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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

1060386 Quarterly Reports

  • 10-Q Quarterly Report April 2022
  • 10-Q Quarterly Report October 2021
    10-Q Quarterly Report July 2021
    10-Q Quarterly Report May 2021
    10-Q Quarterly Report October 2020
    10-Q Quarterly Report July 2020
    10-Q Quarterly Report April 2020
    10-Q Quarterly Report October 2019
    10-Q Quarterly Report August 2019

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1
image_0a.jpg
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com


Brandywine Realty Trust Announces First Quarter Results


Philadelphia, PA, April 20, 2022
— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three months ended March 31, 2022.
Management Comments
“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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Brandywine Operating Partnership, L.P.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Balance Sheets - Brandywine Operating Partnership, L.P.
Consolidated Balance Sheets - Brandywine Operating Partnership, L.P. (Parenthetical)
Consolidated Statements Of Beneficiaries' Equity (Parenthetical)
Consolidated Statements Of Beneficiaries??? Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows - Brandywine Operating Partnership L.P.
Consolidated Statements Of Cash Flows - Brandywine Operating Partnership L.P. (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - Brandywine Operating Partnership, L.P.
Consolidated Statements Of Operations
Consolidated Statements Of Operations - Brandywine Operating Partnership, L.P.
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 - Narrative (Details)
Beneficiaries' Equity Of The Parent Company - Number Of Shares And Net Income Used To Calculate Basic And Diluted Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (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)
Fair Value Of Financial Instruments - Textual (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 - Narrative (Details)
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)
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 - Summary Of Core Portfolio Of Operating Properties And Excludes Development, Redevelopment And Held For Sale (Details)
Organization Of The Parent Company And The Operating Partnership- Narrative (Details)
Partners' Equity Of The Parent Company
Partners' Equity Of The Parent Company (Tables)
Partners' Equity Of The Parent Company - Textual (Details)
Partners' Equity Of The Parent Company- Number Of Units And Net Income Used To Calculate Basic And Diluted Earnings Per Common Partnership Unit (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Summary Of Properties Acquired (Details)
Real Estate Investments - Summary Of Property Dispositions (Details)
Real Estate Investments - Textual (Details)
Segment Information
Segment Information (Tables)
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)
Segment Information -Textual (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: 0000790816-22-000013
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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