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Jun 30, 2023
Brandywine Q2 2023 Earnings Report
Reported financial and operating results, narrowed 2023 guidance.
Key Takeaways
Brandywine Realty Trust reported a net loss of $12.9 million, or ($0.08) per share, and FFO of $49.6 million, or $0.29 per diluted share. The company narrowed its 2023 FFO guidance to $1.14 - $1.18 per diluted share and achieved 89% of its speculative revenue target based on the midpoint of its guidance.
Core Portfolio 89.4% occupied and 91.1% leased.
Rental Rate Mark-to-Market increased 17.6% / 5.8% on an accrual / cash basis.
Same Store Net Operating Income increased 6.2% on an accrual basis and increased 6.6% on a cash basis.
Tenant Retention Ratio was 71%.
Forward Guidance
Brandywine Realty Trust narrowed its 2023 loss per share guidance from ($0.15) - ($0.07) per share to ($0.16) - ($0.12) per share due to projected higher depreciation and amortization expense and narrowed its 2023 FFO guidance from $1.12 - $1.20 per diluted share to $1.14 - $1.18 per diluted share.
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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