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Dec 31, 2024
Brandywine Q4 2024 Earnings Report
Announced fourth quarter and full year 2024 results and initiated 2025 guidance.
Key Takeaways
Brandywine Realty Trust reported a net loss available to common shareholders of $(43.3) million, or $(0.25) per share, for the fourth quarter of 2024. FFO available to common shareholders was $29.9 million, or $0.17 per diluted share. Key transactions included the sale of One and Two Barton Skyway in Austin and a 50% interest in an unconsolidated joint venture owning 4040 Wilson in Arlington.
Net loss available to common shareholders was $(43.3) million, or $(0.25) per share, including a $(23.8) million non-cash impairment charge.
FFO available to common shareholders was $29.9 million, or $0.17 per diluted share.
Core portfolio was 87.8% occupied and 89.9% leased.
Rental rate mark-to-market increased by 5.9% on an accrual basis and 1.1% on a cash basis.
Forward Guidance
Brandywine Realty Trust provided its 2025 loss per share guidance of $(0.60) - $(0.48) per share and 2025 FFO guidance of $0.60 - $0.72 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 88-89%
- Year-end Core Leased Range: 89-90%
- Rental Rate Mark-to-Market (accrual): 3-4%
- Same Store (cash) NOI Range: 1-3%
- Development Starts: One Start
Challenges Ahead
- Loss per diluted share allocated to common shareholders: $(0.60) to $(0.48)
- Rental Rate Mark-to-Market (cash): (3)-(2)%
- Same Store (accrual) NOI Range: (1)-1%
- Property Acquisition Activity: None
- Share Buyback Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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