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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1
image_0.jpg
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com

Brandywine Realty Trust Announces Third Quarter 2021 Results and Narrows 2021 Guidance


Philadelphia, PA, October 25, 2021
— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2021 and narrowed full year 2021 guidance.
Management Comments
“An increasing number of our tenants are returning to the workplace and our portfolio-wide return rates are above the national average. In addition to our increased tenant activity, leasing tour activity has risen to pre-pandemic levels with numbers on par with 2019,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “We continue making excellent progress on our 2021 business plan and for the second consecutive quarter we have raised our speculative revenue target which is now 99% complete. During the quarter we continued to experience positive mark-to-market rents which increased 16% and 12% on an accrual and cash basis, respectively. We continue to make progress on our life science initiatives including our planned 50,000 square foot incubator at Cira Centre that is scheduled to open in January 2022. Our balance sheet remains in excellent shape and we have no outstanding balance on our $600 million unsecured line of credit. Based on progress in the third quarter, we are narrowing our 2021 FFO guidance of $1.34 to $1.40 per share to $1.35 to $1.39 per share.”
Third Quarter Highlights
Financial Results
Net income available to common shareholders; $0.9 million, or $0.01 per diluted share.
Funds from Operations (FFO); $61.1 million, or $0.35 per diluted share.
Portfolio Results
Core Portfolio: 90.3% occupied and 92.7% leased.
New and Renewal Leases Signed: 464,000 square feet.
Tenant Retention Ratio: 57%.
Rental Rate Mark-to-Market Increase: 15.5% on an accrual basis and 12.0% on a cash basis.
2021 Business Plan Revision Highlights
Speculative Revenue: Adjusted to $21.0 million from $20.0-$21.0 million;



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The following information was filed by Brandywine Operating Partnership, L.P. on Tuesday, October 26, 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)
Basis Of Presentation - Narrative (Details)
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' 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 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 - Summary Of Property Dispositions (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)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0000790816-21-000034
Submitted to the SEC: Fri Oct 29 2021 11:39:09 AM EST
Accepted by the SEC: Fri Oct 29 2021
Period: Thursday, September 30, 2021
Industry: Real Estate Investment Trusts

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