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Mar 31, 2023
Brandywine Q1 2023 Earnings Report
Brandywine Realty Trust's financial results for the first quarter of 2023 were announced.
Key Takeaways
Brandywine Realty Trust reported a net loss of $5.3 million, or ($0.03) per share. Funds from Operations (FFO) was $50.8 million, or $0.29 per diluted share. The company highlighted progress on its 2023 business plan, achieving 71% of its speculative revenue target based on the midpoint of its guidance.
Achieved 71% of speculative revenue target based on the midpoint of guidance.
Rental rate mark-to-market increased 14.9% on an accrual basis and 4.2% on a cash basis.
Same store net operating income grew 2.2% on an accrual basis and 3.6% on a cash basis.
Closed a $70 million unsecured term loan, strengthening the liquidity position.
Forward Guidance
Brandywine Realty Trust is maintaining its 2023 FFO guidance of $1.12 - $1.20 per diluted share and adjusting its 2023 loss per share guidance from ($0.12) - ($0.04) per share to ($0.15) - ($0.07) per share due to projected higher depreciation and amortization expense.
Positive Outlook
- Year-end Core Occupancy Range: 90-91%
- Year-end Core Leased Range: 91-92%
- Rental Rate Growth (accrual): 11-13%
- Rental Rate Growth (cash): 4-6%
- Same Store (accrual) NOI Growth Range: 0-2%
Challenges Ahead
- Same Store (cash) NOI Growth Range: 2.5-4.5%
- Speculative Revenue Target: $17.0 - $19.0 million
- Tenant Retention Rate Range: 49-51%
- Property Acquisition Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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