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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1
image_01a.jpg
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com

Brandywine Realty Trust Announces First Quarter Results
And Narrows 2021 Guidance


Philadelphia, PA, April 21, 2021 —
Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three months ended March 31, 2021.
Management Comments
“With the accelerated availability of vaccinations and the easing of government restrictions, we are excited to see an increasing number of our tenants begin returning to the workplace. As this transition advances, we will continue to prioritize the safety of our employees, tenants and stakeholders,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “We are making excellent progress on our 2021 business plan. Based on the midpoint of our range, we have now completed 91% of our speculative revenue target and continue to experience positive mark-to-market rents increasing 8.3% and 5.0% on an accrual and cash basis. While our first quarter same-store net operating income and mark-to-market rents were below our 2021 business plan ranges, that first quarter performance was expected, and based on current executed leases and future leasing activity, we will achieve our business plan ranges. Our balance sheet and liquidity remain strong during the quarter, we continued to make excellent progress on our life science and other development initiatives. Based on our first quarter progress, we are narrowing our 2021 FFO guidance of $1.32 to $1.42 per share to $1.33 to $1.41 per share.”
First Quarter 2021 Highlights
Financial Results
Net income allocated to common shareholders; $6.8 million, or $0.04 per diluted share.
Funds from Operations (FFO); $60.2 million, or $0.35 per diluted share.
Portfolio Results
Core Portfolio: 90.3% occupied and 92.5% leased.
New and renewal leases signed: 493,251 square feet.
Tenant retention ratio: 52%.
Rental rate mark-to-market increased 8.3% on an accrual basis and 5.0% on a cash basis.
Same store net operating income: (0.9%) on an accrual basis and (1.5%) on a cash basis.
COVID-19 Update
We continue to monitor events related to COVID-19 and take steps to reduce risks to Brandywine and our tenants. While the duration and economic impact of the COVID-19 pandemic remains unknown, we believe that

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The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, April 22, 2021 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 And Preferred Equity Investments
Debt And Preferred Equity Investments (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)
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 - Narrative (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 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 - 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 (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)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0000790816-21-000017
Submitted to the SEC: Wed May 05 2021 9:11:42 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts

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