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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Brandywine Operating Partnership, L.P.

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




Brandywine Realty Trust Announces Third Quarter 2020 Results and Narrows 2020 Guidance


Philadelphia, PA, October 21, 2020
- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2020 and narrowed full year 2020 guidance.
Management Comments
“During the quarter we remained fully engaged with all of our stakeholders to ensure the health and safety of our employees, tenants, public officials and community groups,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “Our operating and financial platforms remain strong and secure and we have a well-covered dividend. Our Commerce Square joint venture on which we realized a $272 million gain also improved our already excellent liquidity position. Our $600 million line of credit is fully available with approximately $62 million of cash on hand as of September 30, 2020. We are 100% complete on our 2020 business plan and speculative revenue with third quarter mark-to-market rents achieving strong increases of 17.1% and 9.0% on an accrual and cash basis, respectively. During the quarter, our portfolio experienced over 100,000 square feet of net absorption. Based on this activity, we are narrowing our 2020 FFO guidance from $1.38 to $1.44 per diluted share to $1.40 to $1.42 per diluted share.”
Third Quarter Highlights
Financial Results
Net income available to common shareholders; $274.4 million, or $1.60 per diluted share. Third quarter results include a $271.9 million, or $1.59 per diluted share, net gain on disposition of real estate from our previously announced joint venture of Commerce Square.
Funds from Operations (FFO); $60.0 million, or $0.35 per diluted share.
Portfolio Results
Core Portfolio: 91.0% occupied and 92.6% leased.
New and Renewal Leases Signed: 231,000 square feet.
Tenant Retention Ratio: 60%.
Rental Rate Mark-to-Market Increase: 17.1% on an accrual basis and 9.0% on a cash basis.
2020 Business Plan Revisions
None.
COVID-19 Update
We continue to monitor events related to COVID-19 and are taking steps to mitigate the potential impact and risks to Brandywine. While the duration and economic impact of the COVID-19 pandemic remains unknown, as of the date of this press release, we believe that the impact of COVID-19 has been reflected in our updated 2020 business plan and


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The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, October 22, 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

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)
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 (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 - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Details)
Fair Value Of Financial Instruments - Textual (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 - 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 - Textual (Details)
Leases
Leases (Details)
Leases (Tables)
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 - Summary Of Core Portfolio Of Operating Properties And Excludes Development, Redevelopment And Held For Sale (Details)
Organization Of The Parent Company And The Operating Partnership - Textual (Details)
Partners' Equity Of The Parent Company
Partners' Equity Of The Parent Company (Tables)
Partners' Equity Of The Parent Company - Number Of Units And Net Income Used To Calculate Basic And Diluted Earnings Per Common Partnership Unit (Details)
Partners' Equity Of The Parent Company - Textual (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Summary Of Properties Acquired (Details)
Real Estate Investments - Summary Of Properties Sold (Details)
Real Estate Investments - Textual (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)
Subsequent Events
Subsequent Events (Details)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0000790816-20-000038
Submitted to the SEC: Wed Oct 28 2020 3:01:25 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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