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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Brandywine Operating Partnership, L.P.

CIK: 1060386
Exhibit 99.1
brt003logorgb.jpg
 
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434 
tom.wirth@bdnreit.com




Brandywine Realty Trust Announces Fourth Quarter, Full Year 2019 Results
and Maintains 2020 Guidance


Philadelphia, PA, January 29, 2020
- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2019.
Management Comments
“We completed 2019 accomplishing many of our business key plan objectives,” stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “Our markets continue to improve which allowed us to achieve our 2019 speculative revenue target and generate strong rental rate growth throughout the year. Turning to 2020, we have already achieved 73% of our speculative revenue target and our 2020 business plan anticipates continued strong rental rate growth throughout our portfolio. In addition to strong market fundamentals, we continue to look for development opportunities and have two planned starts for 2020 that will accelerate our growth over the next several years. Based on the fourth quarter activity and our outlook for 2020, we are maintaining our current FFO guidance range of $1.41 to $1.51.”

Fourth Quarter 2019 Highlights
Financial Results
Net income allocated to common shareholders; $16.7 million, or $0.09 per diluted share.
Funds from Operations (FFO); $67.0 million, or $0.38 per diluted share.

Fourth Quarter Portfolio Results
Core Portfolio: 93.0% occupied and 95.5% leased.
New and renewal leases signed: 567,000 square feet.
Tenant Retention Ratio: 41% in fourth quarter and 66% for 2019.
Rental Rate Mark-to-Market: 10.0% on a GAAP basis and 3.1% on a cash basis.

Transaction Activity
Dispositions
On October 29, 2019, the PJP Ventures, three real estate ventures, in which we own a 25%-30% interest, each sold their sole operating office properties totaling 204,000 square feet in Charlottesville, VA at a gross sales price of $51.0 million. We received net cash proceeds of $9.1 million after closing costs and related debt payoffs. Our share of the gain on the real estate venture transaction and loss on the early extinguishment of debt were $8.0 million and $0.3 million, respectively.

Finance Activity
As previously announced, on October 3, 2019, we priced a $200.0 million underwritten public offering consisting of $100.0 million of our 4.100% guaranteed notes due 2024 (the “2024 Notes”) and $100.0 million of our 4.550% guaranteed notes due 2029 (the “2029 Notes” and, together with the 2024 Notes, the “Notes”).
The net proceeds of the offering, after deducting underwriting discounts and estimated transaction expenses


- 1 -

The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, January 30, 2020 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (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 Comprehensive Income
Consolidated Statements Of Operations
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 - Calculation Of Basic And Diluted Eps (Details)
Beneficiaries' Equity Of The Parent Company - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (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 (Tables)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Terms And Fair Values Of Derivative Financial Instruments (Details)
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)
Fair Value Of Financial Instruments - Narrative (Details)
Income Taxes And Tax Credit Transactions
Income Taxes And Tax Credit Transactions (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Annual Amortization Of Intangible Assets, Liabilities (Details)
Intangible Assets - Intangible Assets (Details)
Intangible Assets - 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 - 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 - Austin Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Brandywine - Ai Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Evo At Cira Centre South Venture (Details)
Investment In Unconsolidated Real Estate Ventures - Four Tower Bridge Acquisition (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 - 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)
Investment In Unconsolidated Real Estate Ventures - Summary Of Transaction (Details)
Investment In Unconsolidated Real Estate Ventures - The Parc At Plymouth Meeting Venture (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 Properties (Details)
Partner's Equity Of The Parent Company
Partner's Equity Of The Parent Company (Tables)
Partner's Equity Of The Parent Company - Calculation Of Basic And Diluted Eps (Details)
Partner's Equity Of The Parent Company - Narrative (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Acquisitions (Textual) (Details)
Real Estate Investments - Capitalized Construction Costs (Details)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Held For Sale And Use Impairment (Narrative) (Details)
Real Estate Investments - Pro Forma (Details)
Real Estate Investments - Purchase Price Allocation (Additional Information) (Details)
Real Estate Investments - Purchase Price Allocation (Details)
Real Estate Investments - Summary Of Acquisitions (Details)
Real Estate Investments - Summary Of Office Properties Sold (Additional Information) (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 - Option Activity (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 Quarterly Results (Unaudited)
Summary Of Quarterly Results (Unaudited) (Details)
Summary Of Quarterly Results (Unaudited) (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Deferred Costs (Details)
Summary Of Significant Accounting Policies - Depreciation And Amortization, Construction-In-Progress, And Ground Leases (Details)
Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Summary Of Significant Accounting Policies - Impairment Or Disposal Of Long-Lived Assets (Details)
Summary Of Significant Accounting Policies - Income Taxes (Details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements Adopted (Details)
Summary Of Significant Accounting Policies - Principles Of Consolidation (Details)
Summary Of Significant Accounting Policies - Revised Balance Sheets (Details)
Summary Of Significant Accounting Policies - Revised Statement Of Operations (Details)
Summary Of Significant Accounting Policies - Revised Statements Of Equity (Details)
CIK: 1060386
Form Type: 10-K Annual Report
Accession Number: 0000790816-20-000008
Submitted to the SEC: Mon Mar 02 2020 2:44:20 PM EST
Accepted by the SEC: Mon Mar 02 2020
Period: Tuesday, December 31, 2019
Industry: Real Estate Investment Trusts

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