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Dec 31, 2023
Brandywine Q4 2023 Earnings Report
Brandywine Realty Trust reported financial results for Q4 2023, including a net loss and FFO available to common shareholders.
Key Takeaways
Brandywine Realty Trust reported a net loss of $(157.4) million, or $(0.91) per share, and FFO available to common shareholders of $47.2 million, or $0.27 per diluted share for the fourth quarter of 2023. The results include a non-cash impairment charge of $(152.6) million, or $(0.89) per share, related to four wholly-owned operating properties located in the metropolitan D.C. area and unconsolidated joint ventures. Same store results increased 1.2% on an accrual basis and 8.3% on a cash basis.
Net loss available to common shareholders was $(157.4) million, or $(0.91) per share, including a $(152.6) million non-cash impairment charge.
FFO available to common shareholders was $47.2 million, or $0.27 per diluted share.
The operating portfolio was 88.0% occupied and 89.6% leased.
Same store results increased 1.2% on an accrual basis and 8.3% on a cash basis.
Forward Guidance
Brandywine Realty Trust's 2024 guidance includes a loss per share of $(0.36) - $(0.26) and FFO guidance of $0.90 - $1.00 per diluted share. Key assumptions include year-end core occupancy range of 87-88%, year-end core leased range of 88-89%, rental rate growth (accrual) of 11-13%, rental rate growth (cash) of 0-2%, and same store (accrual) NOI growth range of (1)-1%.
Positive Outlook
- Year-end Core Occupancy Range: 87-88%
- Year-end Core Leased Range: 88-89%
- Rental Rate Growth (accrual): 11-13%
- Same Store (cash) NOI Growth Range: 1-3%
- Tenant Retention Rate Range: 51-53%
Challenges Ahead
- Loss per diluted share allocated to common shareholders: $(0.36) to $(0.26)
- Same Store (accrual) NOI Growth Range: (1)-1%
- Property Acquisition Activity: None
- Development Starts: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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