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Mar 31, 2020
Brandywine Q1 2020 Earnings Report
Brandywine Realty Trust reported financial results for the first quarter of 2020 and adjusted 2020 guidance.
Key Takeaways
Brandywine Realty Trust announced first quarter results with net income of $7.9 million, or $0.04 per diluted share, and FFO of $61.4 million, or $0.35 per diluted share. The company revised its 2020 FFO guidance from $1.41 - $1.51 to $1.37-$1.45 per diluted share due to the uncertainty surrounding the healthcare crisis.
Net income allocated to common shareholders was $7.9 million, or $0.04 per diluted share.
Funds from Operations (FFO) totaled $61.4 million, or $0.35 per diluted share.
The core portfolio was 93.3% occupied and 95.3% leased.
Rental rate mark-to-market increased 15.7% on an accrual basis and increased 7.9% on a cash basis.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust adjusted its 2020 guidance due to the uncertainty surrounding the current state of the healthcare crisis. The company reduced 2020 capital spending by approximately $50.0 million and repurchased $60.0 million of common stock.
Positive Outlook
- Year-end Core Occupancy Range: 92-93%
- Year-end Core Leased Range: 94-95%
- Rental Rate Mark-to-Market (accrual): 17-19%
- Rental Rate Mark-to-Market (cash): 8-10%
- Speculative Revenue Target: $26.0 million, 96% achieved
Challenges Ahead
- Same Store (accrual) NOI Range: 1-3%
- Same Store (cash) NOI Range: (1)-1%
- Tenant Retention Rate: 50%
- Property Acquisition Activity: 250 King of Prussia Road, Radnor, Pennsylvania scheduled to occur 2H20
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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