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Sep 30, 2020
Brandywine Q3 2020 Earnings Report
Reported financial results for the third quarter of 2020 and narrowed full year 2020 guidance.
Key Takeaways
Brandywine Realty Trust announced third quarter results, which included a $271.9 million net gain on disposition of real estate from its Commerce Square joint venture. The company narrowed its 2020 FFO guidance from $1.38 to $1.44 per diluted share to $1.40 to $1.42 per diluted share.
Net income available to common shareholders was $274.4 million, or $1.60 per diluted share, which includes a $271.9 million net gain on disposition of real estate.
Funds from Operations (FFO) totaled $60.0 million, or $0.35 per diluted share.
Core Portfolio was 91.0% occupied and 92.6% leased.
Rental Rate Mark-to-Market Increase was 17.1% on an accrual basis and 9.0% on a cash basis.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust is adjusting its 2020 net income guidance to $1.77 - $1.79 per diluted share and its 2020 FFO guidance to $1.40 - $1.42 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%
- Speculative Revenue Target: $26.0 million, 100% achieved
Challenges Ahead
- Same Store (accrual) NOI Range: 0-2%
- Same Store (cash) NOI Range: (2)-0%
- Tenant Retention Rate: 51%
- Property Acquisition Activity: 250 King of Prussia Road, Radnor, Pennsylvania scheduled during the fourth quarter of 2020
- Property Sales Activity: $18.0 million, 100% achieved
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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