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Dec 31, 2020
Brandywine Q4 2020 Earnings Report
Brandywine Realty Trust reported financial results for Q4 2020, exceeding speculative revenue target and achieving strong mark-to-market rents.
Key Takeaways
Brandywine Realty Trust reported a net income of $18.9 million, or $0.11 per diluted share, and FFO of $61.4 million, or $0.36 per diluted share, for the fourth quarter of 2020. The company exceeded its 2020 speculative revenue target and achieved strong quarterly mark-to-market rents. Several successful capital markets transactions were executed.
Net income allocated to common shareholders was $18.9 million, or $0.11 per diluted share.
Funds from Operations (FFO) was $61.4 million, or $0.36 per diluted share.
Core Portfolio was 91.9% occupied and 93.0% leased.
Rental Rate Mark-to-Market increased 18.9% on an accrual basis and 11.0% on a cash basis.
Forward Guidance
The company provided initial 2021 net income guidance of $0.32 - $0.42 per diluted share and 2021 FFO guidance of $1.32 - $1.42 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 (accrual) NOI Range: 0-2%
Challenges Ahead
- Same Store (cash) NOI Range: 3-5%
- Speculative Revenue Range: $18.0-$22.0 million, $14.7 million achieved
- Tenant Retention Rate Range: 51-53%
- Property Acquisition Activity: None
- Property Sales Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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