Loading...
•
Jun 30, 2022
Brandywine Q2 2022 Earnings Report
Reported financial and operating results for the second quarter of 2022 and narrowed 2022 guidance.
Key Takeaways
Brandywine Realty Trust reported a net income of $4.5 million, or $0.03 per share, and FFO of $60.5 million, or $0.35 per share. The company has narrowed its 2022 FFO guidance from $1.37-$1.45 per share to $1.36-$1.40 per share due to rising interest rates.
Net Income to common shareholders was $4.5 million, or $0.03 per share.
Funds from Operations (FFO) was $60.5 million, or $0.35 per share.
Rental Rate Mark-to-Market increased 18.4% on an accrual basis and 7.8% on a cash basis.
Same Store Net Operating Income decreased (1.2%) on an accrual basis and Increased 1.7% on a cash basis.
Forward Guidance
Brandywine Realty Trust is adjusting its 2022 earnings per share guidance to $0.13 - $0.17 per diluted share and adjusting its 2022 FFO guidance to $1.36 - $1.40 per diluted share.
Positive Outlook
- Speculative Revenue Target: $34.0 - $36.0 million, as of July 19, 2022, $33.7 million achieved from a leasing plan of 1.8 million square feet, 1.6 million square feet achieved
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Rental Rate Growth (accrual): 16-18%
- Rental Rate Growth (cash): 8-10%
Challenges Ahead
- Tenant Retention Rate Range: 58-60%
- Same Store (accrual) NOI Range: 0-2%
- Same Store (cash) NOI Range: 0-2%
- Timing of occupancy and free rent on 200,000 square feet in Philadelphia CBD would equate to an increase in our range by approximately 3.0%
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...