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Jun 30, 2024
Brandywine Q2 2024 Earnings Report
Reported financial results with net income impacted by a one-time, non-cash income related to the recapitalization of a joint venture, and narrowed 2024 FFO guidance based on first half leasing performance.
Key Takeaways
Brandywine Realty Trust reported a net income of $29.9 million, or $0.17 per diluted share, for the second quarter of 2024. The results include a one-time, non-cash income of $53.8 million related to the recapitalization of a joint venture. The company is narrowing its 2024 FFO guidance from $0.90 - $0.97 to $0.91 - $0.96 per diluted share.
Net income to common shareholders was $29.9 million, or $0.17 per diluted share, including a $53.8 million non-cash income from a joint venture recapitalization.
Funds from Operations (FFO) was $38.0 million, or $0.22 per diluted share.
Core Portfolio was 87.3% occupied and 88.5% leased.
Rental Rate Mark-to-Market increased 10.8% on an accrual basis but decreased (0.4%) on a cash basis.
Forward Guidance
Brandywine Realty Trust is adjusting its 2024 loss per share guidance from $(0.36) - $(0.29) to $(0.01) - $0.04 per share and narrowing its 2024 FFO guidance from $0.90 - $0.97 to $0.91 - $0.96 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 87-88%.
- Year-end Core Leased Range: 88-89%.
- Rental Rate Growth (accrual): 12-13%.
- Rental Rate Growth (cash): 1-2%.
- Same Store (accrual) NOI Growth Range: (1)-1%.
- Same Store (cash) NOI Growth Range: 1-3%.
- Speculative Revenue Target: $25.0 - $26.0 million, $25.6 million achieved at June 30, 2024.
- Tenant Retention Rate Range: 59-60%.
Challenges Ahead
- Interest Expense Range: $125 - $130 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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