Brandywine Operating Partnership, L.P. 10-K Annual Report Thu Feb 24 2022

— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2021.

Management Comments

“With the office market continuing its recovery, we ended 2021 exceeding our business plan revenue target and our forward-leasing pipeline achieving pre-pandemic levels,” stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We accomplished many of our 2021 business plan objectives including exceeding our cash and accrual rent growth targets which increased 10.3% and 16.2% during 2021. In addition, our core portfolio experienced 116,000 square feet of net absorption during the fourth quarter, allowing us to reach our year-end occupancy range. Turning to capital markets, we are delighted to have announced the commencement of our first ground-up project at Uptown ATX in Austin, Texas and also entering into a preferred equity partnership to fund a portion of the development costs. Our 50,000 square foot life science incubator, B.Labs, successfully opened in January 2022 and is currently 95% leased. Looking ahead, we are introducing our 2022 FFO guidance range of $1.37 to $1.45 per diluted share."

Fourth Quarter Highlights

Financial Results

•Net income available to common shareholders; $4.5 million, or $0.03 per diluted share.

•Funds from Operations (FFO); $60.4 million, or $0.35 per diluted share.

Portfolio Results

•Core Portfolio: 91.3% occupied and 93.0% leased.

•New and Renewal Leases Signed: 468,000 square feet in the fourth quarter and 1,859,000 square feet for 2021.

•Rental Rate Growth: 8.1% on an accrual basis and 2.6% on a cash basis.

•Tenant Retention Ratio: 42% in fourth quarter and 53% for 2021.

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The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, February 3, 2022 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-K Annual 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-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 3.2.19: Articles Of Incorporation

Exhibit 10.28: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0000790816-22-000009
Submitted to the SEC: Thu Feb 24 2022 5:11:42 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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