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Text: In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investor Relations section of our website at investors.
During the Q&A portion of our call, Ray Ritchey, Senior Executive Vice President and our regional management teams will be available to address any questions.
Today, I'm going to depart from my typical organizational remarks and instead summarize all the reasons why we are confident in Boston Properties' future prospects and enthusiastic about the company's growth potential at this unique point in time.
As part of my comments, I will address accomplishments and challenges of the past year, current capital and property market's conditions as well as Boston Properties' capital allocation decisions and strategy.
I will begin with three points on Boston Properties' potential for income growth, both in the short and long term from where we closed out 2020.
First, our variable income streams will recover.
Over the next 24 months, Boston Properties will likely enjoy one of its most significant and predictable improvements in economic conditions and leasing activity as we witness the end of the COVID-19 pandemic.
Two vaccines with high efficacy rates have been FDA approved, 5.8% of Americans have already received at least one dose of the vaccine.
The more easily refrigerated Johnson & Johnson vaccine is near approval and health authorities are advising that anyone who wants to be vaccinated will be accommodated by this summer.
The Biden administration is aggressively pursuing a more rapid vaccine rollout as well as economic stimulus to help bridge the economic damage caused by the pandemic.
Given the herd immunity created by a high percentage of the population either recovered from infection and/or vaccinated, infections will likely drop precipitously in the middle of the year.
We are all anxious to come out of isolation and return to our normal lives.
So as the infection rate drops, the economy will reopen and individuals will return to offices, restaurants, shops, theaters and travel.
Approximately $97 million of Boston Properties' FFO decrease in 2020 came from the variable income streams of parking, our single hotel and retail customers, all of which were devastated by the lockdowns.
And we will likely see a strong recovery in these variable income streams in the near term as the economy reopens.
Second, Boston Properties' office portfolio is stable.
We have been collecting through the pandemic over 99% of our office rents owed demonstrating the quality of our buildings and office tenants.
Only 7.1% of our leases roll over this year, and we experienced 20% roll-ups on average the last three years, providing a cushion for decreases in market rent caused by the pandemic.
We have signed over 600,000 square feet of leases on currently vacant space that will experience rent commencement in 2021.
We expect the noncash charges experienced in 2020 for accrued rent balances to diminish, if not cease in 2021.
We are now recognizing rent on a cash basis for all theater and co-working tenants as well as the vast majority of retail credits we consider at risk.
We will also be delivering in whole or part three assets into service this year, 100 Causeway, 159 East 53rd Street and 200 West Street, just under one million square feet in the aggregate and 95% leased.
Third, Boston Properties has significant external growth drivers, which are readily quantifiable over the next four years.
We currently have under development and redevelopment seven projects comprising 3.7 million square feet and $2.2 billion in total investment.
These projects are 88% pre-leased, fully funded with cash on our balance sheet and projected to generate cash yields on cost at stabilization of approximately 7%.
In addition, we recently delivered three Class A urban apartment complexes in Boston, Reston and Oakland, with an aggregate of 1,350 units that are only 56% leased and have substantial income upside as the economy reopens.
We expect the income from delivering this development pipeline to add 3.4% annually to our FFO growth over the next four years.
We also anticipate starts this year of over $800 million, the majority of which are new life science developments and conversions.
And lastly, we own or control land aggregating over 16 million square feet of potential office, lab and residential development, which we will commence as dictated by market conditions.
Now my next points relate to our business model and strategy.
A core strategic principle for Boston Properties is to build, acquire and own high-quality buildings.
Our portfolio is dominated by Class A urban assets many among the leading buildings in their respective markets, such as Salesforce Tower, the General Motors Building, 200 Clarendon Street and Kendall Center.
Higher quality buildings stay more occupied and perform better in times of recession, as certain customers take advantage of lower rents to upgrade their space.
For example, VTS reported from their database that tours for Class A buildings in New York City went from 38% of total before the pandemic to 54% during the pandemic.
Another hallmark of our quality strategy is market selection as we believe in the long-term health and attractiveness of our coastal gateway markets.
But we remain confident in the attractiveness of our target markets for two basic reasons: the clustering of knowledge workers and increased barriers to new supply.
The cities where we currently and aspire to operate, New York, San Francisco, Boston, Washington, D.C., Los Angeles and Seattle, have unmatched educational, cultural and civic resources which attract the leading clusters of knowledge workers in the U.S., particularly in computer science and life sciences.
Knowledge workers have more job opportunities and are more productive when working with others in clustered environments.
Future job growth and office demand is going to be driven in the technology and life science fields where our target markets have a distinct clustering advantage.
To create value in office real estate as an owner, you need rental growth, which is driven by both job growth and barriers to supply.
Our markets have built in obstacles to new development, including a dearth of available sites difficulty in permitting, antidevelopment local ordinances and cost and complexity in construction.
My last point on business model is Boston Properties' fully integrated operating capability and quality of execution.
In 2020, we were able to lease 3.7 million square feet with a weighted average lease term of 8.6 years, which is around 60% of our recent annual leasing averages, while the leasing activity in our markets was approximately 40% of recent annual averages.
In all our core cities, we are a market-leading participant providing advantages in assessing new investment opportunities, procurement and attracting and retaining talent.
We are an industry leader in ESG performance as measured by GRESB, the EPA, USGBC, Energy Star, Fitwel and others and were recently recognized as the leading office company and second best property company in Newsweek's 2021 Most Responsible Companies ranking.
My next points relate to valuation.
Because of the pandemic and the variability in our parking, retail and hotel income streams, Boston Properties' FFO dropped approximately 15% the last three quarters of 2020 versus prepandemic levels, which is clearly disconnected from our stock price, which has dropped 37% over the same period.
The gap is caused by expectations, specifically concerned about Gateway markets addressed earlier and the impact of work-from-home on office demand.
I will reiterate that we think more remote work is here to stay after the pandemic, but concerns over the impact to office space demand are overblown.
Business leaders want their employees back in the office to foster culture, collaboration, teamwork and mentoring and to provide more supervision.
In a recent employee survey completed by Gensler, workers want to return to the office as well, where they believe they are most productive and collaborative.
But 52% want a hybrid model with more time to work-from-home for convenience and safety from COVID-19, fears of which should dissipate over time.
However, 90% of those employees surveyed won an assigned workstation when in the office.
And while only 21% of those surveyed had a private office layout, 47% wanted it.
Though employees may be working remotely more in the future, it will be difficult for employers to translate lower census into space savings due to employees' desire for more privacy and a fixed workstation.
There is also a disconnect between where the private real estate market is valuing Class A office assets in Gateway markets and where the public market is valuing Boston Properties.
At our current share price, the look-through cap rate on our portfolio is 5.9%.
High-quality office assets comparable to much of Boston Properties' portfolio are trading at sub-5% cap rates.
Though office transaction volumes were down materially in the last three quarters of 2020 from the prior year, activity improved each quarter as investors return to the market.
Volumes were down 45% in the fourth quarter versus the fourth quarter in 2019, but were up 59% sequentially from the third quarter.
Office was no more out of favor than other asset classes after the pandemic as office transaction volume was 29% of total commercial real estate volume, both in 2019 and the last three quarters of 2020.
There continues to be a robust market for life science real estate as well as quality office buildings and technology-driven markets with more limited leasing exposures.
Just in life science, life science is a portfolio dominated by a leasehold interest in University Park in Cambridge sold for $3.4 billion, around $1,500 a square foot and a mid-4% cap rate with roll-up potential.
And a partial interest in Discovery Park in Cambridge was sold for $720 million, representing $1,190 a square foot and a 4.7% cap rate.
And in office, 410 10th Avenue in New York City sold for $950 million, which equated to $1,490 a square foot and a 4.5% cap rate.
And 510 Townsend and 505 Brannan streets in San Francisco sold for a combined $570 million, $1,280 a square foot and a 5% cap rate.
Though both buildings are leased long term, one is being sublet in full by its user.
And in the Seattle CBD, a leasehold interest in 2NU sold for $700 million, $1,020 a square foot and a 4.7% cap rate and 1918 8th Avenue sold for $625 million, $940 a square foot and also a 4.7% cap rate.
There is material investment activity in like assets to Boston Properties.
And with interest rates forecast to remain low and the economic recovery described earlier, we expect transaction activity to increase and cap rates potentially to tighten for well-leased assets.
And lastly, Boston Properties has the balance sheet and access to capital to take advantage of opportunities that will present themselves as a result of the pandemic.
We currently have $3.2 billion in liquidity.
And after the redemption of our unsecured bonds and fully funding our current development pipeline, we'll have $1.5 billion of liquidity remaining.
We have been more actively monetizing in-service assets, having completed $570 million in gross sales in 2020, and we expect a similarly elevated level of activity this year.
We have access in size at attractive terms to the unsecured debt market, if needed, and have been developing increasingly formalized relationships with large-scale private equity partners to help us fund acquisitions.
We have a reasonable pipeline of potential new opportunities in our core markets in Seattle and continue to look for investments that require leasing and/or redevelopment to take advantage of our operating skills and to create higher returns.
As mentioned, we also intend to invest more aggressively into life science real estate and have 5.8 million square feet of new development and redevelopment projects under our control located primarily in the life science hubs of Cambridge, Waltham and South San Francisco.
So in conclusion, the COVID-19 pandemic continues to create a very challenging environment for many sectors of the U.S. economy and commercial real estate, including office assets.
However, the end of the pandemic is approaching and we are confident Boston Properties will emerge with strength and momentum given our portfolio quality, income stability, growth potential, access to capital and highly engaged management team.
Doug, over to you.
I thought about just sort of stopping right there and starting with questions, but I guess I'll make some remarks and give some time for Mike as well.
As we sit here in January of '21, we are shifting from COVID, COVID, COVID as the obstacle to a pickup in activity to vaccine, vaccine, vaccine as the signal to rejuvenate tenant conversations about bringing staff back to the office and starting the leasing transaction processes.
There is no question that the rapid increase in COVID cases over the last six weeks of 2020 and the beginning of 2021 suppressed leasing tours in discussions during that period of time.
But in the last two weeks, two large Boston companies have announced their expected return-to-work dates.
We signed an LOI for a 70,000 square foot tenant that's going to need space in December of 2021.
And just yesterday, Amazon announced in Boston that they are committing to another 630,000 square feet to be built office building and bringing 3,000 additional jobs to the Boston CBD.
So while the first half of '21 is expected to be quiet, we are cautiously optimistic that we've been through the worst of the pandemic and that the latter part of '21 will have a discernible pickup in leasing transaction volume, parking revenue and retail sales.
The year-end market leasing reports that are published by the commercial brokerage organizations held a few surprises, as you probably heard through many of the analyst calls.
Leasing volumes were way off their historical pace and with the significant sublet space added to the market, we saw negative absorption and increased availability everywhere.
It's important to remember that there are two types of sublet space.
First, space that comes from users that have had changes in their employee headcount and are clearly no longer going to need all that space.
And then there's a second group.
Tenants that are being opportunistic, listing their entire premises, by the way, at no cost to them, with an expectation that they'll decide what to do if they get an acceptable actionable offer down the road.
They may reoccupy, they may relocate and transact or they may find a way to sublet a portion of their space, we just don't know.
But based on all the conversations we have had with our technology, our life science, our professional service, our legal, our financial firms as well as the leasing brokers that are responsible for these listings, a change in workplace strategy, aka, we're going to work from home, where we're going to go to a disaggregated workforce, that's not what's driving the bulk of the sublet activity.
One thing is sure, not all the sublet space is actually available.
You might find the following illustrative at.
In Midtown Manhattan, after the Great recession, according to CBRE, from 2008 to 2009, about 24 million square feet of space was put on the sublet market.
Between 2009 and 2010, 13.6 million or 57% of that was withdrawn from the market.
Not all space is available.
The Boston Properties' office portfolio ended the year at 90.1% occupied.
The quarterly sequential drop is entirely due to the addition of Dock 72 at 33% leased into the in-service portfolio.
As Owen said, we have 600,000-plus square feet of signed leases, 134 basis points in our in-service portfolio that has not yet commenced revenue and hence is still defined as vacant, but it has been leased.
We completed another 1.2 million square feet of leasing during the quarter.
On a relative basis, my view of the ranking activity on our portfolio, active lease negotiations, tours, RFPs in our markets is as follows, starting with the best and moving to the least.
Boston Waltham, by the way, we don't have any available space in Cambridge.
Northern Virginia, Midtown Manhattan, Princeton, Los Angeles, the Peninsula Silicon Valley, DC and, finally, the CBD of San Francisco.
During the fourth quarter, in the Boston CBD, we did five leases, including another full floor new tenant at Atlantic Wharf.
The cash starting rent on this full floor lease will be 34% higher than the expiring rent, and there are future rent increases.
The cash rents on the other four leases had a weighted average increase of about 30%.
We continue to have additional activity in our CBD Boston portfolio, albeit with a number of smaller tenants under 10,000 square feet.
A few are looking for incremental growth, and a few were considering letting their 2021 leases expire and are now actively engaged in short-term renewal conversations.
I also want to note that we finally obtained possession of the 120,000 square foot 2-story former Lord & Taylor Building on Boylston Street during the early part of this month.
This was a big win as we believe we can find a far more productive use for this box that has been under leased since the mid-1960s to Lord & Taylor.
In our suburban Boston portfolio, we completed 226,000 square feet of new leasing, including all of the remaining space at 20 CityPoint, first generation.
This is in addition to the life science lease we did at 200 West Street.
The cash rent on the second-generation leases, about 150,000 square feet was up an average of 23% on a cash basis.
We continue to have additional activity in suburban Boston.
In Waltham, we're negotiating a 60,000 square foot lease extension, a lease with a new tenant for a 63,000 square foot block of space and we're responding to a number of large life science lab requirements.
At the moment, we don't have any ready-to-go vacant lab space, but we hope to begin our conversion of 880 Winter Street 220,000 square feet during the second quarter.
And our 300,000 square foot 180 CityPoint lab building has been fully designed, fully permitted, and we are simply waiting final construction bids over the next few months.
Turning to Northern Virginia.
This quarter, we completed six renewals at our VA 95 single-story park, totaling about 218,000 square feet.
In addition to the VW commitment in Reston Next, we completed another 82,000 square feet in the town center in Reston.
In total, in 2020, we completed 1.15 million square feet of leasing in Reston Town Center.
We still have more work to do.
But we have a good start to 2021 with lease negotiations ongoing for an additional 60,000 square foot block of space.
In Reston Town Center, rents are basically flat to slightly down 1% to 2% on the relet, since the expiring cash rents have been increasing contractually by 2.5% to 3% for the last 10 years, and they will continue to do so on a going-forward basis.
Our D.C. CBD exposure rests in our JV assets.
But here too, activity in our portfolio has picked up.
We completed 24,000 square feet of leasing during the quarter, and we're negotiating over 120,000 square feet of leases as we speak.
In New York City, we executed our lease with Ascena at Times Square Tower for about 132,000 square feet of office space.
We completed two floor deals in the New York City market, each 31,000 square feet at 601 Lex, one was a one-year extension, and the second was a 10-year renewal and the cash rent decreased about 8% on that renewal.
We also did four small transactions at 250 West 55th Street in Time Square Tower totaling 26,000 square feet, three were short term and one was a 10-year deal.
We're negotiating a full floor of transaction at 399 Park on a space that's not expiring until the end of 2021.
While we didn't do much leasing in Princeton during the quarter, we have a number of active discussions ongoing that we believe tenants will be making decisions to expand or relocate in late '21 and are strongly considering Carnegie Center.
When we talk about California, you need to appreciate the fact that the state has been strongly discouraging tenants from asking their employees to go to their offices for the last 11 months.
The uncertainty level and the lack of pedestrian activity at the Street plane, particularly in the CBD of San Francisco, has been more severe than anywhere else in our portfolio.
And this has affected tenant's appetite for making any decisions.
Just to put this year in perspective, from 2017 to 2019, there were, on average, 10 -- excuse me, 14 tech company leases per year in excess of 100,000 square feet.
In 2020, there were none.
Our San Francisco assets are 95% leased, and we have 280,000 square feet expiring in '21.
The third quarter produced just three transactions totaling about 23,000 square feet at EC.
And during the fourth quarter, we did another four leases, all renewals, up about 18% on a cash basis totaling 20,000 square feet, it's pretty slow there.
In South San Francisco, our Gateway JV is planning the construction commencement of 751 Gateway, a 230,000 square feet ground up lab development to begin over the next few months, followed by the conversion of 651 Gateway, which will be a renovated building, if we're able to relocate the existing tenant there.
There's more activity in the Silicon Valley Mountain View area than the rest of the Bay Area.
two technology companies did 100,000 square foot plus expansions during the quarter, and there are three active requirements right now in the market in excess of 200,000 square feet.
There continues to be a slow resurgence of medical device, alternative energy, automotive, the hardware side of technology that are all out looking for space.
We are seeing a few of these organizations looking at our Mountain view single-story product, which is plug-and-play ready.
In Santa Clara, we're going to be taking our 218,000 square foot Peterson Way building out of service when the lease expires in the second quarter of '21.
This was a covered land play and contributed about $4.8 million of revenue in 2020.
We have entitlements for a 630,000 square foot campus, permitted and improved, ready to go.
In spite of the challenging COVID-related conditions in California, in Santa Monica, we continue our renewal negotiations with our 2021 expirations.
And as I said at the outset, we signed a 70,000 square foot LOI at Colorado Center from a new tenant.
You may recall earlier this year, we actually did an expansion with another technology company at the Santa Monica Business Park.
I purposely didn't make any comments about market rents during my remarks.
With very limited activity, any conjecture about where rents will settle out is pure opinion.
What I can tell you is that there will be large differences between deals cut on sublet space and direct space.
Sublet landlords will have less appetite for capital and more leeway with lowering face rents or giving free rent.
There will be tenants, however, that simply don't want the risk of sublet space.
Will that prime tenant actually pay their rent for the full term?
Is that a risk worth taking?
Or the as is conditions and other issues associated with that may make them very uncomfortable with those risks?
There will be a very wide gap between the bid and the ask on direct space at the outset until we have a meaningful amount of direct deal comparable transactions for the market to understand.
Landlords with vacant space that are according tenants that want a new installation will use capital to entice users to this space, not necessarily space rent.
And landlords working on renewals will be more aggressive with swing space where it can be made available or lower contractual rates if the installation that's there currently works for the user.
However, there will be a flight to quality and the better buildings as tenants see value in paying less of a premium to be in the best assets in these markets.
Conditions are going to value -- are going to vary submarket by submarket.
I'm going to stop there and yield the rest of our time to Mike.
So I'm going to cover the details of our earnings for the fourth quarter.
I'll also explain our guidance for the first quarter that we provided and some insight into our expectations for the full year 2021.
We've reinstated quarterly FFO guidance, which we hope will be helpful and serve as an indicator of our increased confidence in the operating environment.
Our office tenant collections remain strong, and we believe the write-offs are largely behind us.
We also continue to execute on new and renewal office lease requirements as evidenced by the 1.2 million square feet of leasing in the fourth quarter and the 3.7 million square feet of leasing in 2020 overall, despite the pandemic-related shutdowns.
We're encouraged by the rollout of the vaccine and are confident we will see a return of workers to the office in mass, but there remains uncertainty with respect to timing.
We anticipate our ancillary revenues, such as parking and retail will continue to be weak until the population increases.
Once we have better visibility into the timing, we expect to restore full year guidance as well.
Our fourth quarter results contained two charges that I would like to explain.
The first is a $60 million noncash impairment of our equity investment in Dock 72.
Our 670,000 square foot development we put into service in the Brooklyn Navy Yard.
This investment is held in an unconsolidated joint venture, where we own 50%.
Because the investment is unconsolidated, GAAP requires a mark-to-current fair value.
Also, while the $0.35 per share charge is a deduction from net income, it is added back to arrive at FFO.
So it has no impact on our reported FFO pursuant to NAREIT's definition.
Dock 72 is only 33% leased, as Doug said.
And while we had some promising leasing activity pre-COVID, there's little activity today and the market conditions in Brooklyn have weakened.
We have increased our projected costs to stabilize as well as modified and extended our anticipated lease-up.
And the combination of this has resulted in a lower current fair value for the property.
The extension of timing to achieve stabilization has a meaningful impact on fair value.
We see Dock 72 as a unique situation, and we do not anticipate any additional impairments in the portfolio.
The rest of our development pipeline is very well leased at 88%, our in-service portfolio is over 90% leased and, honestly, most of the assets have significant embedded gains.
The second charge is a $38 million or $0.22 per share noncash charge to net income and FFO for the write-off of all accrued rental income for tenants in the co-working industry.
While these tenants are paying rent today, we believe the ongoing length of the pandemic is stressing the sector's revenue and liquidity.
As such, we do not believe they meet the standard to maintain an accrued rent asset on our balance sheet.
As we discussed in both our second and third quarter earnings calls, co-working is the remaining tenant sector that we've been monitoring closely.
It is possible we could face a few individual credit situations this year due to the impact of the pandemic across the portfolio, but we don't anticipate additional significant accrued rent write-offs to other sectors of tenants like we've experienced with retail and with co-working in 2020.
For the fourth quarter, our reported FFO was $1.37 per share.
If you exclude the accrued rent charge, our fourth quarter FFO would have been $1.59 per share and in line with consensus and the expectations that we shared with you last quarter.
Now I'd like to look forward to 2021.
We have provided first quarter 2021 guidance for FFO of $1.53 to $1.57 per share.
At the midpoint, this is $0.04 per share lower than our fourth quarter 2020 FFO before charges.
The decline is entirely due to approximately $0.10 per share of seasonally higher anticipated G&A.
The first quarter is always our highest quarter for G&A due to accounting for compensation.
If you look back historically, we typically recorded 30% of our annual G&A expense in the first quarter.
The increase in G&A expense is anticipated to be partially offset by higher revenue contribution from our portfolio, including the commencement of revenue for a portion of the signed leases that Doug described.
We also expect lower interest expenses.
We are redeeming our $850 million bond issuance in mid-February with cash on hand.
These bonds have a yield of 4.3%, and there will be no prepayment charge.
We're currently earning close to 0 on our cash.
So we will see the full benefit of lower interest expense for the second half of this quarter and for the rest of 2021.
So as we think about the full year 2021, there's a few things to consider.
If you simply annualize the midpoint of our first quarter guidance, you get to about $6.20 per share.
But that does not account for the seasonality of our G&A, the reduction of interest expense from our bond redemption or the incremental impact of leased developments coming online during the year.
For modeling purposes, we suggest you consider adding the following to the Q1 annualized FFO of $6.20 per share: $0.19 per share for the impact of lower G&A for the rest of the year; $0.08 per share from lower interest expense due to the bond redemption; and $0.05 per share of incremental FFO from new developments coming online, including 159 East 53rd Street, which is 96% leased to NYU and where we expect to commence revenue in the second quarter; 100 Causeway Street in Boston, which is 94% leased with projected revenue phasing in starting in the third quarter; and 200 West Street, our life science development in Waltham, which is 100% leased and is projected to deliver in December.
So adjusting our first quarter annualized run rate for these known items gets to approximately $6.52 per share for 2021.
That said, we are not providing full year guidance for FFO because there remains uncertainty than our variable income streams, including our ancillary income and our same-property leasing, both of which impact revenues and occupancy.
The timing of recovery from the pandemic is still unknown.
It could have a material impact on the recovery of revenues from our parking, retail and hotel.
Currently, these income streams are depressed.
Their contribution is nearly $30 million lower on a quarterly basis than what we saw prepandemic.
We are hopeful that a portion of this revenue will start to return in the back half of 2021, but the timing is really reliant on the success of the COVID vaccines and return to a safe and healthy environment in our cities.
We also have lease expirations in 2021 that will impact our occupancy and same-property NOI.
Our rollover for 2021 is 3.2 million square feet.
As Doug described, we already have 610,000 square feet of leases signed that will take occupancy of currently vacant space this year.
We're also actively working on over one million square feet of new leases and renewals across the portfolio.
Overall, we expect our year-end 2021 occupancy to be flat to down 100 basis points compared to current occupancy.
It's also worth noting that we have a meaningful amount of free rent that burned off in 2020 that will boost our cash same-property performance and AFFO in 2021, specifically at 399 Park Avenue, we had 450,000 square feet of space in build out and under free rent for nine months in 2020 that is now in cash rent.
And at the General Motors Building, 160,000 square feet of office space and a portion of our retail was under free rent for most of 2020 and are now paying cash rent.
This showed up in our results in the fourth quarter with a $10 million increase in same-property cash NOI sequentially from Q3 to Q4.
In summary, we're excited about the prospects for revenue and FFO growth.
Our portfolio cash flow is expected to grow in 2021.
The success of the vaccine program should give rise to the recovery of our ancillary revenue streams.
And we have $2.2 billion of leased developments coming online over the next couple of years, all of which should drive future earnings growth and value.
That completes our formal remarks.

user
compname reports earnings per share of $0.05 and ffo per share of $1.37.
q4 ffo per share $1.37.
sees q1 ffo per share $1.53 to $1.57.
signs 1.2 million square feet of leases in q4.

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