Investor Presentaiton
4Q & Full-Year 2023 Overview
→ FFO per share of $1.64 for the quarter, $6.55 for the year
→ Strong comparable POI growth excluding lease
termination fees and prior period rents collected
→ 4.4% growth 4Q 2023 over 4Q 2022
→ 4.3% growth for 2023 over 2022
Expanded -$835 million of redevelopment and
expansions in process delivering over the next few years
→ Announced second phase of residential
redevelopment at Bala Cynwyd, projected cost of
$90 - $95 million and projected ROI of 7%.
Continued robust levels of leasing
100 signed leases in the quarter
→ 12% cash basis rollover, 23% on a straight-line
basis in 4Q
→ 408 signed leases for over 2 million square feet of
comparable space in 2023
56th consecutive year of increased annual dividends, a
REIT industry record
→ 2024 FFO per share guidance
→ ~3% FFO per share growth at the mid-point
→ ~5% FFO per share growth at the high-end
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