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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Brandywine Operating Partnership, L.P.

CIK: 1060386
Exhibit 99.1
brt003logorgba02.jpg
 
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434 
tom.wirth@bdnreit.com




Brandywine Realty Trust Announces First Quarter Results
And Adjusts 2020 Guidance


Philadelphia, PA, April 22, 2020
- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three months ended March 31, 2020.
Management Comments
“As the current global health crisis and its economic impact continue to evolve daily, new challenges arise and Brandywine is rising to the occasion, with a swift response that prioritizes the health and safety of our employees, tenants, and other stakeholders, and includes clear plans for continued successful business plan execution.” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “We are thoughtfully addressing the impact of the near-term realities, while preparing for a range of possible outcomes. Our operating and financial platform remains strong and secure, with excellent liquidity. Turning to our 2020 business plan, we began the year in great shape. First quarter leasing activity was robust and we experienced strong mark-to-market rent growth on both a cash and accrual basis. Despite our strong first quarter results, the uncertainty surrounding the current state of the healthcare crisis has our tenants and prospective tenants focused on their employees’ safety and business rather than new space requirements. We have carefully assessed our 2020 business plan and revised guidance to reflect the current state of uncertainty and have also reduced 2020 capital spending by approximately $50.0 million, including $20.0 million of leasing-related capital. In addition, we also took advantage of the capital markets dislocation to purchase $60.0 million of our common stock funded partially through an asset sale. After an exceptionally productive first quarter, but based on an uncertain business climate ahead, we are reducing our current 2020 FFO guidance range from $1.41 - $1.51 to $1.37-$1.45 and appropriately adjusting a number of other business plan metrics.”
First Quarter 2020 Highlights
Financial Results
Net income allocated to common shareholders; $7.9 million, or $0.04 per diluted share.
Funds from Operations (FFO); $61.4 million, or $0.35 per diluted share.

Portfolio Results
Core portfolio was 93.3% occupied and 95.3% leased.
New and renewal leases signed: 796,000 square feet.
Tenant retention ratio: 76%.
Rental rate mark-to-market increased 15.7% on an accrual basis and increased 7.9% on a cash basis.
Same store net operating income: 2.7% on an accrual basis and 4.0% on a cash basis.

2020 Business Plan Revisions
Year-end Core Occupancy and Leased Ranges: 92-93% occupied and 94-95% leased.
Speculative Revenue: $5.0 million reduction to $26.0 million due to construction work stoppage and lower forward expected leasing volume; 96% achieved.


- 1 -

The following information was filed by Brandywine Operating Partnership, L.P. on Monday, April 27, 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-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

Document And Entity Information
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)
Basis Of Presentation
Basis Of Presentation (Policies)
Beneficiaries Equity Of The Parent Company
Beneficiaries Equity Of The Parent Company (Tables)
Beneficiaries Equity Of The Parent Company - Number Of Shares And Net Income Used To Calculate Basic And Diluted Earnings Per Share (Details)
Beneficiaries Equity Of The Parent Company - Textual (Details)
Commitments And Contingencies
Commitments And Contingencies (Textual) (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 - Textual (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments (Textual) (Details)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (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 And Liabilities (Details)
Investment In Unconsolidated Real Estate Ventures
Investment In Unconsolidated Real Estate Ventures (Tables)
Investment In Unconsolidated Real Estate Ventures (Textual) (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 Leases - Components Of Lease Revenue (Details)
Limited Partners' Non-Controlling Interests In The Parent Company
Limited Partners' Non-Controlling 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 (Textual) (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 Operating Partnership
Partners Equity Of The Operating Partnership (Tables)
Partners Equity Of The Operating Partnership (Textual) (Details)
Partners Equity Of The Operating Partnership - 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 (Textual) (Details)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Summary Of Properties Sold (Details)
Real Estate Investments Real Estate Investments - Summary Of Properties Acquired (Details)
Segment Information
Segment Information (Tables)
Segment Information (Textual) (Details)
Segment Information - Net Operating Income Of Company's Reportable Segments (Details)
Segment Information - Real Estate Investments, At Cost Of Company's Reportable Segments (Additional Information) (Details)
Segment Information - Real Estate Investments, At Cost Of Company's Reportable Segments (Details)
Segment Information - Reconciliation Of Consolidated Net Income To Consolidated Noi (Details)
Segment Information - Unconsolidated Real Estate Ventures Of Company's Reportable Segments (Details)
Share Based Compensation
Share Based Compensation (Tables)
Share Based Compensation - Narrative (Details)
Share Based Compensation - Restricted Performance Share Units (Details)
Share Based Compensation - Restricted Share Activity (Details)
Subsequent Events
Subsequent Events (Details)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0000790816-20-000019
Submitted to the SEC: Tue Apr 28 2020 1:45:24 PM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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