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Mar 31, 2021
Brandywine Q1 2021 Earnings Report
Announced first quarter results and narrowed 2021 guidance.
Key Takeaways
Brandywine Realty Trust reported first quarter results with a net income of $6.8 million, or $0.04 per diluted share, and FFO of $60.2 million, or $0.35 per diluted share. The company narrowed its 2021 FFO guidance to $1.33 to $1.41 per share.
Net income allocated to common shareholders was $6.8 million, or $0.04 per diluted share.
Funds from Operations (FFO) was $60.2 million, or $0.35 per diluted share.
Core Portfolio was 90.3% occupied and 92.5% leased.
Rental rate mark-to-market increased 8.3% on an accrual basis and 5.0% on a cash basis.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust is adjusting its 2021 earnings per share guidance to $0.28 - $0.36 per diluted share and 2021 FFO guidance to $1.33 - $1.41 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Rental Rate Mark-to-Market (accrual): 14-16%
- Rental Rate Mark-to-Market (cash): 8-10%
- Same Store (accrual) NOI Range: 0-2%
Challenges Ahead
- Same Store (cash) NOI Range: 3-5%
- Speculative Revenue Range: $18.0 - $22.0 million, $18.1 million achieved
- Tenant Retention Rate Range: 51-53%
- Property Acquisition Activity: None
- Property Sales Activity: None
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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