation of turn over to results. an
