Last10K.com

Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

1060386 Annual Reports

  • 10-K Annual Report February 2022
  • 10-K Annual Report March 2020
    10-K Annual Report February 2019

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1
image_0.jpg
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com

Brandywine Realty Trust Announces Fourth Quarter, Full Year 2021 Results,
Initiates 2022 Guidance and Announces Investment Activity

Philadelphia, PA, February 2, 2022
— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2021.
Management Comments
“With the office market continuing its recovery, we ended 2021 exceeding our business plan revenue target and our forward-leasing pipeline achieving pre-pandemic levels,” stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We accomplished many of our 2021 business plan objectives including exceeding our cash and accrual rent growth targets which increased 10.3% and 16.2% during 2021. In addition, our core portfolio experienced 116,000 square feet of net absorption during the fourth quarter, allowing us to reach our year-end occupancy range. Turning to capital markets, we are delighted to have announced the commencement of our first ground-up project at Uptown ATX in Austin, Texas and also entering into a preferred equity partnership to fund a portion of the development costs. Our 50,000 square foot life science incubator, B.Labs, successfully opened in January 2022 and is currently 95% leased. Looking ahead, we are introducing our 2022 FFO guidance range of $1.37 to $1.45 per diluted share."
Fourth Quarter Highlights
Financial Results
Net income available to common shareholders; $4.5 million, or $0.03 per diluted share.
Funds from Operations (FFO); $60.4 million, or $0.35 per diluted share.
Portfolio Results
Core Portfolio: 91.3% occupied and 93.0% leased.
New and Renewal Leases Signed: 468,000 square feet in the fourth quarter and 1,859,000 square feet for 2021.
Rental Rate Growth: 8.1% on an accrual basis and 2.6% on a cash basis.
Tenant Retention Ratio: 42% in fourth quarter and 53% for 2021.





- 1 -

The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, February 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Brandywine Operating Partnership, L.P.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Brandywine Operating Partnership, L.P..

Continue

Assess how Brandywine Operating Partnership, L.P.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Brandywine Operating Partnership, L.P.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets - Brandywine Operating Partnership, L.P.
Consolidated Balance Sheets - Brandywine Operating Partnership, L.P. (Parenthetical)
Consolidated Statements Of Beneficiaries??? Equity
Consolidated Statements Of Beneficiaries??? Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows - Brandywine Operating Partnership L.P.
Consolidated Statements Of Cash Flows - Brandywine Operating Partnership L.P. (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - Brandywine Operating Partnership, L.P.
Consolidated Statements Of Operations
Consolidated Statements Of Operations - Brandywine Operating Partnership, L.P.
Consolidated Statements Of Partners??? Equity
Consolidated Statements Of Partners??? Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) - Narrative (Details)
Beneficiaries' Equity Of The Parent Company
Beneficiaries' Equity Of The Parent Company (Tables)
Beneficiaries' Equity Of The Parent Company - Narrative (Details)
Beneficiaries' Equity Of The Parent Company - Number Of Shares And Net Income Used To Calculate Basic And Diluted Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Preferred Equity Investments
Debt And Preferred Equity Investments (Details)
Debt Obligations
Debt Obligations (Tables)
Debt Obligations - Aggregate Scheduled Principal Payments Of Debt Obligation, Excluding Amortization Of Discounts And Premiums (Details)
Debt Obligations - Consolidated Debt Obligations Outstanding (Details)
Debt Obligations - Narrative (Details)
Deferred Costs
Deferred Costs (Tables)
Deferred Costs - Deferred Costs (Assets) (Details)
Deferred Costs - Narrative (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Distributions
Distributions (Details)
Distributions (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Details)
Income Taxes And Tax Credit Transactions
Income Taxes And Tax Credit Transactions (Details)
Intangible Assets And Liabilities
Intangible Assets And Liabilities (Tables)
Intangible Assets And Liabilities - Annual Amortization Of Intangible Assets, Liabilities (Details)
Intangible Assets And Liabilities - Intangible Assets (Details)
Intangible Assets And Liabilities - Narrative (Details)
Investment In Unconsolidated Real Estate Ventures
Investment In Unconsolidated Real Estate Ventures (Tables)
Investment In Unconsolidated Real Estate Ventures - 1919 Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - 3025 Jfk Venture (Details)
Investment In Unconsolidated Real Estate Ventures - 4040 Wilson Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Aggregate Principal Payments Of Recourse And Non-Recourse Debt Payable To Third-Parties (Details)
Investment In Unconsolidated Real Estate Ventures - Brandywine - Ai Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Commerce Square Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Hernadon Innovation Center Metro Portfolio Venture, Llc (Details)
Investment In Unconsolidated Real Estate Ventures - Investment In Real Estate Ventures And Share Of Real Estate Ventures' Income (Loss) (Details)
Investment In Unconsolidated Real Estate Ventures - Jgb Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - Map Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Mid-Atlantic Office Jv (Details)
Investment In Unconsolidated Real Estate Ventures - Narrative (Details)
Investment In Unconsolidated Real Estate Ventures - Pjp Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Financial Position Of Real Estate Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Results Of Operations Of Real Estate Ventures With Interests (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lessee Accounting Maturities (Details)
Leases - Lessor Accounting Maturities (Details)
Leases - Narrative (Details)
Limited Partners' Noncontrolling Interests In The Parent Company
Limited Partners' Noncontrolling Interests In The Parent Company (Details)
Organization Of The Parent Company And The Operating Partnership
Organization Of The Parent Company And The Operating Partnership (Tables)
Organization Of The Parent Company And The Operating Partnership - Narrative (Details)
Organization Of The Parent Company And The Operating Partnership - Summary Of Core Portfolio Of Operating Properties And Excludes Development, Redevelopment And Held For Sale (Details)
Partners' Equity Of The Parent Company
Partners' Equity Of The Parent Company (Tables)
Partners' Equity Of The Parent Company - Narrative (Details)
Partners' Equity Of The Parent Company - Number Of Units And Net Income Used To Calculate Basic And Diluted Earnings Per Common Partnership Unit (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Asset Acquisition (Details)
Real Estate Investments - Capitalized Construction Costs (Details)
Real Estate Investments - Dispositions Narrative (Details)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Held For Use Impairment And Sale (Narrative) (Details)
Real Estate Investments - One Uptown Venture (Narrative) (Details)
Real Estate Investments - Summary Of Acquired Properties (Details)
Real Estate Investments - Summary Of Office Properties Sold (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation (Details)
Schedule Iii - Real Estate And Accumulated Depreciation (Reconciliations) (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Net Operating Income Of Company's Reportable Segments (Details)
Segment Information - Real Estate Investments, At Cost Of Company's Reportable Segments (Details)
Segment Information - Reconciliation Of Consolidated Net Income (Loss) To Consolidated Noi (Details)
Segment Information - Unconsolidated Real Estate Ventures Of Company's Reportable Segments (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation
Share Based Compensation, 401(K) Plan And Deferred Compensation (Tables)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Narrative (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Restricted Performance Share Units (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Restricted Share Activity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Change In Depreciable Lives Of Real Estate Investments (Details)
Summary Of Significant Accounting Policies - Deferred Costs (Details)
Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Summary Of Significant Accounting Policies - Impairment Of Real Estate Assets (Details)
Summary Of Significant Accounting Policies - Income Taxes (Details)
Summary Of Significant Accounting Policies - Principles Of Consolidation (Details)
Summary Of Significant Accounting Policies - Purchase Price Allocation And Depreciation And Amortization (Details)
CIK: 1060386
Form Type: 10-K Annual Report
Accession Number: 0000790816-22-000009
Submitted to the SEC: Thu Feb 24 2022 5:11:42 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/1060386/0000790816-22-000009.htm