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Mar 31, 2022
Brandywine Q1 2022 Earnings Report
Reported financial and operating results for the first quarter of 2022.
Key Takeaways
Brandywine Realty Trust reported a net income of $5.9 million, or $0.03 per diluted share, and FFO of $60.3 million, or $0.35 per diluted share. The company experienced increased physical occupancy and traffic, achieving 84% of its speculative revenue target at the midpoint of its range. Rental rate mark-to-market increased 20.4% and 12.9% on an accrual and cash basis, respectively.
Net income allocated to common shareholders was $5.9 million, or $0.03 per diluted share.
Funds from Operations (FFO) totaled $60.3 million, or $0.35 per diluted share.
Core Portfolio was 89.4% occupied and 92.4% leased.
Rental rate mark-to-market increased 20.4% on an accrual basis and 12.9% on a cash basis.
Forward Guidance
Brandywine Realty Trust is maintaining its 2022 earnings per share guidance of $0.17 - $0.25 per diluted share and maintaining its 2022 FFO guidance of $1.37 - $1.45 per diluted share.
Positive Outlook
- Speculative Revenue Target: $34.0 - $36.0 million, as of April 19, 2022, $29.4 million achieved from a leasing plan of 2.0 million square feet, 1.4 million square feet achieved
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Tenant Retention Rate Range: 58-60%
- Rental Rate Growth (accrual): 16-18%
Challenges Ahead
- Rental Rate Growth (cash): 8-10%
- Same Store (accrual) NOI Range: 0-2%
- Same Store (cash) NOI Range: 0-2%
- Property Acquisition Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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