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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1

 

 

Company / Investor Contact:

Tom Wirth

EVP & CFO

610-832-7434

tom.wirth@bdnreit.com

 

 

 

 

 

Brandywine Realty Trust Announces Fourth Quarter and Full Year 2018 Results

 

 

Philadelphia, PA, January 30, 2019

— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2018.

Management Comments

“We had a very active and successful final quarter of 2018 as we closed several significant transactions while achieving or exceeding many of our 2018 business plan goals,” stated Jerry Sweeney, President and Chief Executive Officer for Brandywine Realty Trust.  “In addition to the previously announced transactions, we continued to increase our presence in Austin through the acquisition of a 121,000 square foot office property in close proximity to our Broadmoor campus.  Also consistent with our business strategy, we sold a 510,000 square foot portfolio located in Silver Spring, Maryland that was owned in a joint venture.  We are excited to announce the commencement of our development of 405 Colorado, a 200,000 square foot office building located in the heart of Austin’s CBD.  With the additional net sales activity, we used that liquidity to opportunistically repurchase over 3.0 million common shares at a weighted-average price of $12.76 per share which is well below our current net asset value.  Based on the fourth quarter activity and our outlook for 2019, we are maintaining our current FFO guidance range of $1.37 to $1.47.”

Fourth Quarter 2018 Highlights

Financial Results

 

Net income allocated to common shareholders; $121.8 million, or $0.68 per diluted share.  Our fourth quarter results include net gains on sale of real estate totaling $107.9 million, or $0.60 per diluted share.

 

Funds from Operations (FFO); $64.3 million, or $0.36 per diluted share.

Fourth Quarter Portfolio Results

 

Core Portfolio:  93.3% occupied and 95.5% leased.

 

Signed approximately 613,000 square feet of new and renewal leases.

 

Tenant Retention Ratio:  83% in fourth quarter and 73% for 2018.

 

Rental Rate Mark-to-Market:  10.8% on a GAAP basis and (4.1%) on a cash basis.

 

Same Store Net Operating Income Growth:  2.3% on a GAAP basis and 8.7% on a cash basis.

2019 Business Plan Revisions

 

Speculative Revenue:  An increase from $31.0 million to $31.5 million, 77% achieved.

 

 

 

 

2929 Walnut Street, Suite 1700, Philadelphia, PA 19104 Phone: (610) 325-5600 • Fax: (610) 325-5622

 


The following information was filed by Brandywine Operating Partnership, L.P. on Tuesday, February 5, 2019 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

Document And Entity Information Document
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)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) (Textual) (Details)
Accumulated Other Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details)
Beneficiaries Equity Of The Parent Company
Beneficiaries Equity Of The Parent Company (Tables)
Beneficiaries Equity Of The Parent Company (Textual) (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 (Tables)
Commitments And Contingencies (Textual) (Details)
Commitments And Contingencies - Minimum Future Rental Payments On Non-Cancelable Leases (Details)
Debt Obligations
Debt Obligations (Tables)
Debt Obligations (Textual) (Details)
Debt Obligations - Additional Information On Repurchase Of Outstanding Unsecured Notes (Details)
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 - Consolidated Debt Obligations Outstanding (Parenthetical) (Details)
Deferred Costs
Deferred Costs (Assets) (Tables)
Deferred Costs (Textual) (Details)
Deferred Costs - Deferred Costs (Assets) (Details)
Distributions
Distributions (Tables)
Distributions - Tax Characteristics Of Distributions (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments (Textual) (Details)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Details)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Parenthetical) (Details)
Income Taxes And Tax Credit Transactions
Income Taxes And Tax Credit Transactions (Textual) (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets (Textual) (Details)
Intangible Assets - Intangible Assets (Details)
Intangible Assets And Liabilities - Annual Amortization Of Intangible Assets, Liabilities (Details)
Investment In Unconsolidated Real Estate Ventures
Investment In Unconsolidated Real Estate Ventures (Tables)
Investment In Unconsolidated Real Estate Ventures (Textual) (Details)
Investment In Unconsolidated Real Estate Ventures - Aggregate Principal Payments Of Recourse And Non-Recourse Debt Payable To Third-Parties (Details)
Investment In Unconsolidated Real Estate Ventures - Investment In Real Estate Ventures And Share Of Real Estate Ventures' Income (Loss) (Details)
Investment In Unconsolidated Real Estate Ventures - Investment In Real Estate Ventures And Share Of Real Estate Ventures' Income (Loss) (Parenthetical) (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Financial Position Of Real Estate Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Financial Position Of Real Estate Ventures (Parenthetical) (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 - Summary Of Results Of Operations Of Real Estate Ventures With Interests (Parenthetical) (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Transaction (Details)
Limited Partners' Noncontrolling Interests In The Parent Company
Limited Partners' Noncontrolling Interests In The Parent Company (Textual) (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Additional Information (Details)
Operating Leases - Minimum Future Rentals On Non-Cancelable Leases Of Company Properties Leased To Tenants (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 (Textual) (Details)
Organization Of The Parent Company And The Operating Partnership - Summary Of Core Portfolio Of Operating Properties And Excludes Development And Redevelopment Properties Under Construction (Details)
Partners Equity Of The Operating Partnership
Partners Equity Of The Operating Partnership (Tables)
Partners Equity Of The Operating Partnership (Textual) (Details)
Partners Equity Of The Operating Partnership - 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 - Acquisitions (Textual) (Details)
Real Estate Investments - Dispositions (Textual) (Details)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Pro Forma (Details)
Real Estate Investments - Purchase Price Allocation (Details)
Real Estate Investments - Purchase Price Allocation (Parenthetical) (Details)
Real Estate Investments - Summary Of Land Parcels Sold (Details)
Real Estate Investments - Summary Of Land Parcels Sold (Parenthetical) (Details)
Real Estate Investments - Summary Of Office Properties Sold (Details)
Real Estate Investments - Summary Of Office Properties Sold (Parenthetical) (Details)
Real Estate Investments - Summary Of Properties Classified As Held For Sale Included In Continuing Operations (Details)
Real Estate Investments - Summary Of Properties Classified As Held For Sale Included In Continuing Operations (Parenthetical) (Details)
Real Estate Investments - Summary Of Properties Sold (Details)
Real Estate Investments - Summary Of Properties Sold (Parenthetical) (Details)
Risk Management And Use Of Derivative Financial Instruments
Risk Management And Use Of Derivative Financial Instruments (Tables)
Risk Management And Use Of Derivative Financial Instruments (Textual) (Details)
Risk Management And Use Of Derivative Financial Instruments - Terms And Fair Values Of Derivative Financial Instruments (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation (Details)
Schedule Iii - Real Estate And Accumulated Depreciation (Reconciliation Of Real Estate Investments And Accumulated Depreciation) (Parentheticals) (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 - Real Estate Investments, At Cost Of Company's Reportable Segments (Parenthetical) (Details)
Segment Information - Reconciliation Of Consolidated Net Income (Loss) To Consolidated Noi (Details)
Segment Information - Unconsolidated Real Estate Ventures Of Company's Reportable Segments (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation
Share Based Compensation, 401(K) Plan And Deferred Compensation (Tables)
Share Based Compensation, 401(K) Plan And Deferred Compensation (Textual) (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Option Activity (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Restricted Performance Share Units (Details)
Share Based Compensation, 401(K) Plan And Deferred Compensation - Restricted Share Activity (Details)
Subsequent Events
Subsequent Events (Textual) (Details)
Summary Of Quarterly Results
Summary Of Quarterly Results (Details)
Summary Of Quarterly Results (Parenthetical) (Details)
Summary Of Quarterly Results (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Textual) (Details)
Summary Of Significant Accounting Policies - Accounts Receivable And Accrued Rent Receivable (Textual) (Details)
Summary Of Significant Accounting Policies - Compensation Costs (Including Bonuses And Benefits) Capitalized (Details)
Summary Of Significant Accounting Policies - Construction-In-Progress (Textual) (Details)
Summary Of Significant Accounting Policies - Deferred Costs (Textual) (Details)
Summary Of Significant Accounting Policies - Impairment Or Disposal Of Long-Lived Assets (Textual) (Details)
Summary Of Significant Accounting Policies - Income Taxes (Textual) (Details)
Summary Of Significant Accounting Policies - Notes Receivable (Textual) (Details)
Summary Of Significant Accounting Policies - Schedule Of Reclassification (Details)
Summary Of Significant Accounting Policies - Summary Of Gain On Sale For Each Land Parcel (Details)
Summary Of Significant Accounting Policies - Summary Of Revenue Earned By Reportable Segments (Details)
CIK: 1060386
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-003921
Submitted to the SEC: Fri Feb 22 2019 5:33:53 PM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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