Brandywine Operating Partnership, L.P. 10-Q Quarterly Report Wed Apr 27 2022

“We continue to experience increased levels of physical occupancy and traffic as tenants focus on higher quality, well amenitized buildings,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “During the first quarter, we made excellent progress on our 2022 business plan. At the midpoint of our range, we have achieved 84% of our speculative revenue target and, for the quarter, experienced mark-to-market rents increase 20.4% and 12.9% on an accrual and cash basis, respectively. From a development standpoint our 405 Colorado project in Austin, Texas is now over 80% leased and our development projects continue to see increasing tenant activity. Turning to capital markets, we are excited to acquire a 20% interest in Cira Square with two high quality partners and control an 863,000 square foot property in University City. We funded our portion of the acquisition through the sale of a vacant land parcel located in Washington, DC. Our balance sheet and liquidity remain strong during the quarter and we continue to make excellent progress on our life science development initiatives.”

First Quarter 2022 Highlights

Financial Results

•Net income allocated to common shareholders; $5.9 million, or $0.03 per diluted share.

•Funds from Operations (FFO); $60.3 million, or $0.35 per diluted share.

Portfolio Results

•Core Portfolio: 89.4% occupied and 92.4% leased.

•New and renewal leases signed: 428,000 square feet.

•Rental rate mark-to-market: Increased 20.4% on an accrual basis and 12.9% on a cash basis.

•Same store net operating income: 0.8% on an accrual basis and 2.9% on a cash basis.

Transaction Activity

Joint Venture Activity

•On March 17, 2022, we formed a joint venture with two institutional investors for the purpose of acquiring Cira Square for $383.0 million. Cira Square is an 863,000 square foot office property located at 2970 Market Street in Philadelphia, Pennsylvania and is 100% leased to a single tenant through August 2030. Our initial contribution was $28.6 million and we own a 20% common equity interest. At closing, the joint venture

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The following information was filed by Brandywine Operating Partnership, L.P. on Thursday, April 21, 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-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 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

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: 0000790816-22-000013
Submitted to the SEC: Wed Apr 27 2022 3:26:57 PM EST
Accepted by the SEC: Wed Apr 27 2022
Period: Thursday, March 31, 2022
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, March 31, 2022

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