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Sep 30, 2023
Brandywine Q3 2023 Earnings Report
Reported financial and operating results for the third quarter of 2023 and narrowed 2023 guidance.
Key Takeaways
Brandywine Realty Trust reported a net loss of $(21.7) million, or $(0.13) per share, for the third quarter of 2023. FFO was $50.6 million, or $0.29 per diluted share. The company narrowed its 2023 FFO guidance to $1.15 to $1.17 per diluted share.
Net loss available to common shareholders was $(21.7) million, or $(0.13) per share, including an $11.7 million non-cash impairment charge.
Funds from Operations (FFO) was $50.6 million, or $0.29 per diluted share.
Core Portfolio was 88.3% occupied and 90.4% leased.
Same Store NOI increased 1.7% on an accrual basis and 7.0% on a cash basis.
Forward Guidance
Brandywine Realty Trust is increasing and narrowing its 2023 loss per share guidance from ($0.16) - ($0.12) per share to ($0.19) - ($0.17) per share due to property-level impairments as well as projected higher depreciation and amortization expense and narrowing its 2023 FFO guidance from $1.14 - $1.18 per diluted share to $1.15 - $1.17 per diluted share.
Positive Outlook
- 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: Adjusted from 0-2% to 2-3%
- Same Store (cash) NOI Growth Range: Adjusted from 2.5-4.5% to 5-6%
Challenges Ahead
- Year-end Core Occupancy Range: Adjusted from 90-91% to 89-90%
- Property Acquisition Activity: None
- Property Sales Activity: $100 - $125 million; $53.3 million completed
- Development Starts: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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