Loading...
•
Jun 30, 2020
Brandywine Q2 2020 Earnings Report
Announced second quarter results and joint venture of One and Two Commerce Square, narrowed 2020 guidance.
Key Takeaways
Brandywine Realty Trust announced the closing of a joint venture on One and Two Commerce Square in Philadelphia, PA, and reported its financial and operating results for the three and six-month periods ended June 30, 2020. The company's operating and financial platform remains strong and secure with excellent liquidity.
Closed a joint venture on One and Two Commerce Square in Philadelphia, PA.
Operating and financial platform remains strong and secure.
Liquidity of approximately $584 million as of June 30, 2020.
Making excellent progress, including being 99% complete with speculative revenue and mark-to-market rents achieving strong increases of 10.3% and 19.4% on a cash and accrual basis, respectively.
Forward Guidance
The company is adjusting its 2020 net income guidance of $0.16 - $0.24 to $1.73 - $1.81 per diluted share and its 2020 FFO guidance of $1.37 - $1.45 to $1.38 - $1.44 per diluted share.
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%
- Same Store (accrual) NOI Range: 0-2%
Challenges Ahead
- Same Store (cash) NOI Range: (2)-0%
- Speculative Revenue Target: $26.0 million, 99% achieved
- Tenant Retention Rate: 52%
- $0.19 per share quarterly dividend
- Property Acquisition Activity: 250 King of Prussia Road, Radnor, Pennsylvania scheduled during the second half of 2020
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...