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Sep 30, 2022
Brandywine Q3 2022 Earnings Report
Reported financial and operating results for the three-month period ended September 30, 2022.
Key Takeaways
Brandywine Realty Trust reported excellent progress on its 2022 business plan, achieving 100% of its speculative revenue target based on the midpoint of its guidance. The company experienced positive mark-to-market rent increases and net absorption, and announced a new fully leased build-to-suit development project.
Achieved 100% of speculative revenue target based on the midpoint of 2022 guidance.
Experienced positive mark-to-market rent increases of 16.5% on an accrual basis.
Portfolio experienced over 176,000 square feet of net absorption.
Announced a new 100% leased build-to-suit development project in Radnor, PA.
Revenue by Segment
Forward Guidance
The company is maintaining its 2022 earnings per share guidance of $0.13 - $0.17 per diluted share and its 2022 FFO guidance of $1.36 - $1.40 per diluted share.
Positive Outlook
- Speculative Revenue Target: $34.0 - $36.0 million, as of October 14, 2022, $35.0 million achieved from a leasing plan of 1.8 million square feet, 1.7 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
- Same Store (accrual) NOI Range: 0-2%
- Same Store (cash) NOI Range: 0-2%
- Acquisition Activity: None
- Sales Activity: None, however we classified one asset as held-for-sale and another potential sale has a firm buyer commitment; both sales are subject to closing conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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