Brandywine Realty Trust reports news on its real estate investment trust operations, including ownership, development, leasing and management of urban, town center and transit-oriented properties with core markets in Philadelphia and Austin.
Recurring updates cover quarterly results and FFO, leasing activity, portfolio recycling, development and redevelopment projects, property financing, common dividends, distribution tax characteristics and conference presentations on operating conditions and investment activity.
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Brandywine Realty Trust (NYSE: BDN) reported financial results for Q1 2023, revealing a net loss of $5.3 million or $0.03 per share, compared to a net income of $5.9 million in Q1 2022. Funds from Operations (FFO) were down to $50.8 million ($0.29 per diluted share) from $60.3 million ($0.35 per diluted share) year-over-year. The company achieved 71% of its speculative revenue target, with a 14.9% increase in rental rates on an accrual basis. The core portfolio was 89% occupied, with a 2.2% increase in same-store net operating income. Brandywine's liquidity strengthened with a $70 million unsecured term loan closing. However, guidance for 2023 has been revised to reflect a projected loss per share of ($0.15) to ($0.07), primarily due to higher depreciation expenses. The FFO guidance remains unchanged at $1.12 to $1.20 per share.