Brandywine Operating Partnership, L.P. 10-Q Quarterly Report October 2019

- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2019, narrowed full year 2019 guidance and introduced 2020 earnings guidance.

Management Comments

“We are encouraged by the continued execution of our 2019 business plan during the third quarter,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We are experiencing strong market conditions and continue to achieve our operating plan metrics. In addition, we took advantage of the public debt markets to raise $214 million of unsecured bonds at a weighted average interest rate of 3.0% and weighted average maturity of 7.5 years. A majority of the proceeds were used to pay-off the outstanding balance on our line of credit. We are narrowing our 2019 FFO guidance from $1.40 to $1.44 per share to $1.41 to $1.43 per share. We are also introducing our 2020 FFO guidance range of $1.41 to $1.51 per share. Our 2020 guidance, at the midpoint, represents a comparable 3% annual FFO growth rate.”

Third Quarter Highlights

Financial Results


▪	Net income available to common shareholders; $6.7 million, or $0.04 per diluted share.


▪	Funds from Operations (FFO); $64.0 million, or $0.36 per diluted share.

Portfolio Results


▪	Core Portfolio: 93.2% occupied and 95.5% leased.


▪	New and Renewal Leases Signed: 577,000 square feet.


▪	Tenant Retention Ratio: 72%.


▪	Rental Rate Mark-to-Market Increase: 9.3% on a GAAP basis and 4.2% on a cash basis.

2019 Business Plan Revisions


▪	Disposition Activity: $36.4 million.

2020 Business Plan and Guidance Introduced


▪	Net income: $0.24 to $0.34 per diluted share.


▪	FFO: $1.41 to $1.51 per diluted share, representing a 3% growth rate at guidance midpoint.


▪	Rental Rate Mark-to-Market Range: 8-10% cash and 17-19% GAAP.

The following information was filed by Brandywine Operating Partnership, L.P. on Friday, October 18, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Brandywine Operating Partnership, L.P. provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 32.3: Section 1350 Certification

Exhibit 32.4: Section 1350 Certification

CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0000790816-19-000007
Submitted to the SEC: Thu Oct 24 2019 3:39:12 PM EST
Accepted by the SEC: Thu Oct 24 2019
Period: Monday, September 30, 2019
Industry: Real Estate Investment Trusts

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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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