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Mar 31, 2024
Brandywine Q1 2024 Earnings Report
Brandywine Realty Trust reported financial results for the first quarter of 2024 and narrowed 2024 guidance.
Key Takeaways
Brandywine Realty Trust reported a net loss of $16.7 million, or ($0.10) per share, and FFO of $41.2 million, or $0.24 per diluted share. The company narrowed its FFO guidance for 2024 to $0.90 - $0.97 per diluted share.
Net loss allocated to common shareholders was ($16.7) million, or ($0.10) per share.
Funds from Operations (FFO) reached $41.2 million, or $0.24 per diluted share.
Core Portfolio was 87.7% occupied and 89.0% leased.
Rental rate mark-to-market increased 16.9% on an accrual basis and 3.3% on a cash basis.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust is adjusting its 2024 loss per share guidance from $(0.36) - $(0.26) to $(0.36) - $(0.29) per share and narrowing its FFO guidance from $0.90 - $1.00 to $0.90 - $0.97 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 87-88%
- Year-end Core Leased Range: 88-89%
- Rental Rate Growth (accrual): 11-13%
- Rental Rate Growth (cash): 0-2%
- Same Store (cash) NOI Growth Range: 1-3%
Challenges Ahead
- Same Store (accrual) NOI Growth Range: (1)-1%
- Interest Expense Range: $125 - $130 million
- Property Acquisition Activity: None
- Development Starts: None
- Share Buyback 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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