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Sep 30, 2021
Brandywine Q3 2021 Earnings Report
Reported financial and operating results for the third quarter of 2021 and narrowed full year 2021 guidance.
Key Takeaways
Brandywine Realty Trust reported its Q3 2021 financial results, with net income available to common shareholders at $0.9 million, or $0.01 per diluted share, and Funds from Operations (FFO) at $61.1 million, or $0.35 per diluted share. The company narrowed its full-year 2021 FFO guidance to $1.35 to $1.39 per share.
Tenant return rates are above the national average, and leasing tour activity has risen to pre-pandemic levels.
The company has raised its speculative revenue target for the second consecutive quarter, now 99% complete.
Mark-to-market rents increased by 16% on an accrual basis and 12% on a cash basis.
The company has no outstanding balance on its $600 million unsecured line of credit.
Forward Guidance
Brandywine Realty Trust is adjusting its 2021 earnings per share guidance to $0.20 - $0.24 per diluted share and 2021 FFO guidance to $1.35 - $1.39 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Rental Rate Mark-to-Market (accrual): 14-16%
- Rental Rate Mark-to-Market (cash): 8-10%
- Same Store (cash) NOI Range: 3-5%
Challenges Ahead
- Property Acquisition Activity: None
- Property Sales Activity: Sale of our 50% interest in 3141 Fairview Park Drive, Falls Church, VA
- Financing Activity: None
- Share Buyback Activity: None
- Annual earnings and FFO per diluted share based on 173.5 million fully diluted weighted average common shares.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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