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Dec 31, 2022
Brandywine Q4 2022 Earnings Report
Brandywine Realty Trust reported financial results for Q4 2022 and initiated 2023 guidance.
Key Takeaways
Brandywine Realty Trust reported a net income of $29.5 million, or $0.17 per diluted share, and FFO of $55.7 million, or $0.32 per diluted share for the fourth quarter of 2022. The company sold one office property and its ownership interest in a mixed-use property for $113.6 million, generating a gain of $35.4 million. They also completed an offering of $350 million of guaranteed notes due 2028 and redeemed all outstanding 2023 notes.
Net income available to common shareholders was $29.5 million, or $0.17 per diluted share.
Funds from Operations (FFO) totaled $55.7 million, or $0.32 per diluted share.
The company sold properties for an aggregate sales price of approximately $113.6 million, generating a gain of $35.4 million.
The company completed an underwritten public offering of $350 million of 7.550% guaranteed notes due 2028.
Forward Guidance
Brandywine Realty Trust provided 2023 loss per share guidance of $(0.12) - $(0.04) per diluted share and 2023 FFO guidance of $1.12 - $1.20 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 90-91%
- Year-end Core Leased Range: 91-92%
- Rental Rate Growth (accrual): 11-13%
- Rental Rate Growth (cash): 4-6%
- Same Store (cash) NOI Growth Range: 2.5-4.5%
Challenges Ahead
- Loss per diluted share allocated to common shareholders: $(0.12) to $(0.14)
- Same Store (accrual) NOI Growth Range: 0-2%
- Speculative Revenue Target: $17.0 - $19.0 million
- Property Acquisition Activity: None
- Share Buyback Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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