much. very you thank Gigi,
Good morning, second participating our you and XXXX earnings thank quarter for call. in everyone,
On securities today's beginning, forward-looking Vice meaning call Vice with Chief may Wirth, me are George constitute President Vice discussed law. Operations; Accounting and the and Palazzo, of during our Chief call Executive President Officer.
Prior Johnstone, the Dan our information and statements Senior to within President Financial Officer; federal Tom certain of our Executive our
in these we reflected are based that Although anticipated assumptions, estimates we be statements on reasonable cannot the believe assurances give achieved. results will
For further annual and first we hope information well well. results, are could file quarterly on release our and our foremost, doing as we impact SEC.
Well, and our please as factors yours the you press anticipated that reports that recent most that reference with
Your are and second of great XXXX. summer and looking forward a off ever-improving is a successful half start to to
quarter our key prepared on results the we'll our business briefly frame our quarter review During of for balance comments, driving Tom the then out we questions.
Well, second briefly and George, and to XXXX financial 'XX review answer every thinking After progress to I last by any the start assumptions to our are that plan. guidance. quarter's will available and the Tom guide our off Dan, that, call, addressing want themes similar key day. results
stability. remains Liquidity, on portfolio lease-up focus Our X areas: key and development
on First, liquidity.
the decks cleared any issuance November bond recent XXXX. maturities Our on bond through of
we the redeemed bonds. fully quarter, our 'XX October During
a mortgages by be asset our to our ensure other Cira that, and credit month June would of joint balances position.
On sales joint cash our deleveraging pro nonrecourse positive our 'XX. we ventures, X put Each mature existing $XXX of reduce years required on of a program the funded venture, that maintaining in our we that project further over to outstanding and next expires this believe and partner minimal anticipate our several of have to liquidity we few mortgage, enhanced highlight. on JV, such, Square in liquidity the will refinanced the operating which initiatives.
On equity balance As MAP a resolved ample line with now new items that rata our a mortgage mortgage million flow share
We reduced, through The extended March existing extended restructured was by and have $XX the XXXX. mortgage and leasehold of reduced million mortgage.
owner properties. debt we entity fee for and we sale, million, paydown new quarters. the anticipate and to XX and a the several In combined X%. reducing amended results, the to debt receives MAP XX% provides restructuring interest currently our deleveraging in are flex joint purchase to and This $XXX of addition, loan the activity to Brandywine unencumbered, venture lender the The able the venture and joint reduced those over formed provide MAP, by of properties on $XX a the economic restructuring next facilitate industrial to that sell Cira Square completely is marketing our of capital participation on the and operating for that million.
To be portfolio attribution
number Second, quarter. on the and development with build pipeline proposals on issued projects the during versus first second the of lease-up, to quarter continues the all increasing tours
of we this of customers of on pro non-revenue-producing these or of our residential components capital projects approximately the cash generate negotiation to upon forma hitting The balance million the to $XX stabilization, a aggressive approximately that. of our of recognize To We absorption range targets. and pipeline rents.
Each and campaign advanced project. stream. continue and with these projects XXX,XXX a on both income of top attractive confident are to both feet in are million marketing a of that of stages in We XX.X% our strong behind $XX sheet impact terms lease square the remain with of upside, certainly will earnings broad building existing NOI each drag and continue increase GAAP carrying market, and tenants perform
remain. remain their strong So company, of and on challenges, the certainly, occupied XX% faces operating having we they And fundamental our posted that is again crisply reflect a of growth always still portfolio the portfolio. driver are key on certainly, those the stability dynamics projects stabilization.
And metrics portfolio we near-term our focused this stability underlying quarter Austin our to do The in mind. core stability, top while market reach
that to XX%. among consecutive in large market's In fact, by as is quarter leasing level a activity country, Philadelphia, marketplace, cities lowest plan to levels recovery. participant and in occupancy picked positive we the rates strong which the that well second in perform evidenced of one of be continues up, absorption vacancy level XX% our and of have Austin in
have less we the the than X% XXXX, sector. office ahead, Looking through one in lowest annual rollover of
is plan of schedule. revenue ahead running Our XXXX
by speculative have million our range annual such, range. $X raised increased revenue also we As retention our and
take continued that Our year line share, all our line mark-to-market start, all objectives.
With in as momentum of few valuation second real $X.XX FFO strong, same-store our the to operating last results sure the background, highlights: to in space into A with We and XXXX challenges our very of from sector, entire and off facing have over growth is strong necessary We first consensus. per quarter solid at or above and in quarter fact, are our relatively plan. done achieving posted the second -- they business a and all business estate the quarter the several levels the continue performance on in liquidity capital the continue years. steps commercial ratios numbers and plan perform fully to to recognize
has to I range, executed. revenue $XX.X as speculative with Our million $XX of to million million $XX $XX million to mentioned, $XX million been increased already
bond 'XX fully redeemed. been has Our maturity
for activity leasing square XXX,XXX feet. combined totaled quarter Our the
our months our we have wholly new owned square joint our of exceeds within from of X During portfolio. we million leases square the during efforts quarter, year, $XXX feet our executed XXX,XXX debt feet Based attribution the including on which eliminated XX XXX,XXX the our line fixed first -- does of ventures, leases on consolidated credit of lines, as in sorry, I'm those million our leased having a on XX% X.X% debt $XXX of million plan noted 'XX.
Along availability SIP, our $XXX XX% is at full our at year-end target. Page business And rate. anticipate
any was and noting Austin rental It's on a we rental the quarterly rate accepted which Our by with metric a lease down renewal cash mark-to-market of improvements. impacted for in that did was a rate, in basis we GAAP basis. XX.X% X.X% in negative quarter roll larger worth a on tenant this lieu
leasing but XX.X% XX.X% a the business on cash occupied 'XX and strong in basis, with our and down a leased, respectively. We Our XX% XX.X% GAAP from mark-to-market plan ended projections. line quarter, right and was sequentially last new quarter at
the So portfolio operating remains solid in shape.
to Our been of have X.X% 'XX forward noted, down do has than tenant revenue to any not through as through reduced further and lease Also, rollover through exposure X% XXXX. X.X%. we 'XX greater expirations
quality, as activity. pick we delivery to prior key platform our remain So strength asset thesis the up a quality in to positioning and competitive gain quarters, in overall curve continues submarket reflected leasing service believe the advantage. Similar
to set customers, we facing, of we positive. to front our following given those pack, evidenced operating financial prospective the minds in on encouraging has the existing quality, see increase continue by metrics: very tenants as physical tour signs both and the activity The lines, brokers.
Along leasing the some in been us of competitive from shrink and our landlords have in and separate the competitive of addition, submarkets stability several has the our In are stress continued seen platform
XX%. Second Also, quarter quality. new during the physical were XX% pre-pandemic a the tours also of trailing exceeded flight levels activity first quarter. expansions by tour above of remains leases result our exceeding second this XX% a by owned XX%.
On average during contractions quarter by outweigh over continue quarter, tenant wholly to to Tenant and X-quarter all basis,
enabled includes has Our in strong XXX in range pipeline operating to executed renewal approximately annual XX% continues up XX% The X.X points The our is pipeline XX%. feet retention stages million quarter last feet raise This basis total by square XXX,XXX and and leasing us a XX% to leasing stands advanced expansion negotiations. to from XXX,XXX portfolio square at to square of position. feet. from activity
levels the XX% our looking are portfolio, remains last of move operating new pipeline at Our same quality prospects curve. also as up pipeline development quarter to and deal the
Looking at EBITDA.
first Our our by second quarter at net the in -- the level the quarter offset same our as debt-to-EBITDA increased investment to remained compared at was X.Xx, projects JV development recapitalizations.
operating ratios XXXX $X.XX FFO core Xx, metric have And to half guidance the quarter share range.
Based current year, our XXXX for And plan above midpoint, per $X.XX $X.XX at Our our were X-month results ratio from on first our on XX%, the $X.XX at of our CAD $X.XX FFO we looking also our ended and dividend, better to and to first share. business payout per narrowed at second at dividend, the quarter the targeted our than per slightly EBITDA CAD XX% was respectively. share our the payout projection. based covered
million at occur business of sales. quarter. to between in $XXX Looking does $XX targeted us fourth and our contemplate had executing sales those million activity, We plan the
$XXX for about market have We of million price the discovery. properties in
developments, within we our several far, agreements noncore obtain actual we during to looking land to posting quarter the pipeline to have And strong. continue at will Given results buyers' to due also parcels, anticipate activity land development the that targeted our anticipate we do financing.
And range. terminated did reaction the thus sell the inability remains while
continues now, of continued recently feet Tour Uptown. on we undergoing to velocity and activity XXX,XXX of in feet levels XXX,XXX active test XXX,XXX feet lease have have proposals delivered project of One As at up space negotiations, outstanding square approximately and square fits. pick to square increase our
permits, Uptown complete not quarter, are the plan XXXX. need we the any X last Given to One XXXX spec suites revenue construct include spec time floors revenue financial still out noted that Uptown building space, length nearly either of accelerate To does coming plans of our to however, spec at at finished space suites I obtain One of we from or floor and recognition, X JFK. 'XX
XXXX delivered. fully Looking that is at property
XXX,XXX under currently commercial or the we're negotiations. so with and square active pipeline lease leased On active component, feet XX% an again,
shy we residential still project project. About has by see year-end for On That's which between last 'XX. significantly the the or we will residential occupancy from component, have of up XX% this traffic XX% component just rental continue activity component, XXX and be taken steady XX% forma leased rates.
We Avira, and of of that at quarter's residential leases to pro XXX,XXX those call. executed leases leasing call
for called and traffic. pre-leasing steady component begun Uptown's residential see have Block continue We to A One Solaris House
quarter fourth executed. will by continue leases XX% and between to this leased in scheduled have is taken project later of for 'XX.
XXXX be XX% first lease as and project scheduled have August. We for in Market delivery occupancy are the No the XX move-ins year. we yet that year-end
leasing a feet. there in venture, have XXX,XXX ranging square in and over We XXX,XXX have our leasing joint with pipeline Uptown with negotiations. to square on XXX,XXX approximates the office that feet component, ATX, square lease prospects from X,XXX feet that pipeline of feet square At million X.X we a
As spec of the things said, did suites are on floor underway, I track floor there a and well. complete with moving just we second as
Our of in B+labs remain we Cira stage our eighth on provide of a results. now and negotiating is next floor the will entire an phase Centre tenant floor.
Tom with overview for of the a of that single final financial lease well underway,
