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Sep 30, 2024
Brandywine Q3 2024 Earnings Report
Reported financial and operating results for the three and nine-month periods ended September 30, 2024.
Key Takeaways
Brandywine Realty Trust reported a net loss of $(165.5) million, or $(0.96) per share, for the third quarter of 2024. Despite this, the company made strong progress on its 2024 business plan, exceeding many targets and raising both the speculative revenue target and the annual tenant retention rate.
Speculative revenue target raised to $26.3 million, 100% achieved.
Annual tenant retention rate increased by 3.0%, placing the company over 10 percentage points above the original 2024 business plan target.
Completed the sale of five Class-B office properties in Plymouth Meeting, Pennsylvania for a gross sales price of $65.5 million.
Adjusted and narrowed FFO range from $0.91 to $0.96 per share to $0.89 to $0.92 per share.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust is adjusting its 2024 loss per share guidance from $(0.01) - $0.04 to $(1.01) - $(0.98) per share and adjusting its 2024 FFO guidance from $0.91 - $0.96 to $0.89 - $0.92 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%.
- Speculative Revenue Target: $26.3 million, 100% achieved as of October 18, 2024.
Challenges Ahead
- Same Store (accrual) NOI Growth Range: (1)-1%.
- Same Store (cash) NOI Growth Range: 1-3%.
- Interest Expense Range: $125 - $130 million.
- Property Acquisition Activity: None.
- Land Sale Income: reduced from $5.0 million to None.
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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