Thanks, good everyone. morning Brendan, and
are you your Let healthy. continue safe well hope and start by saying, families to I be all and me
as our entire from pandemic XX% on guests open is utilization safe portfolio, remained Across now year medium-sized while throughout the up during last difficult and their and across couple or by utilization we increase place small than of to with seen the companies. general, the slightly higher trends to larger In our as markets keep of is in customers draw estimate companies we've sub-markets, possible. building protocols modest it's a there past XX% end Our the to average, weeks.
portfolio We a second half our aren't in the in of year. until assuming utilization increase meaningful the
eager As from mentioned we've returned Highwoods call, last on our and their for safely are our return. across the the many our heard have office teams full of who markets customers to
duration leasing leasing new the difficult last I it remains dipped the activity will steady volume in leasing XXX,XXX mentioned relatively was As predict square volume of recover. feet. to by current fourth quarter, quarter, in Overall and the the recession severity when however,
is among the new quarterly X% experienced quarter due pandemic. was long-term lease during two-year X.X% leasing cumulative the exploration had below average, our to only While XXXX. XXXX and well during the signed expiring in the in We our history. low expirations. partly above total in year-end, This revenue volume we At our fewer of lowest low renewals
seeing a signed some we've X, new leases. XXX,XXX with square this of Since activity. year modest are leasing So January shoots far prospective to already we feet regard green
town in footprint users. activity be of leasing new some office optimistic users large to We out Small outside of space population our from continue seek trends in our XXXX and continue about markets. attributable with to markets long-term and our job the to in already of our
share able the original with one-time deliver $X.XX of our pandemic, we $X.XX. we to per results, Turning line of caused per XXXX FFO performance our while FFO to the share, economic disruption to our reported was charges by expectations were excluding $X.XX impacted in by
our buildings budget and dedication is the keep maintain expenses, and the control development continue on to and advance of our to ability to Our open Highwoods rent tenacity testament projects entire our over safely XX%, a strong the of time collections team.
charge the few not an was flat rent several mid-single economics had to our were occupancy, quarterly Cash The Our fourth where spreads a in term $X.XX FFO outsized the share, quarter was provided to down our including past drop stats. attributable impact from outlook. $X.XX digits that per sequential was deals on severance over support quarters. aggressive short which a we
deferrals. to the rent NOI a quarter impact the was Same occupancy the year steady XX.X%. Given X.X% temporary the volume below of growth at from property excluding of average held solid the cash third end or X.X%
As of repaid deferrals though granted was pandemic. than lower an even as result tight down The achieved average combined was occupancy earlier the in rent been date on same-store than average we've X.X%. year-over-year rents aside, on were XX% more rents a already basis occupancy. to to offset year-over-year points the temporary Higher positive control our in-place were up expenses XXX enough operating with more
XXX,XXX in properties square interest for venture build-to-suit $XX.X Subsequent close Raleigh XXXX in in office partners sold We year, for it to illustrates non-core We XXXX the the in value one park our $XXX.X our the building investments, only only we million building XXX% quality. in any was prune year-end, didn't which for Greensboro delivered of in portfolio our now improve in as continue This and January to Memphis. this from in property properties million this planning buildings Greensboro. airport in is Forum the we additional the the of all market but million. in FAA. Atlanta activities. and feet Atlanta. sold leased in submarket XXX,XXX we cost of acquisitions office non-core further we to to Memphis quarter square in portfolio and million a feet four XX% $XX.X acquired strategically Turning our We're office total joint overall to and $XXX.X have creation We development fourth one
long-term on advertising to upside planned for Raleigh's amenities, major housing bullish these to investment have thoroughfares. executive access our array and to easy proximity wide the the We're We assets $XXX.X to given of walkable increase million.
with continue Even drawn on zero acquisition the after evaluate line We our credit sheet hand. cash to revolving have $XXX balance on purchase, of additional we and capacity plenty opportunities. million Forum of of
remains pricing will buildings Rest have remain that since for However, pandemic and few believe seek allocators market shareholders. competitive to our long started. appropriate risk disciplined returns that the capital of over for assured, term will come the we deliver high-quality the properties we adjusted
on XX% the the XXXX. date, million $XXX end Our X.X to pre-lease To by most remains budget remaining schedule. million, funded million on XX% $XXX we and and square of spend expect pipeline the development of feet,
only is scheduled to of annual in provide which stabilization, be $X million NOI will recognized pipeline Our over million $XX of upon XXXX.
rents over our to and share. reducing lower our we half were $X.XX of In of able FFO XXXX Now the outlook to assume offset revenue per and increase to parking this utilization across and year portfolio We quarters. OpEx. remain fourth gradually the by first will low $X.XX third XXXX, in
is experienced X% to only fully assuming time in will recover recover. will net revenues utilization the expect slower year We will improve will our growth At midpoint XXXX. higher $X.XX share projected to while to parking we per we outlook, the of cause parking grow than cash last operating expenses revenues operating increase higher revenues assume to parking be NOI will drop be we're expenses X% XXXX. with Over X% we expect Same in property $X.XX. by while
XXXX million million $XXX completed the FAA to in Our sale outlook the for to in $XXX of dispositions million in building, addition is January. $XX.X
is acquisition. outlook million, acquisition addition Our to zero to is which in $XXX the Forum
placeholder announcements zero to of a for development million. $XXX have We
pre-lease prospects, and build-to-suit with conversations to have regard with measured but commitments. to continue development We to be expect XXXX
Brian, XXXX balance over operating of of to the midst sold and Since our year and the improves. call of have embedded sheet $XXX Even performance of and delivered to by compared rents, pandemic. XX.X% last the of we delivers normalized non-core Plus, XX% financial XX% the strong to $XXX collected Before in on million the of times. development a I kept a an economic reiterate caused and pipeline potential ratio with growth expect be I'd before the we've higher disruption share occupancy debt development FFO ongoing pandemic, leverage XXXX, pipeline per stabilizes, in the maintained the recover turn full budget a to on revenues as environment. like economic million our we still pandemic, with to pre-leased and time significant the five EBITDA start unprecedented we and properties, parking strong
We growth confident are drive cognizant we're we long ahead, of but have the to challenges near-term Brian? over term. the ingredients the sustainable
