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Dec 31, 2021
Brandywine Q4 2021 Earnings Report
Brandywine Realty Trust reported financial results for Q4 2021, exceeding revenue targets and achieving pre-pandemic forward-leasing pipeline levels.
Key Takeaways
Brandywine Realty Trust announced its Q4 and full-year 2021 results, exceeding its business plan revenue target and reaching pre-pandemic forward-leasing pipeline levels. The company's core portfolio experienced net absorption of 116,000 square feet during the quarter, and it initiated its 2022 FFO guidance range of $1.37 to $1.45 per diluted share.
Net income available to common shareholders was $4.5 million, or $0.03 per diluted share.
Funds from Operations (FFO) totaled $60.4 million, or $0.35 per diluted share.
The core portfolio was 91.3% occupied and 93.0% leased.
468,000 square feet of new and renewal leases were signed.
Forward Guidance
Brandywine Realty Trust provided its 2022 earnings per share guidance of $0.17 - $0.25 per diluted share and 2022 FFO guidance of $1.37 - $1.45 per diluted share.
Positive Outlook
- Speculative Revenue Target: $34.0 - $36.0 million, $25.6 million achieved from a leasing plan of 2.0 million square feet, 967,000 square feet achieved
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Tenant Retention Rate Range: 58-60%
- Rental Rate Growth (accrual): 16-18%
Challenges Ahead
- Same Store (accrual) NOI Range: 0-2%
- Same Store (cash) NOI Range: 0-2%
- Property Acquisition Activity: None
- Property Sales Activity: None
- Share Buyback Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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