Brandywine Operating Partnership, L.P. 10-Q Quarterly Report Wed Oct 28 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

Material Contracts, Statements, Certifications & more

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

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: 0000790816-20-000038
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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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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