Brandywine Operating Partnership, L.P. 10-Q Quarterly Report October 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

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

Exhibit 99.1: Additional Exhibits

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

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